3 false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC596482 2022-06-01 2023-05-31 SC596482 2023-05-31 SC596482 2022-05-31 SC596482 2021-06-01 2022-05-31 SC596482 2022-05-31 SC596482 core:FurnitureFittings 2022-06-01 2023-05-31 SC596482 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC596482 bus:Director2 2022-06-01 2023-05-31 SC596482 core:FurnitureFittings 2022-05-31 SC596482 core:FurnitureFittings 2023-05-31 SC596482 core:WithinOneYear 2023-05-31 SC596482 core:WithinOneYear 2022-05-31 SC596482 core:ShareCapital 2023-05-31 SC596482 core:ShareCapital 2022-05-31 SC596482 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC596482 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC596482 core:FurnitureFittings 2022-05-31 SC596482 bus:SmallEntities 2022-06-01 2023-05-31 SC596482 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC596482 bus:FullAccounts 2022-06-01 2023-05-31 SC596482 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 SC596482 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC596482 bus:OrdinaryShareClass1 2023-05-31 SC596482 bus:OrdinaryShareClass1 2022-05-31 SC596482 core:ToolsEquipment 2022-06-01 2023-05-31 SC596482 core:ToolsEquipment 2023-05-31 SC596482 core:ToolsEquipment 2022-05-31
COMPANY REGISTRATION NUMBER: SC596482
Mt Baker Vapor Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
Mt Baker Vapor Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,614
2,435
Current assets
Stocks
6
3,765
4,539
Debtors
7
5,050
8,151
Cash at bank and in hand
31,918
56,901
--------
--------
40,733
69,591
Creditors: amounts falling due within one year
8
5,980
8,368
--------
--------
Net current assets
34,753
61,223
--------
--------
Total assets less current liabilities
36,367
63,658
Provisions
307
( 5,129)
--------
--------
Net assets
36,060
68,787
--------
--------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
35,960
68,687
--------
--------
Shareholders funds
36,060
68,787
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mt Baker Vapor Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 15 February 2024 , and are signed on behalf of the board by:
Zachary Thomas Webb
Director
Company registration number: SC596482
Mt Baker Vapor Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3 Strathearn House, Maidenplain Place, Aberuthven, Perthshire, PH3 1GX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied in the form of the manufacture and supply of vaping liquids, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock of vaping liquids to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, cash at bank, trade creditors, accruals, other creditors, taxes and directors' loans. Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice amount. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit and loss. Cash at bank is measured at the undiscounted amount held by a bank. Accruals, other creditors and taxes due at the end of the reporting period are measured at the amount payable. Director loans have no fixed terms for repayment and are measured at the undiscounted cash expected to be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
1,669
1,950
3,619
-------
-------
-------
Depreciation
At 1 June 2022
612
572
1,184
Charge for the year
334
487
821
-------
-------
-------
At 31 May 2023
946
1,059
2,005
-------
-------
-------
Carrying amount
At 31 May 2023
723
891
1,614
-------
-------
-------
At 31 May 2022
1,057
1,378
2,435
-------
-------
-------
6. Stocks
2023
2022
£
£
Raw materials and consumables
3,765
4,539
-------
-------
7. Debtors
2023
2022
£
£
Trade debtors
331
1,762
Other debtors
4,719
6,389
-------
-------
5,050
8,151
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
555
2,854
Social security and other taxes
1,910
2,196
Other creditors
3,515
3,318
-------
-------
5,980
8,368
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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