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COMPANY REGISTRATION NUMBER: SC321547
Second-Hand Ltd
Unaudited Financial Statements
31 March 2023
Second-Hand Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
Second-Hand Ltd
Directors' Report
Year ended 31 March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Directors
The directors who served the company during the year were as follows:
Mrs L Salkauskaite
Mr V Jakstys
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 October 2023 and signed on behalf of the board by:
Mr V Jakstys
Director
Registered office:
77 Ochiltree
Dunblane
Scotland
FK15 0DQ
Second-Hand Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Second-Hand Ltd
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Second-Hand Ltd for the year ended 31 March 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Second-Hand Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Second-Hand Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Second-Hand Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Second-Hand Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Second-Hand Ltd. You consider that Second-Hand Ltd 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 financial statements of Second-Hand Ltd. 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 financial statements.
OSBORNE & COMPANY Chartered Accountants
3 Hillview Place Dollar Clackmannanshire Scotland FK14 7JG
Second-Hand Ltd
Statement of Income and Retained Earnings
Year ended 31 March 2023
2023
2022
Note
£
£
Turnover
403,701
340,793
Cost of sales
194,689
131,374
---------
---------
Gross profit
209,012
209,419
Administrative expenses
171,931
172,129
Other operating income
500
4,500
---------
---------
Operating profit
37,581
41,790
Interest payable and similar expenses
4,737
---------
---------
Profit before taxation
5
32,844
41,790
Tax on profit
7,370
6,562
--------
--------
Profit for the financial year and total comprehensive income
25,474
35,228
--------
--------
Dividends paid and payable
( 15,000)
( 50,000)
Retained earnings at the start of the year
12,741
27,513
--------
--------
Retained earnings at the end of the year
23,215
12,741
--------
--------
All the activities of the company are from continuing operations.
Second-Hand Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
125,350
8,039
Current assets
Stocks
23,600
57,060
Debtors
7
20,367
648
Cash at bank and in hand
26,643
33,311
--------
--------
70,610
91,019
Creditors: amounts falling due within one year
8
92,397
86,217
--------
--------
Net current (liabilities)/assets
( 21,787)
4,802
---------
--------
Total assets less current liabilities
103,563
12,841
Creditors: amounts falling due after more than one year
9
78,668
Provisions
1,580
---------
--------
Net assets
23,315
12,841
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
23,215
12,741
--------
--------
Shareholders funds
23,315
12,841
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Second-Hand Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 5 October 2023 , and are signed on behalf of the board by:
Mr V Jakstys
Director
Company registration number: SC321547
Second-Hand Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 77 Ochiltree, Dunblane, FK15 0DQ, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 11 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
1,165
2,271
-------
-------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
8,823
6,577
15,400
Additions
115,375
3,100
118,475
---------
-------
-------
---------
At 31 March 2023
115,375
8,823
9,677
133,875
---------
-------
-------
---------
Depreciation
At 1 April 2022
4,725
2,636
7,361
Charge for the year
608
556
1,164
---------
-------
-------
---------
At 31 March 2023
5,333
3,192
8,525
---------
-------
-------
---------
Carrying amount
At 31 March 2023
115,375
3,490
6,485
125,350
---------
-------
-------
---------
At 31 March 2022
4,098
3,941
8,039
---------
-------
-------
---------
Included within the above is investment property as follows:
£
At 1 April 2022
Additions
115,375
---------
At 31 March 2023
115,375
---------
An investment property was acquired during the year. It was financed by a mortgage which is being repaid in instalments over twenty-five years. At the year-end, the balance payable on the mortgage was £80,879 of which £2,211 is included in creditor amounts falling due within one year and £78,668 in creditor amounts falling due after more than one year. Of these amounts, £69,070 is due after more than five years.
7. Debtors
2023
2022
£
£
Trade debtors
20,367
648
--------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,211
Trade creditors
10,393
8,486
Corporation tax
5,826
7,582
Social security and other taxes
4,197
1,311
Other creditors
69,770
68,838
--------
--------
92,397
86,217
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
78,668
--------
----
10. Directors' advances, credits and guarantees
Creditors include £65,387 (2022: £65,312) owed to the directors, on which interest is charged at the rate of 3% pa and is payable on demand.