Company registration number SC337444 (Scotland)
PERTHSHIRE TOY TERRIER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PERTHSHIRE TOY TERRIER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PERTHSHIRE TOY TERRIER LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,115
6,820
Current assets
Stocks
34,800
45,800
Debtors
4
1,656
1,500
36,456
47,300
Creditors: amounts falling due within one year
5
(44,237)
(57,641)
Net current liabilities
(7,781)
(10,341)
Total assets less current liabilities
(2,666)
(3,521)
Creditors: amounts falling due after more than one year
6
(19,909)
(23,360)
Net liabilities
(22,575)
(26,881)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(23,575)
(27,881)
Total equity
(22,575)
(26,881)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
Mr G Serex
Director
Company registration number SC337444 (Scotland)
PERTHSHIRE TOY TERRIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PERTHSHIRE TOY TERRIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
These financial statements for the year ended 28 February 2023 are the first financial statements of Perthshire Toy Terrier Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 March 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Company information
Perthshire Toy Terrier Limited is a private company limited by shares incorporated in Scotland. The registered office is Beech Cottage, The Wynd, Muthill, Crieff, PH5 2AP.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
PERTHSHIRE TOY TERRIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 and 28 February 2023
11,602
Depreciation and impairment
At 1 March 2022
4,782
Depreciation charged in the year
1,705
At 28 February 2023
6,487
Carrying amount
At 28 February 2023
5,115
At 28 February 2022
6,820
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,656
Other debtors
1,500
1,656
1,500
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,926
4,239
Taxation and social security
83
250
Other creditors
40,228
53,152
44,237
57,641
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,909
23,360