Scotshirts Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC185632 (Scotland)

Abridged Financial Statements

for the Year Ended 31 March 2017

for

Scotshirts Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

N Freedman

SECRETARY:

Mrs G Freedman

REGISTERED OFFICE:

Unit 5

Bankhead Workspace

10 Bankhead Terrace

Edinburgh

EH11 4DY

REGISTERED NUMBER:

SC185632 (Scotland)

ACCOUNTANTS:

Gibson McKerrell Brown LLP

Chartered Accountants

14 Rutland Square

Edinburgh

Midlothian

EH1 2BD

BANKERS:

Bank of Scotland

7 Wolseley Place

Edinburgh

EH8 7AD

FIXED ASSETS

Intangible assets

4

5,322

7,944

Tangible assets

5

57,437

67,818

62,759

75,762

CURRENT ASSETS

Stocks

16,000

32,000

Debtors

123,634

59,568

Cash in hand

-

1,680

139,634

93,248

CREDITORS

Amounts falling due within one year

194,250

209,874

NET CURRENT LIABILITIES

(54,616

)

(116,626

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,143

(40,864

)

CREDITORS

Amounts falling due after more than one year

6

(68,354

)

(45,153

)

PROVISIONS FOR LIABILITIES

9

(10,985

)

(6,427

)

NET LIABILITIES

(71,196

)

(92,444

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(71,198

)

(92,446

)

SHAREHOLDERS' FUNDS

(71,196

)

(92,444

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 17 October 2017 and were signed by:

N Freedman - Director

1.	STATUTORY INFORMATION

Scotshirts Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible fixed assets are initially measured at cost. After initial recognition, intangible assets are measured at

cost less any accumulated depreciation and any accumulated impairment losses.

Amortisation is calculated, using the straight line method, to amortise the depreciable amount of the assets to

their residual values over their estimated useful lives as follows.

Website 33.3% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value

of the intangible assets, the amortisation is revised prospectively to reflect the new expectation.

Tangible fixed assets

Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly

attributable to bringing the asset to its present location and into its present condition. After initial recognition, the

assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over

its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. Land is

not depreciated.

Plant and machinery -10% reducing balance

Computer equipment - 33.3% reducing balance

Property improvements - 10% straight line

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each

reporting period. The effect of any change is accounted for prospectively.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event

occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current

carrying amount does not exceed what the carrying amount would have been had the impairment not previously

been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire

or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to

another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities

are derecognised when the liability is extinguished, that is when the contractual obligation is discharged,

cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2016 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

30,441

AMORTISATION

At 1 April 2016

22,497

Amortisation for year

2,622

At 31 March 2017

25,119

NET BOOK VALUE

At 31 March 2017

5,322

At 31 March 2016

7,944

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

161,450

Additions

585

At 31 March 2017

162,035

DEPRECIATION

At 1 April 2016

93,632

Charge for year

10,966

At 31 March 2017

104,598

NET BOOK VALUE

At 31 March 2017

57,437

At 31 March 2016

67,818

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2016

and 31 March 2017

41,350

DEPRECIATION

At 1 April 2016

4,135

Charge for year

3,721

At 31 March 2017

7,856

NET BOOK VALUE

At 31 March 2017

33,494

At 31 March 2016

37,215

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.3.17

31.3.16

£

£

Repayable by instalments

Bank loans more 5 yr by instal

33,500

-

7.	LEASING AGREEMENTS

Obligations under hire purchase contracts

The future minimum obligations are as follows:

31.03.17

31.03.16

£

£

Not later than one year

10,632

10,632

Later than one year and not later than five years

12,404

23,036

Total gross payments

23,036

33,668

Less: finance charges

(2,878

)

(4,206

)

Carrying amount of liability

20,158

29,462

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdrafts

24,005

31,811

Bank loans

63,500

36,995

Hire purchase contracts

20,158

29,462

Bibby Factoring Ltd

44,572

33,332

152,235

131,600

Bank of Scotland holds a bond and floating charge securing all sums due or to become due in favour of Bank of

Scotland.

Bibby Factors Scotland Limited holds a floating charge securing all sums due or to become due in favour of

Bibby Factors Scotland Limited..

Liabilities under hire purchase and finance lease agreements are secured against the assets to which they

relate.

9.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

10,985

6,427

Deferred

tax

£

Balance at 1 April 2016

6,427

Accelerated capital allowances

4,558

Balance at 31 March 2017

10,985

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

31.3.17

31.3.16

£

£

N Freedman

Balance outstanding at start of year

(12,811

)

(1,690

)

Amounts advanced

62,581

51,007

Amounts repaid

(49,770

)

(62,128

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(12,811

)

During the year there was a payment to the directors of £20,560. All other payments were less than £10,000.

11.	RELATED PARTY DISCLOSURES

During the year the company made rent payments of £15,000 to Libertus Estates LLP, an LLP in which Neil

Freedman, director, and his wife, Gail Freedman, are designated members. At the balance sheet date the

company was owed £49,770 from Libertus Estates LLP.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N Freedman.