Shout Business Solutions Limited - Period Ending 2017-08-31
Shout Business Solutions Limited - Period Ending 2017-08-31
Registration number:
Shout Business Solutions Limited
for the Year Ended 31 August 2017
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD
Shout Business Solutions Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Shout Business Solutions Limited
Company Information
Director |
Mr Adam Johnson |
Company secretary |
Mrs Christine Johnson |
Registered office |
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Accountants |
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Page 1 |
DEANS
Chartered Accountants
Chartered
Accountants' Report to the
Director
on the Preparation of the Unaudited Statutory Accounts of
Shout Business Solutions Limited
for the
Year
Ended
31 August 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Shout Business Solutions Limited for the year ended 31 August 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.
This report is made solely to the Board of Directors of Shout Business Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 5 August 2005. Our work has been undertaken solely to prepare for your approval the accounts of Shout Business Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Shout Business Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shout Business Solutions Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Shout Business Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Shout Business Solutions Limited. You consider that Shout Business Solutions 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 accounts of Shout Business Solutions 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 accounts.
......................................
Chartered Accountants and Business Advisors
Hawick
Borders
TD9 9BD
Page 2 |
Shout Business Solutions Limited
(Registration number: SC286518)
Balance Sheet as at 31 August 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 3 |
Shout Business Solutions Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
The principal place of business is:
2 Dean Park
Newstead
Melrose
Roxburghshire
TD6 9RQ
Scotland
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Judgements
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included: |
Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
Shout Business Solutions Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
Various |
Fixtures and fittings |
Various |
Photographic equipment |
Various |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 5 |
Shout Business Solutions Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Shout Business Solutions Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Tangible assets |
Computer equipment |
Fixtures and fittings |
Photographic equipment |
Total |
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Cost or valuation |
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At 1 September 2016 |
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Additions |
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- |
- |
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At 31 August 2017 |
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Depreciation |
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At 1 September 2016 |
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Charge for the year |
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At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
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At 31 August 2016 |
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Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Page 7 |
Shout Business Solutions Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 September 2016 |
Advances to directors |
Repayments by director |
At 31 August 2017 |
Mr Adam Johnson |
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Loans are undated and have no specific repayment terms, interest is charged on outstanding loans at 3% per annum. The loan was repaid shortly after the year end |
6,964 |
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( |
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2016 |
At 1 September 2015 |
Advances to directors |
Repayments by director |
At 31 August 2016 |
Mr Adam Johnson |
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Loans are undated and have no specific repayment terms, interest is charged on outstanding loans at 3% per annum. The loan was repaid shortly after the year end |
13,791 |
( |
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Transition to FRS 102 |
Page 8 |