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REGISTERED NUMBER: SC651517 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

12t Limited

12t Limited (Registered number: SC651517)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


12t Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Miss R Morgan
Miss E Cuddeford





REGISTERED OFFICE: 90 Brunswick Street
Edinburgh
EH7 5HU





REGISTERED NUMBER: SC651517 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

12t Limited (Registered number: SC651517)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 18,000 -
Tangible assets 5 47,632 27,767
65,632 27,767

CURRENT ASSETS
Stocks 25,000 15,000
Debtors 6 43,388 19,165
Cash at bank 21,844 15,165
90,232 49,330
CREDITORS
Amounts falling due within one year 7 116,630 47,104
NET CURRENT (LIABILITIES)/ASSETS (26,398 ) 2,226
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,234

29,993

CREDITORS
Amounts falling due after more than one year 8 (24,774 ) (34,411 )

PROVISIONS FOR LIABILITIES (9,050 ) -
NET ASSETS/(LIABILITIES) 5,410 (4,418 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,310 (4,518 )
5,410 (4,418 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

12t Limited (Registered number: SC651517)

Balance Sheet - continued
31 January 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





Miss R Morgan - Director


12t Limited (Registered number: SC651517)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

12t Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 20% on cost
Computer equipment - 25% on cost

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are stated 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 stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

12t Limited (Registered number: SC651517)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 20,000
At 31 January 2023 20,000
AMORTISATION
Charge for year 2,000
At 31 January 2023 2,000
NET BOOK VALUE
At 31 January 2023 18,000

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 February 2022 19,123 16,590 332 36,045
Additions 25,497 - - 25,497
At 31 January 2023 44,620 16,590 332 61,542
DEPRECIATION
At 1 February 2022 1,912 6,200 166 8,278
Charge for year 2,231 3,318 83 5,632
At 31 January 2023 4,143 9,518 249 13,910
NET BOOK VALUE
At 31 January 2023 40,477 7,072 83 47,632
At 31 January 2022 17,211 10,390 166 27,767

12t Limited (Registered number: SC651517)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 17,944 13,560
Other debtors 25,444 5,605
43,388 19,165

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors - 583
Taxation and social security 15,168 16,996
Other creditors 91,462 19,525
116,630 47,104

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans 24,774 34,411