Greenwood Interiors (Aberdeen) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC492795 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2018

FOR

GREENWOOD INTERIORS (ABERDEEN) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A Stewart

Mrs S H Stewart

REGISTERED OFFICE:

1 Hilltop Road

Cults

Aberdeen

AB15 9RN

REGISTERED NUMBER:

SC492795 (Scotland)

ACCOUNTANTS:

Fyfe Moir & Associates

58 Queens Road

Aberdeen

Grampian

AB15 4YE

FIXED ASSETS

Intangible assets

4

43,100

64,651

Tangible assets

5

2,834

4,675

45,934

69,326

CURRENT ASSETS

Stocks

10,680

10,680

Debtors

6

27,770

28,462

Cash at bank and in hand

11,237

12,366

49,687

51,508

CREDITORS

Amounts falling due within one year

7

83,711

103,765

NET CURRENT LIABILITIES

(34,024

)

(52,257

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,910

17,069

PROVISIONS FOR LIABILITIES

8

567

935

NET ASSETS

11,343

16,134

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

11,243

16,034

SHAREHOLDERS' FUNDS

11,343

16,134

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 18 May 2018 and were signed on its behalf by:

D A Stewart - Director

Mrs S H Stewart - Director

1.	STATUTORY INFORMATION

Greenwood Interiors (Aberdeen) 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

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.

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

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 4 (2017 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2017

and 31 January 2018

107,753

AMORTISATION

At 1 February 2017

43,102

Charge for year

21,551

At 31 January 2018

64,653

NET BOOK VALUE

At 31 January 2018

43,100

At 31 January 2017

64,651

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2017

and 31 January 2018

9,000

1,524

10,524

DEPRECIATION

At 1 February 2017

4,960

889

5,849

Charge for year

1,333

508

1,841

At 31 January 2018

6,293

1,397

7,690

NET BOOK VALUE

At 31 January 2018

2,707

127

2,834

At 31 January 2017

4,040

635

4,675

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Trade debtors

26,177

26,384

Other debtors

-

250

Prepayments and accrued income

1,593

1,828

27,770

28,462

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Trade creditors

2,087

1,129

Tax

-

1,586

Social security and other taxes

158

306

VAT

4,100

5,272

Other creditors

238

564

Directors' current accounts

73,014

94,239

Accruals and deferred income

4,114

669

83,711

103,765

8.	PROVISIONS FOR LIABILITIES

31.1.18

31.1.17

£

£

Deferred tax

567

935

Deferred

tax

£

Balance at 1 February 2017

935

Movement in year

(368

)

Balance at 31 January 2018

567

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.18

31.1.17

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 February 2017

16,034

Deficit for the year

(4,791

)

At 31 January 2018

11,243