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REGISTERED NUMBER: SC243785 (Scotland)














Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Office Specialties Ltd

Office Specialties Ltd (Registered number: SC243785)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Office Specialties Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: S M Kemp
J S Kemp
G C Kemp
G C Kemp
Mrs P J Kemp





REGISTERED OFFICE: Unit 3 Dunsdale Road
Selkirk
TD7 5EA





REGISTERED NUMBER: SC243785 (Scotland)





ACCOUNTANTS: DAS Accountant
Cornerstone House
Station Road
Selkirk
Scottish Borders
TD7 5DJ

Office Specialties Ltd (Registered number: SC243785)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 21,295 18,447
21,295 18,447

CURRENT ASSETS
Stocks 6 42,250 42,250
Debtors 7 258,041 296,872
Cash at bank and in hand 213,323 127,329
513,614 466,451
CREDITORS
Amounts falling due within one year 8 491,994 461,270
NET CURRENT ASSETS 21,620 5,181
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,915

23,628

CREDITORS
Amounts falling due after more than one year 9 (37,859 ) (35,868 )

PROVISIONS FOR LIABILITIES (500 ) (500 )
NET ASSETS/(LIABILITIES) 4,556 (12,740 )

CAPITAL AND RESERVES
Called up share capital 1,020 1,020
Retained earnings 3,536 (13,760 )
4,556 (12,740 )

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.

Office Specialties Ltd (Registered number: SC243785)

Balance Sheet - continued
28 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 6 February 2024 and were signed on its behalf by:





G C Kemp - Director


Office Specialties Ltd (Registered number: SC243785)

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

1. STATUTORY INFORMATION

Office Specialties Ltd 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 2007, 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 - Straight Line over 4 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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

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.


Office Specialties Ltd (Registered number: SC243785)

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 65,000
AMORTISATION
At 1 March 2022
and 28 February 2023 65,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

Office Specialties Ltd (Registered number: SC243785)

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

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2022 17,418 41,350 2,596
Additions - - -
At 28 February 2023 17,418 41,350 2,596
DEPRECIATION
At 1 March 2022 17,418 30,560 2,070
Charge for year - 1,618 79
At 28 February 2023 17,418 32,178 2,149
NET BOOK VALUE
At 28 February 2023 - 9,172 447
At 28 February 2022 - 10,790 526

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2022 34,643 10,638 106,645
Additions 8,500 - 8,500
At 28 February 2023 43,143 10,638 115,145
DEPRECIATION
At 1 March 2022 27,577 10,573 88,198
Charge for year 3,891 64 5,652
At 28 February 2023 31,468 10,637 93,850
NET BOOK VALUE
At 28 February 2023 11,675 1 21,295
At 28 February 2022 7,066 65 18,447

6. STOCKS
28.2.23 28.2.22
£    £   
Stocks 42,250 42,250

Office Specialties Ltd (Registered number: SC243785)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 177,993 205,193
Other debtors 19,657 19,823
Directors' current accounts 59,070 70,001
Prepayments and accrued income 1,321 1,855
258,041 296,872

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 5,803 11,336
Trade creditors 161,831 144,380
Tax 22,475 11,700
Social security and other taxes 1,097 6,729
VAT 15,673 4,490
Other creditors 258,490 261,407
Credit Card 19,749 2,567
Directors' current accounts 2,304 13,547
Accrued expenses 4,572 5,114
491,994 461,270

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans - 1-2 years 37,859 35,868

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
J S Kemp and Mrs P J Kemp
Balance outstanding at start of year (13,547 ) (39,341 )
Amounts advanced 22,344 59,325
Amounts repaid (11,099 ) (33,531 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,302 ) (13,547 )

Office Specialties Ltd (Registered number: SC243785)

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

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S M Kemp
Balance outstanding at start of year 9,722 (3,038 )
Amounts advanced 16,916 30,560
Amounts repaid (10,000 ) (17,800 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,638 9,722

G C Kemp
Balance outstanding at start of year 14,776 -
Amounts advanced 16,540 32,521
Amounts repaid (15,107 ) (17,745 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,209 14,776

G C Kemp
Balance outstanding at start of year 45,503 33,873
Amounts advanced 26,208 32,885
Amounts repaid (46,001 ) (21,255 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,710 45,503