Blue Marmalade Limited
Registered number: SC244397
Balance Sheet
as at 28 February 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 2 435 738
Tangible assets 3 74,611 76,109
75,046 76,847
Current assets
Stocks 13,512 13,304
Debtors 4 1,806 6,425
Cash at bank and in hand 4,488 4,293
19,806 24,022
Creditors: amounts falling due within one year 5 (60,200) (64,066)
Net current liabilities (40,394) (40,044)
Total assets less current liabilities 34,652 36,803
Creditors: amounts falling due after more than one year 6 (47,520) (49,766)
Net liabilities (12,868) (12,963)
Capital and reserves
Called up share capital 200 200
Profit and loss account (13,068) (13,163)
Shareholder's funds (12,868) (12,963)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Jennings
Director
Approved by the board on 4 September 2018
Blue Marmalade Limited
Notes to the Accounts
for the year ended 28 February 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 4-5 years
Going concern
The financial statements have been prepared on the basis that the company can continue to operate as a going concern. This assumes the continued support of the company's director.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
The company does not operate a pension scheme.
2 Intangible fixed assets £
Trade marks:
Cost
At 1 March 2017 3,031
At 28 February 2018 3,031
Amortisation
At 1 March 2017 2,293
Provided during the year 303
At 28 February 2018 2,596
Net book value
At 28 February 2018 435
At 28 February 2017 738
Trade marks are being written off in equal annual instalments over their estimated economic life of 10 years.
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2017 77,588 28,502 106,090
Additions - 864 864
At 28 February 2018 77,588 29,366 106,954
Depreciation
At 1 March 2017 2,698 27,283 29,981
Charge for the year 1,529 833 2,362
At 28 February 2018 4,227 28,116 32,343
Net book value
At 28 February 2018 73,361 1,250 74,611
At 28 February 2017 74,890 1,219 76,109
4 Debtors 2018 2017
£ £
Trade debtors - 5,260
Other debtors 1,806 1,165
1,806 6,425
5 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 2,604 2,604
Trade creditors 283 2,839
Other taxes and social security costs (268) (14,498)
Other creditors 57,581 73,121
60,200 64,066
6 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 47,520 49,766
There is a personal guarantee on the full value of the loan.
7 Loans 2018 2017
£ £
Creditors include:
Instalments falling due for payment after more than five years 37,106 39,351
8 Other information
Blue Marmalade Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
36 Dalmeny Street
Edinburgh
EH6 8RG
Its place of business is:
Unit 8
Salamander Street
Edinburgh
EH6 7HR
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