Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Duncan Bruce Wallace 30/01/2019 Mary Ann Wallace 30/01/2019 17 October 2023 The principal activity of the Company during the financial year was the import and distribution of timber based products. SC619601 2023-06-30 SC619601 bus:Director1 2023-06-30 SC619601 bus:Director2 2023-06-30 SC619601 2022-06-30 SC619601 core:CurrentFinancialInstruments 2023-06-30 SC619601 core:CurrentFinancialInstruments 2022-06-30 SC619601 core:ShareCapital 2023-06-30 SC619601 core:ShareCapital 2022-06-30 SC619601 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC619601 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC619601 core:OtherPropertyPlantEquipment 2022-06-30 SC619601 core:OtherPropertyPlantEquipment 2023-06-30 SC619601 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-06-30 SC619601 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-06-30 SC619601 2021-06-30 SC619601 bus:OrdinaryShareClass1 2023-06-30 SC619601 core:OtherRelatedParties 2023-06-30 SC619601 core:OtherRelatedParties 2022-06-30 SC619601 2022-07-01 2023-06-30 SC619601 bus:FilletedAccounts 2022-07-01 2023-06-30 SC619601 bus:SmallEntities 2022-07-01 2023-06-30 SC619601 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC619601 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC619601 bus:Director1 2022-07-01 2023-06-30 SC619601 bus:Director2 2022-07-01 2023-06-30 SC619601 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-07-01 2023-06-30 SC619601 2021-07-01 2022-06-30 SC619601 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 SC619601 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 SC619601 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC619601 (Scotland)

QNA (SCOTLAND) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH THE REGISTRAR

QNA (SCOTLAND) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

Contents

QNA (SCOTLAND) LTD

BALANCE SHEET

AS AT 30 JUNE 2023
QNA (SCOTLAND) LTD

BALANCE SHEET (continued)

AS AT 30 JUNE 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 819 2,786
819 2,786
Current assets
Debtors 4 71,903 79,257
Cash at bank and in hand 5 13,567 4,592
85,470 83,849
Creditors: amounts falling due within one year 6 ( 6,299) ( 12,823)
Net current assets 79,171 71,026
Total assets less current liabilities 79,990 73,812
Provision for liabilities 7, 8 ( 205) ( 697)
Net assets 79,785 73,115
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 79,783 73,113
Total shareholders' funds 79,785 73,115

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of QNA (Scotland) Ltd (registered number: SC619601) were approved and authorised for issue by the Director on 17 October 2023. They were signed on its behalf by:

Duncan Bruce Wallace
Director
QNA (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
QNA (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

QNA (Scotland) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit S, Arran House, Arran Road, Perth, PH1 3DZ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents commission received from the import and distribution of timber products and is shown net of VAT.

Revenue is recognised on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2022 5,900 5,900
At 30 June 2023 5,900 5,900
Accumulated depreciation
At 01 July 2022 3,114 3,114
Charge for the financial year 1,967 1,967
At 30 June 2023 5,081 5,081
Net book value
At 30 June 2023 819 819
At 30 June 2022 2,786 2,786

4. Debtors

2023 2022
£ £
Trade debtors 70,799 48,041
Amounts owed by related parties (note 10) 0 30,000
Other debtors 1,104 1,216
71,903 79,257

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 13,567 4,592

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 3,400 6,196
Other creditors 2,899 6,627
6,299 12,823

7. Provision for liabilities

2023 2022
£ £
Deferred tax 205 697

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 697) ( 903)
Credited to the Profit and Loss Account 492 206
At the end of financial year ( 205) ( 697)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

2023 2022
£ £
Loan 0 30,000

Included in trade debtors is a balance due from Core Products Limited of £70,799 (2022 - £48,041)