Matisse Spirits Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC268162 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Matisse Spirits Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C Sen-Ho

SECRETARY:

J Crilly

REGISTERED OFFICE:

6 Logie Mill

Edinburgh

Scotland

EH7 4HG

REGISTERED NUMBER:

SC268162 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

4

144

696

CURRENT ASSETS

Stocks

20,807

12,806

Debtors

5

902,274

976,964

Cash at bank and in hand

144,312

567,577

1,067,393

1,557,347

CREDITORS

Amounts falling due within one year

6

266,838

770,920

NET CURRENT ASSETS

800,555

786,427

TOTAL ASSETS LESS CURRENT LIABILITIES

800,699

787,123

PROVISIONS FOR LIABILITIES

7

24

139

NET ASSETS

800,675

786,984

CAPITAL AND RESERVES

Called up share capital

8

250,000

250,000

Retained earnings

550,675

536,984

SHAREHOLDERS' FUNDS

800,675

786,984

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 23 August 2018 and were signed by:

C Sen-Ho - Director

1.	STATUTORY INFORMATION

Matisse Spirits Company 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 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 sale of goods is recognised when the goods

are physically delivered to the customer.

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, 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:

Plant and Machinery

-

25% on cost

Fixtures and Fittings

-

25% on cost

Computer Equipment

-

25% on cost

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net

realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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

instruments. 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 Profit and Loss Account,

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2017

25,421

1,422

8,795

35,638

Disposals

-

-

(614

)

(614

)

At 31 December 2017

25,421

1,422

8,181

35,024

DEPRECIATION

At 1 January 2017

25,421

1,422

7,817

34,660

Charge for year

-

-

220

220

At 31 December 2017

25,421

1,422

8,037

34,880

NET BOOK VALUE

At 31 December 2017

-

-

144

144

At 31 December 2016

-

-

978

978

5.

DEBTORS

31.12.17

31.12.16

£

£

Amounts falling due within one year:

Trade debtors

902,172

967,729

Other debtors

102

6,957

902,274

974,686

Amounts falling due after more than one year:

Other debtors

-

2,278

Aggregate amounts

902,274

976,964

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

258,176

759,145

Taxation and social security

4,399

5,526

Other creditors

4,263

6,249

266,838

770,920

7.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

24

139

Deferred

tax

£

Balance at 1 January 2017

139

Provided during year

(115

)

Balance at 31 December 2017

24

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

250,000

Ordinary

£1

250,000

250,000

9.	RELATED PARTY DISCLOSURES

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

Related Party

Transaction Type

Transactions in the year ended

Balance receivable from / (payable) to related party as at 31.12.17

Balance receivable from / (payable) to related party as at 31.12.16

£

£

£

Glenwill Limited

Sales

632,760 (2016: 1,439,889)

478,605

638,106

Holy Grail International Group Limited

Sales

Nil (2016 : 329,623)

329,623

329,623

Matisse Spirits Company Limited and Glenwill Limited are wholly owned by Holy Grail International Group

Limited.

10.	ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling interest is Holy Grail International Group Limited incorporated in

Samoa.