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EAT ON WARFARIN LIMITED


Company registration number SC480547


FILING FINANCIAL STATEMENTS


FOR THE YEAR ENDED 30 JUNE 2018































 
EAT ON WARFARIN LIMITED
 

CONTENTS



Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6



 
EAT ON WARFARIN LIMITED
 
 
COMPANY INFORMATION


Director
Catherine Atkin 




Registered number
SC480547



Registered office
25 Parkfoot Meadows

Dumfries

DG1 1PA




Accountants
Scott-Moncrieff
Chartered Accountants

25 Bothwell Street

Glasgow

G2 6NL




1

 
EAT ON WARFARIN LIMITED
REGISTERED NUMBER:SC480547

BALANCE SHEET
AS AT 30 JUNE 2018

2018
2017
Note
£
£

  

Current assets
  

Stocks
 4 
100
250

Cash at bank and in hand
  
2,036
1,739

  
2,136
1,989

Creditors: amounts falling due within one year
 5 
(46,064)
(43,918)

Net current liabilities
  
 
 
(43,928)
 
 
(41,929)

Total assets less current liabilities
  
(43,928)
(41,929)

  

Net liabilities
  
(43,928)
(41,929)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(43,930)
(41,931)

  
(43,928)
(41,929)


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
 
2

 
EAT ON WARFARIN LIMITED
REGISTERED NUMBER:SC480547
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2018


The financial statements were approved and authorised for issue by the board and were signed on its behalf by:                              




................................................
Catherine Atkin
Director

Date: 2 November 2018

The notes on pages 4 to 6 form part of these financial statements.

3


 
EAT ON WARFARIN LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

1.


General information

These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 30 June 2018.
The continuing activity of Eat on Warfarin Limited ('the Company') is the book publishing.
The company is a private company limited by shares and is incorporated in United Kingdom and registered in Scotland.  Details of the registered office can be found on the company information page of these financial statements.  The company's registered number is SC480547.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.
The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net liabilities of £43,928 including £44,516 due to the director of the company. The director has confirmed that she will continue to support the company and will not seek repayment of sums due to her for a period of at least twelve months after the date on which these accounts have been signed. Consequently the director is of the opinion that the company is a going concern and no adjustments have been made to these financial statements which could arise should the company cease trading. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

4


 
EAT ON WARFARIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2018
        2017
            No.
            No.







1
1

5


 
EAT ON WARFARIN LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

4.


Stocks

2018
2017
£
£

Finished goods and goods for resale
100
250

100
250



5.


Creditors: Amounts falling due within one year

2018
2017
£
£

Other creditors
44,516
42,418

Accruals and deferred income
1,548
1,500

46,064
43,918



6.


Related party transactions

Included within other creditors is an amount of £44,516 (2017 - £42,418) due to the director in respect of  expenses paid on behalf of the company by her during the year. No repayments were made to the director during the year.
This loan is interest free and there are no fixed repayment terms.

 
6