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REGISTERED NUMBER: SC445358 (Scotland)





















Unaudited Financial Statements

For The Year Ended 27 February 2023

for

A1 Toys Limited

A1 Toys Limited (Registered number: SC445358)






Contents of the Financial Statements
For The Year Ended 27 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

A1 Toys Limited

Company Information
For The Year Ended 27 February 2023







DIRECTORS: D J Burns
K M Burns





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC445358 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

A1 Toys Limited (Registered number: SC445358)

Balance Sheet
27 February 2023

27.2.23 27.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 32,314 129,256
Tangible assets 5 13,725 16,998
46,039 146,254

CURRENT ASSETS
Stocks 309,000 309,000
Debtors 6 71,773 12,017
Cash at bank 351 11,097
381,124 332,114
CREDITORS
Amounts falling due within one year 7 628,886 591,054
NET CURRENT LIABILITIES (247,762 ) (258,940 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(201,723

)

(112,686

)

CREDITORS
Amounts falling due after more than one
year

8

2,311,601

2,321,699
NET LIABILITIES (2,513,324 ) (2,434,385 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (2,513,424 ) (2,434,485 )
SHAREHOLDERS' FUNDS (2,513,324 ) (2,434,385 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 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.

A1 Toys Limited (Registered number: SC445358)

Balance Sheet - continued
27 February 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 27 November 2023 and were signed on its behalf by:





D J Burns - Director


A1 Toys Limited (Registered number: SC445358)

Notes to the Financial Statements
For The Year Ended 27 February 2023

1. STATUTORY INFORMATION

A1 Toys 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.

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 2013, 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 the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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.


A1 Toys Limited (Registered number: SC445358)

Notes to the Financial Statements - continued
For The Year Ended 27 February 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
Having assessed the principal risks, the directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

The company has the support of the directors and its suppliers, and continues to restructure its business operations to reduce third party internet sales, focus on higher margin sales through its bricks and mortar stores and its own website in addition to controlling stock and cutting overheads. One of the key risks associated with this type of business is to identify relevant and profitable stock lines. The directors have considerable experience in this industry and are confident that their current stock lines will result in future
profits.

Due to the impact of the coronavirus pandemic the business has had to be more focussed on online sales than they would have planned prior to the store closure. It is hoped that in the next 12 months the business should be able to increase the number of sales through its bricks and mortar stores than they were able to achieve this year.

As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current net liability position. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

A1 Toys Limited (Registered number: SC445358)

Notes to the Financial Statements - continued
For The Year Ended 27 February 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 28 February 2022
and 27 February 2023 969,416
AMORTISATION
At 28 February 2022 840,160
Charge for year 96,942
At 27 February 2023 937,102
NET BOOK VALUE
At 27 February 2023 32,314
At 27 February 2022 129,256

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 28 February 2022 3,290 14,750 67,202 85,242
Additions - - 1,091 1,091
At 27 February 2023 3,290 14,750 68,293 86,333
DEPRECIATION
At 28 February 2022 2,386 10,180 55,678 68,244
Charge for year 226 1,143 2,995 4,364
At 27 February 2023 2,612 11,323 58,673 72,608
NET BOOK VALUE
At 27 February 2023 678 3,427 9,620 13,725
At 27 February 2022 904 4,570 11,524 16,998

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27.2.23 27.2.22
£    £   
Trade debtors 568 13,983
Other debtors 71,205 (1,966 )
71,773 12,017

A1 Toys Limited (Registered number: SC445358)

Notes to the Financial Statements - continued
For The Year Ended 27 February 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27.2.23 27.2.22
£    £   
Bank loans and overdrafts 9,536 8,395
Trade creditors 283,493 293,317
Taxation and social security 49,886 51,770
Other creditors 285,971 237,572
628,886 591,054

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
27.2.23 27.2.22
£    £   
Bank loans 32,068 41,605
Trade creditors 2,279,533 2,280,094
2,311,601 2,321,699

9. SECURED DEBTS

The following secured debts are included within creditors:

27.2.23 27.2.22
£    £   
Trade creditors 2,279,533 2,280,094

The directors have given a personal guarantee in favour of one of the trade creditors.

10. RELATED PARTY DISCLOSURES

Within other creditors there is £67,207 (2022 - £78,497) owed to the D & K Burns Partnership, a partnership containing both directors.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
A1 Toys Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A1 Toys Limited for the year ended 27 February 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of A1 Toys Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A1 Toys Limited and state those matters that we have agreed to state to the Board of Directors of A1 Toys Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A1 Toys Limited 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 loss of A1 Toys Limited. You consider that A1 Toys Limited 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 A1 Toys Limited. 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.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


27 November 2023