Registered number
SC106904
Name-droppers Ltd
Filleted Accounts
31 July 2023
Name-droppers Ltd
Registered number: SC106904
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 22,115 24,115
Investments 4 30,750 30,750
52,865 54,865
Current assets
Stocks 500 500
Debtors 5 57,033 50,033
57,533 50,533
Creditors: amounts falling due within one year 6 (48,874) (39,569)
Net current assets 8,659 10,964
Total assets less current liabilities 61,524 65,829
Creditors: amounts falling due after more than one year 7 (23,000) (27,500)
Provisions for liabilities (1,500) (1,500)
Net assets 37,024 36,829
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 27,024 26,829
Shareholder's funds 37,024 36,829
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Macleod
Director
Approved by the board on 23 April 2024
Name-droppers Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 110,916
At 31 July 2023 110,916
Depreciation
At 1 August 2022 86,801
Charge for the year 2,000
At 31 July 2023 88,801
Net book value
At 31 July 2023 22,115
At 31 July 2022 24,115
4 Investments
Other
investments
£
Cost
At 1 August 2022 30,750
At 31 July 2023 30,750
5 Debtors 2023 2022
£ £
Trade debtors 10,000 3,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest 47,033 47,033
57,033 50,033
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,000 12,052
Trade creditors 1,000 1,000
Taxation and social security costs 17,874 9,733
Other creditors 15,000 16,784
48,874 39,569
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,000 27,500
8 Controlling party
The company is controlled by Hand & Lock Ltd which holds 100% ofof the issued ordinary share capital.
9 Other information
Name-droppers Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
8A Burgh Road
Cowdenbeath
Fife
Name-droppers Ltd SC106904 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts April 2022 P Macleod No description of principal activity SC106904 2021-08-01 2022-07-31 SC106904 core:WithinOneYear 2022-07-31 SC106904 core:AfterOneYear 2022-07-31 SC106904 core:ShareCapital 2022-07-31 SC106904 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC106904 2022-08-01 2023-07-31 SC106904 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC106904 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC106904 bus:Director40 2022-08-01 2023-07-31 SC106904 1 2022-08-01 2023-07-31 SC106904 2 2022-08-01 2023-07-31 SC106904 core:PlantMachinery 2022-08-01 2023-07-31 SC106904 countries:England 2022-08-01 2023-07-31 SC106904 bus:FRS102 2022-08-01 2023-07-31 SC106904 bus:FullAccounts 2022-08-01 2023-07-31 SC106904 2023-07-31 SC106904 core:WithinOneYear 2023-07-31 SC106904 core:AfterOneYear 2023-07-31 SC106904 core:ShareCapital 2023-07-31 SC106904 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC106904 core:PlantMachinery 2023-07-31 SC106904 2022-07-31 SC106904 core:PlantMachinery 2022-07-31 iso4217:GBP xbrli:pure