Registered number
SC496530
The Inverness Pram Centre Limited
Filleted Accounts
31 May 2022
The Inverness Pram Centre Limited
Registered number: SC496530
Balance Sheet
as at 31 May 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 10,562 10,372
Current assets
Stocks 121,757 121,291
Debtors 4 - 8,489
Cash at bank and in hand 28,815 20,651
150,572 150,431
Creditors: amounts falling due within one year 5 (64,636) (62,413)
Net current assets 85,936 88,018
Total assets less current liabilities 96,498 98,390
Creditors: amounts falling due after more than one year 6 (58,464) (67,441)
Net assets 38,034 30,949
Capital and reserves
Called up share capital 3 3
Profit and loss account 38,031 30,946
Shareholders' funds 38,034 30,949
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
S Blankenstein
Director
Approved by the board on 31 August 2022
The Inverness Pram Centre Limited
Notes to the Accounts
for the year ended 31 May 2022
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 is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Plant and machinery 15% by Reducing Balance
Fixtures, fittings, tools and equipment 15% by Reducing Balance
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.
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
Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2021 13,637 1,845 15,482
Additions - 1,925 1,925
At 31 May 2022 13,637 3,770 17,407
Depreciation
At 1 June 2021 4,331 779 5,110
Charge for the year 1,396 339 1,735
At 31 May 2022 5,727 1,118 6,845
Net book value
At 31 May 2022 7,910 2,652 10,562
At 31 May 2021 9,306 1,066 10,372
4 Debtors 2022 2021
£ £
Other debtors - 8,489
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 2,973 3,193
Trade creditors 47,613 26,913
Taxation and social security costs 7,485 15,854
Other creditors 6,565 16,453
64,636 62,413
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 24,000 30,000
Loan - KPS 17,335 23,335
Director's account - MB 15,762 23,762
Director's account - SB 1,367 (9,656)
58,464 67,441
7 Other information
The Inverness Pram Centre Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
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