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REGISTERED NUMBER: SC423007 (Scotland)













Unaudited Financial Statements

for the Year Ended 28 February 2023

for

1010 Owens Consulting Limited

1010 Owens Consulting Limited (Registered number: SC423007)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


1010 Owens Consulting Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: J Owens
Mrs M G Owens





REGISTERED OFFICE: Pavilion 1
Finnieston Business Park
Minerva Way
Glasgow
G3 8AU





REGISTERED NUMBER: SC423007 (Scotland)





ACCOUNTANTS: Gerber Landa & Gee
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

1010 Owens Consulting Limited (Registered number: SC423007)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 360 -

CURRENT ASSETS
Debtors 5 12,122 13,390
Cash at bank 15,522 465
27,644 13,855
CREDITORS
Amounts falling due within one year 6 50,030 16,044
NET CURRENT LIABILITIES (22,386 ) (2,189 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(22,026

)

(2,189

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (22,126 ) (2,289 )
SHAREHOLDERS' FUNDS (22,026 ) (2,189 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 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.

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 29 November 2023 and were signed on its behalf by:



Mrs M G Owens - Director



J Owens - Director


1010 Owens Consulting Limited (Registered number: SC423007)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

1010 Owens Consulting 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.

The financial statements have been prepared on the going concern basis which assumes the company will continue to trade for the foreseeable future. At 28 February 2023, the company's liabilities exceeded its assets by £22,026. The company is dependent upon the continued support of its Directors. The Directors are confident that this support will be maintained for the foreseeable future. Should this support be withdrawn and the company be unable to continue trading, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

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

Turnover for the provision of professional services is recognised in the period that the services are rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. 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.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, which include creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.


1010 Owens Consulting Limited (Registered number: SC423007)

Notes to the Financial Statements - continued
for the Year Ended 28 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 2,392
Additions 538
At 28 February 2023 2,930
DEPRECIATION
At 1 March 2022 2,392
Charge for year 178
At 28 February 2023 2,570
NET BOOK VALUE
At 28 February 2023 360

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 12,122 13,390

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 3,510 (90 )
Taxation and social security - 98
Other creditors 46,520 16,036
50,030 16,044

1010 Owens Consulting Limited (Registered number: SC423007)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. RELATED PARTY DISCLOSURES

During the year to 28 February 2023, income includes £10,000 of management recharges to Lang Arm Capital Partners Limited. As at 28 February 2023, the company owed £22,332 to Lang Arm Capital Partners Limited. There is no fixed repayment date and no interest has been charged on this balance.

Lang Arm Capital Partners Limited is a company in which John Owens (Directors and Shareholder) is also a Director and Shareholder.