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Registration number: SC278922

Callander Meadows Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2018

Roderick Gunkel & Associates Ltd
Chartered Certified Accountants
Orchardlea
Callander
FK17 8BG

 

Callander Meadows Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Callander Meadows Limited

Company Information

Directors

Nicholas Alan Parkes

Susannah Ruth Parkes

Registered office

24 Main Street
Callander
FK17 8BB

Bankers

Royal Bank of Scotland plc
55 Main Street
Callander
FK17 8DY

Accountants

Roderick Gunkel & Associates Ltd
Chartered Certified Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Callander Meadows Limited
for the Year Ended 30 April 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Callander Meadows Limited for the year ended 30 April 2018 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 member of the Association of Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.
 

This report is made solely to the Board of Directors of Callander Meadows Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Callander Meadows Limited and state those matters that we have agreed to state to the Board of Directors of Callander Meadows Limited, as a body, in this report.

This is in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.doc. And, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Callander Meadows Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Callander Meadows 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 Callander Meadows Limited. You consider that Callander Meadows 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 Callander Meadows 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.

....................................................................

Roderick Gunkel & Associates Ltd
Chartered Certified Accountants
Orchardlea
Callander
FK17 8BG


 

12 October 2018

 

Callander Meadows Limited

(Registration number: SC278922)
Balance Sheet as at 30 April 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

11,940

12,880

Tangible assets

5

7,243

7,500

 

19,183

20,380

Current assets

 

Stocks

6

6,850

5,551

Cash at bank and in hand

 

5,874

(941)

 

12,724

4,610

Creditors: Amounts falling due within one year

7

(17,783)

(14,322)

Net current liabilities

 

(5,059)

(9,712)

Total assets less current liabilities

 

14,124

10,668

Creditors: Amounts falling due after more than one year

7

(4,775)

(6,742)

Provisions for liabilities

(1,033)

(222)

Net assets

 

8,316

3,704

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

8,216

3,604

Total equity

 

8,316

3,704

For the financial year ending 30 April 2018 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 12 October 2018 and signed on its behalf by:
 

.........................................

Nicholas Alan Parkes
Director

 

Callander Meadows Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
24 Main Street
Callander
FK17 8BB

These financial statements were authorised for issue by the Board on 12 October 2018.

2

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.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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.

 

Callander Meadows Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

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

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

4% p.a straight line

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.

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.

 

Callander Meadows Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2017 - 12).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2017

24,625

24,625

At 30 April 2018

24,625

24,625

Amortisation

At 1 May 2017

11,745

11,745

Amortisation charge

940

940

At 30 April 2018

12,685

12,685

Carrying amount

At 30 April 2018

11,940

11,940

At 30 April 2017

12,880

12,880

 

Callander Meadows Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2017

39,514

39,514

Additions

1,995

1,995

At 30 April 2018

41,509

41,509

Depreciation

At 1 May 2017

32,014

32,014

Charge for the year

2,252

2,252

At 30 April 2018

34,266

34,266

Carrying amount

At 30 April 2018

7,243

7,243

At 30 April 2017

7,500

7,500

6

Stocks

2018
£

2017
£

Stock for sale and business use

6,850

5,551

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Loans and overdrafts

9

4,756

1,814

Trade creditors

 

3,764

-

Taxation and social security

 

6,229

2,441

Other creditors

 

3,034

10,067

 

17,783

14,322

Due after one year

 

Loans and borrowings

9

4,775

6,742

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

9

4,775

6,742

 

Callander Meadows Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

4,775

6,742

2018
£

2017
£

Current loans and borrowings

Bank borrowings

2,000

1,800

Director current account

2,756

14

4,756

1,814