Bespoke Creation (Edinburgh) Ltd
Registered number: SC595843
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 2,500
Tangible assets 4 181,266 81,524
181,266 84,024
Current assets
Debtors 5 44,594 23,989
Cash at bank and in hand 99,071 42,138
143,665 66,127
Creditors: amounts falling due within one year 6 (157,062) (39,750)
Net current (liabilities)/assets (13,397) 26,377
Total assets less current liabilities 167,869 110,401
Creditors: amounts falling due after more than one year 7 (51,043) (20,496)
Net assets 116,826 89,905
Capital and reserves
Called up share capital 100 100
Profit and loss account 116,726 89,805
Shareholders' funds 116,826 89,905
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr B Y Cleeton
Director
Approved by the board on 31 July 2023
Bespoke Creation (Edinburgh) Ltd
Notes to the Accounts
for the year ended 31 May 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 20% reducing balance
Motor vehicles 20% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 2 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 12,500
At 31 May 2023 12,500
Amortisation
At 1 June 2022 10,000
Provided during the year 2,500
At 31 May 2023 12,500
Net book value
At 31 May 2023 -
At 31 May 2022 2,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 33,956 106,556 140,512
Additions 14,256 109,251 123,507
At 31 May 2023 48,212 215,807 264,019
Depreciation
At 1 June 2022 14,246 44,742 58,988
Charge for the year 5,725 18,040 23,765
At 31 May 2023 19,971 62,782 82,753
Net book value
At 31 May 2023 28,241 153,025 181,266
At 31 May 2022 19,710 61,814 81,524
5 Debtors 2023 2022
£ £
Trade debtors 44,594 23,989
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 18
Obligations under finance lease and hire purchase contracts 23,536 -
Trade creditors 2,395 1,008
Corporation tax 17,677 12,610
Other taxes and social security costs 31,421 24,387
Other creditors 82,033 1,727
157,062 39,750
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 51,043 20,496
8 Controlling party
The company was under the control of the director throughout the period under review.
9 Other information
Bespoke Creation (Edinburgh) Ltd is a private company limited by shares and incorporated in Scotland.
2 Anderson Place
Edinburgh
Scotland
EH6 5NP
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