Registered number
SC221022
Earthbright Limited
Filleted Accounts
31 July 2023
Earthbright Limited
Registered number: SC221022
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 71,706 74,023
Current assets
Stocks 3,451 3,402
Debtors 4 - 550
Cash at bank and in hand 141,047 126,466
144,498 130,418
Creditors: amounts falling due within one year 5 (37,516) (37,108)
Net current assets 106,982 93,310
Net assets 178,688 167,333
Capital and reserves
Called up share capital 1 1
Profit and loss account 178,687 167,332
Shareholder's funds 178,688 167,333
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 D Paget
Director
Approved by the board on 28 September 2023
Earthbright Limited
Notes to the Accounts
for the year ended 31 July 2023
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.
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
Fixtures, fittings, tools and equipment 20% 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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2022 78,049 39,845 117,894
At 31 July 2023 78,049 39,845 117,894
Depreciation
At 1 August 2022 7,805 36,066 43,871
Charge for the year 1,561 756 2,317
At 31 July 2023 9,366 36,822 46,188
Net book value
At 31 July 2023 68,683 3,023 71,706
At 31 July 2022 70,244 3,779 74,023
4 Debtors 2023 2022
£ £
Other debtors - 550
5 Creditors: amounts falling due within one year 2023 2022
£ £
Director's account 31,740 31,740
Taxation and social security costs 4,648 4,269
Other creditors 1,128 1,099
37,516 37,108
6 Controlling party
The company was under the control of the director thought the current and previous years.
7 Other information
Earthbright Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
5 Craigentinny Avenue
Edinburgh
EH7 6PU
Earthbright Limited SC221022 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts April 2022 Mr D Paget No description of principal activity SC221022 2021-08-01 2022-07-31 SC221022 core:WithinOneYear 2022-07-31 SC221022 core:ShareCapital 2022-07-31 SC221022 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC221022 2022-08-01 2023-07-31 SC221022 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC221022 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC221022 bus:Director40 2022-08-01 2023-07-31 SC221022 1 2022-08-01 2023-07-31 SC221022 2 2022-08-01 2023-07-31 SC221022 core:LandBuildings 2022-08-01 2023-07-31 SC221022 core:PlantMachinery 2022-08-01 2023-07-31 SC221022 countries:England 2022-08-01 2023-07-31 SC221022 bus:FRS102 2022-08-01 2023-07-31 SC221022 bus:FullAccounts 2022-08-01 2023-07-31 SC221022 2023-07-31 SC221022 core:WithinOneYear 2023-07-31 SC221022 core:ShareCapital 2023-07-31 SC221022 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC221022 core:LandBuildings 2023-07-31 SC221022 core:PlantMachinery 2023-07-31 SC221022 2022-07-31 SC221022 core:LandBuildings 2022-07-31 SC221022 core:PlantMachinery 2022-07-31 iso4217:GBP xbrli:pure