John Morrison (Highland Outfitters) Limi - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC039987 (Scotland)

Financial Statements for the Year Ended 31 March 2017

for

John Morrison (Highland Outfitters)

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Singh

G Singh

D Singh

REGISTERED OFFICE:

234 - 242 High Street

Kirkcaldy

Fife

KY1 1JT

REGISTERED NUMBER:

SC039987 (Scotland)

ACCOUNTANTS:

Khokhar McAdam LTD CA

1 Eagle Street

Craighall Business Park

Glasgow

G4 9XA

FIXED ASSETS

Intangible assets

4

132,000

198,000

Tangible assets

5

1,744,967

1,680,994

1,876,967

1,878,994

CURRENT ASSETS

Stocks

195,766

510,870

Debtors

6

936,891

629,319

Prepayments and accrued income

1,000

1,000

Cash at bank and in hand

85,895

21,120

1,219,552

1,162,309

CREDITORS

Amounts falling due within one year

7

121,956

148,116

NET CURRENT ASSETS

1,097,596

1,014,193

TOTAL ASSETS LESS CURRENT LIABILITIES

2,974,563

2,893,187

PROVISIONS FOR LIABILITIES

22,737

6,992

NET ASSETS

2,951,826

2,886,195

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Revaluation reserve

8

1,284,144

1,284,144

Retained earnings

1,647,682

1,582,051

SHAREHOLDERS' FUNDS

2,951,826

2,886,195

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 directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors on 28 December 2017 and were signed on its behalf by:

D Singh - Director

1.	STATUTORY INFORMATION

John Morrison (Highland Outfitters) 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

The 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 with the

exception of freehold land and buildings stated at a valuation on 1 April 2014 which is deemed as cost.

Changes in accounting policies

The company changed its accounting policy in respect of freehold land and buildings that as from 2016 depreciation is

to be provided on buildings to comply with the provisions of the Companies Act.1985.

Turnover

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

added tax and other sales taxes.

Goodwill

Acquired goodwill in 2006 was capitalised and its subsequent measurement was through an impairment reviews or an

annual amortisation charge, determined based on the individual circumstances of each individual business acquired.The

company did not amortise the cost of goodwill in its accounts for the periods up to 31March 2014 but As from 1 April

2014 the cost of goodwill is amortised over 5 year in order to comply with the requirements of the Companies Act 1985

and the UK GAAP.

Intangible assets

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

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

20% on cost

Land is not depreciated.

Stocks

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

items.

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 balance sheet date.

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

330,000

AMORTISATION

At 1 April 2016

132,000

Charge for year

66,000

At 31 March 2017

198,000

NET BOOK VALUE

At 31 March 2017

132,000

At 31 March 2016

198,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2016

1,657,600

42,260

1,699,860

Additions

-

83,173

83,173

At 31 March 2017

1,657,600

125,433

1,783,033

DEPRECIATION

At 1 April 2016

13,152

5,714

18,866

Charge for year

13,152

6,048

19,200

At 31 March 2017

26,304

11,762

38,066

NET BOOK VALUE

At 31 March 2017

1,631,296

113,671

1,744,967

At 31 March 2016

1,644,448

36,546

1,680,994

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Other debtors

936,891

629,319

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade creditors

7,604

874

Taxation and social security

36,363

131,719

Other creditors

77,989

15,523

121,956

148,116

8.

RESERVES

Revaluation

reserve

£

At 1 April 2016

and 31 March 2017

1,284,144

9.	RELATED PARTY DISCLOSURES

Included in debtors is the sum of £303,200 (2016 - £ 303,200) due from Gold Bros Scotland Ltd., a company in which

the directors have material interest as shareholders and directors.

An amount of £300 (2016 - £300), included in debtors, is due from GL Attractions Limited, a company in which the

directors have material interest as shareholders and directors.

Debtors include stock prepayments of £633,391 (2016 - £325,819) made to the Firm of Gold Brothers, in which the

directors are partners.

During the year the company purchased goods, included in cost of sales, amounting to £1,310,072 (2016 - £1,545,041),

net of value added tax and after deduction of trade discount, from the Firm of Gold Bros.

Land and building owned by the company is held as a security by the bank for any loans and overdraft facility given to

the company and to its associated companies and the Firm of Gold Bros, and by cross guarantee given by these

undertakings.