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REGISTERED NUMBER: SC509555 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

J&L Buttons & Bows Limited

J&L Buttons & Bows Limited (Registered number: SC509555)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J&L Buttons & Bows Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mr J A Lovett
Mrs L R Lovett





REGISTERED OFFICE: 6 Cairnhill Road
Rosehearty
Fraserburgh
Aberdeenshire
AB43 7NX





REGISTERED NUMBER: SC509555 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

J&L Buttons & Bows Limited (Registered number: SC509555)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,930 36,580

CURRENT ASSETS
Stocks 8,500 22,000
Debtors 5 1,735 1,718
Cash at bank and in hand 9,919 13,366
20,154 37,084
CREDITORS
Amounts falling due within one year 6 159,484 157,075
NET CURRENT LIABILITIES (139,330 ) (119,991 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(104,400

)

(83,411

)

CREDITORS
Amounts falling due after more than one
year

7

1,248

2,038
NET LIABILITIES (105,648 ) (85,449 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (105,748 ) (85,549 )
SHAREHOLDERS' FUNDS (105,648 ) (85,449 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

J&L Buttons & Bows Limited (Registered number: SC509555)

Balance Sheet - continued
30 June 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:




Mr J A Lovett - Director



Mrs L R Lovett - Director


J&L Buttons & Bows Limited (Registered number: SC509555)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

J&L Buttons & Bows 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.

Going concern
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 20% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

There was no liability to Corporation Tax in the year under report.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

J&L Buttons & Bows Limited (Registered number: SC509555)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Freehold
property Equipment Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 28,326 35,090 63,416
DEPRECIATION
At 1 July 2022 - 26,836 26,836
Charge for year - 1,650 1,650
At 30 June 2023 - 28,486 28,486
NET BOOK VALUE
At 30 June 2023 28,326 6,604 34,930
At 30 June 2022 28,326 8,254 36,580

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
VAT - 935
Prepayments 1,735 783
1,735 1,718

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 651 782
Directors' current accounts 155,229 154,682
Accrued expenses 3,604 1,611
159,484 157,075

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans - 1-2 years 651 762
Bank loans - 2-5 years 597 1,276
1,248 2,038

8. RELATED PARTY DISCLOSURES

The director, Mr J.Lovett, operates a current account with the company and as at the financial year end the balance owing to him was £155,229 (2022 - £154,683). Whilst the loan is considered short term, there are no fixed terms of repayment and no interest is accrued.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors who between them own 100% of the issued share capital.