Lilybank Trading Company Limited Small abridged accounts

LILYBANK TRADING COMPANY LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Lilybank Trading Company Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: SC183707

Lilybank Trading Company Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 March 2017

Lilybank Trading Company Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Lilybank Trading Company Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5	242,676	419,183
Investments	6	100	100
		---------	---------
		242,776	419,283

Current assets

Debtors	121,533	19,177
Cash at bank and in hand	195,478	171,966
	---------	---------
	317,011	191,143

Creditors: amounts falling due within one year	10,454		42,287
	---------		---------
Net current assets		306,557	148,856
		---------	---------
Total assets less current liabilities		549,333	568,139

Provisions

Taxation including deferred tax	2,800	2,800
	---------	---------
Net assets	546,533	565,339
	---------	---------

Lilybank Trading Company Limited

Abridged Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Other reserves	20,480	20,480
Profit and loss account	525,053	543,859
	---------	---------
Members funds	546,533	565,339
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 28 December 2017 , and are signed on behalf of the board by:

Mr A G Gilchrist	Mrs M J Gilchrist
Director	Director

Company registration number: SC183707

Lilybank Trading Company Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 22A Wellhall Road, Hamilton, Lanarkshire, ML3 9BG.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investment properties

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Depreciation is not provided on Investment Properties.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	£
Cost
At 1 April 2016	462,654
Disposals	( 176,057)
	---------
At 31 March 2017	286,597
	---------
Depreciation
At 1 April 2016	43,471
Charge for the year	450
	---------
At 31 March 2017	43,921
	---------
Carrying amount
At 31 March 2017	242,676
	---------
At 31 March 2016	419,183
	---------

6. Investments

	£
Cost
At 1 April 2016 and 31 March 2017	100
	----
Impairment
At 1 April 2016 and 31 March 2017	–
	----
Carrying amount
At 31 March 2017	100
	----

7. Directors' advances, credits and guarantees

The company made payments and advances to the directors totalling £ 198,214 (2016 - £69,759) in the year and the directors made repayments of £ 60,000 (2016 - £65,750). The balance owed by the directors at 31 March 2017 was £ 120,082 (2016 - owed to the directors £18,132). Interest at 3% is paid on the outstanding loan balance and amounted to £551.

8. Related party transactions

The company owns 50% of the issued share capital of Clydeforth Engineers and Contractors Ltd. A G Gilchrist is a director of that company. The company received management fees from Clydeforth Engineers & Contractors Ltd in the year amounting to £42,675 (2016 - £102,420). The company sold an area of land to Mr J Gilchrist, the directors' son, for £77,500. The transaction was conducted at market value. Dividends of £60,000 (2016 - £110,000) were paid to the directors in the year.

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	396,586	–	396,586	396,003	23,280	419,283
Current assets	156,116	–	156,116	191,143	–	191,143
Creditors: amounts falling due within one year	( 33,394)	–	( 33,394)	( 42,287)	–	( 42,287)
	---------	----	---------	---------	--------	---------
Net current assets	122,722	–	122,722	148,856	–	148,856
	---------	----	---------	---------	--------	---------
Total assets less current liabilities	519,308	–	519,308	544,859	23,280	568,139

Provisions	–	–	–	–	( 2,800)	( 2,800)
	---------	----	---------	---------	--------	---------
Net assets	519,308	–	519,308	544,859	20,480	565,339
	---------	----	---------	---------	--------	---------

	---------	----	---------	---------	--------	---------
Capital and reserves	518,828	–	518,828	544,859	20,480	565,339
	---------	----	---------	---------	--------	---------

Following the transition to FRS102 on 1 April 2015, the accounting treatment of investment properties was considered. The company previously held investment properties at cost and assessed the carrying value for impairment at each reporting date. FRS102 requires investment properties to be carried at fair value. On transition the investment properties were restated to reflect their fair value. There has been no material difference in fair value since transition.