COMPANY REGISTRATION NUMBER:
SC723158
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
28 February 2023
Current assets
Stocks |
1,306 |
Cash at bank and in hand |
7,510 |
|
------- |
|
8,816 |
|
|
Creditors: amounts falling due within one year |
4 |
4,716 |
|
------- |
Net current assets |
4,100 |
|
------- |
Total assets less current liabilities |
4,100 |
|
------- |
Net assets |
4,100 |
|
------- |
|
|
|
Capital and reserves
Called up share capital |
100 |
Profit and loss account |
4,000 |
|
------- |
Shareholders funds |
4,100 |
|
------- |
|
|
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
15 November 2023
, and are signed on behalf of the board by:
Company registration number:
SC723158
Notes to the Financial Statements |
|
Period from 15 February 2022 to 28 February 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 32 Uig, Portree, IV51 9XU, 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4.
Creditors:
amounts falling due within one year
|
28 Feb 23 |
|
£ |
Corporation tax |
938 |
Other creditors |
3,778 |
|
------- |
|
4,716 |
|
------- |
|
|
5.
Related party transactions
At 28 February 2023 the company was due the
director
£ 739
. This loan is interest free and has not definite terms of repayment
. At 28 February 2023 the company owed £ 496
to a company in which the director is also a director and shareholder
for items paid on their behalf.