Saltouns Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC229816 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2017

for

Saltouns Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTORS:

W Walters

D T Zank

C Robertson

SECRETARY:

D T Zank

REGISTERED OFFICE:

61a Queen Street

Edinburgh

EH2 4NA

REGISTERED NUMBER:

SC229816 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

4

3,321

-

CURRENT ASSETS

Debtors

5

9,932

4,152

Cash at bank

58,141

64,592

68,073

68,744

CREDITORS

Amounts falling due within one year

6

49,638

56,883

NET CURRENT ASSETS

18,435

11,861

TOTAL ASSETS LESS CURRENT LIABILITIES

21,756

11,861

PROVISIONS FOR LIABILITIES

565

-

NET ASSETS

21,191

11,861

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

21,091

11,761

SHAREHOLDERS' FUNDS

21,191

11,861

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 30 April 2018 and were signed on its behalf by:

W Walters - Director

1.	STATUTORY INFORMATION

Saltouns 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.

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are

considered to have been transferred to the buyer. Turnover from the supply of services represent the value of

services provided under contracts to the extent that there is a right to consideration and is recorded at fair value

of the consideration received or receivable.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost,

less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment - 33% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic

financialinstruments. Basic financial instruments are initially recognised at transaction value and subsequently

measured at their settlement value.

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.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 November 2016

3,224

Additions

4,957

Disposals

(2,400

)

At 31 October 2017

5,781

DEPRECIATION

At 1 November 2016

3,224

Charge for year

1,636

Eliminated on disposal

(2,400

)

At 31 October 2017

2,460

NET BOOK VALUE

At 31 October 2017

3,321

At 31 October 2016

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

707

1,294

Other debtors

9,225

2,858

9,932

4,152

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade creditors

2,743

1,847

Taxation and social security

10,433

10,805

Other creditors

36,462

44,231

49,638

56,883

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.17

31.10.16

£

£

Within one year

3,751

5,001

Between one and five years

-

3,751

3,751

8,752

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31 October 2016:

31.10.17

31.10.16

£

£

W Walters

Balance outstanding at start of year

(148

)

4,852

Amounts repaid

-

(5,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(148

)

(148

)

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £9,000 (2016 - £3,000) were paid to the directors .

Transactions with related parties during the year and balances outstanding at the year end were as follows:

Related Party

Type of Transaction

Movement in the year

Balance receivable from or (payable to) related party as at 31.10.17

Balance receivable from or (payable to) related party as at 31.10.16

(1) The Flat Company Ltd

Inter-company loan

(£80) (2016: Nil)

(£80)

Nil

(2) Haus Werk Limited

Commission

£8,642 (2016: Nil)

Nil

Nil

(1) The Flat Company Limited is a shareholder of Saltouns Limited. Three directors and shareholders of the

Flat Company Limited are also directors and shareholders of Saltouns Ltd.

(2) Two of the directors and shareholders, are also directors and shareholders of Haus Werk Limited. One

director and shareholder of Saltouns Limited is also a shareholder of Haus Werk Limited.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W Walters.

11.	FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102 (Section 1A). The company transitioned to

FRS 102 (Section 1A) on 1 November 2015.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Saltouns Limited for the year ended 31 October 2017 which comprise the Statement of Income

and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Saltouns Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Saltouns Limited and state those matters that we have agreed to state to the Board of Directors of Saltouns Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Saltouns Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Saltouns Limited. You consider that Saltouns Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Saltouns Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

Date: .............................................