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REGISTERED NUMBER: SC359980 (Scotland)




















Old Smiddy Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023






Old Smiddy Limited (Registered number: SC359980)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Old Smiddy Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mrs H E Hardie



REGISTERED OFFICE: The Old Smiddy
Main Street
Gullane
East Lothian
EH31 2AR



REGISTERED NUMBER: SC359980 (Scotland)



ACCOUNTANTS: Whitelaw Wells
The Lighthouse
Heugh Road
North Berwick
EH39 5PX



BANKERS: Starling Bank
7th Floor
Norfolk House
31 St James's Square
London
SW1Y 4JR

Old Smiddy Limited (Registered number: SC359980)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,154 1,683
1,154 1,683

CURRENT ASSETS
Stocks 29,750 33,500
Debtors 6 56 56
Cash at bank and in hand 5,925 13,748
35,731 47,304
CREDITORS
Amounts falling due within one year 7 17,495 21,630
NET CURRENT ASSETS 18,236 25,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,390

27,357

PROVISIONS FOR LIABILITIES 219 320
NET ASSETS 19,171 27,037

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 19,071 26,937
19,171 27,037

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Old Smiddy Limited (Registered number: SC359980)

Balance Sheet - continued
31 August 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 director and authorised for issue on 5 March 2024 and were signed by:





Mrs H E Hardie - Director


Old Smiddy Limited (Registered number: SC359980)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Old Smiddy 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.

Turnover
Turnover represents shop and internet sales of giftware items, excluding value added tax. Revenue is recognised when the customer has accepted the products and collectability of the related receivables is fairly assured.

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.
Plant and machinery etc - 25% on cost and 20% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. All loans with related parties are all repayable on demand.

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.


Old Smiddy Limited (Registered number: SC359980)

Notes to the Financial Statements - continued
for the Year Ended 31 August 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.

Going concern
The financial statements have been prepared on the going concern basis. This assumes that the company will continue trading for the foreseeable future.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 14,000
AMORTISATION
At 1 September 2022
and 31 August 2023 14,000
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

Old Smiddy Limited (Registered number: SC359980)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022
and 31 August 2023 3,898
DEPRECIATION
At 1 September 2022 2,215
Charge for year 529
At 31 August 2023 2,744
NET BOOK VALUE
At 31 August 2023 1,154
At 31 August 2022 1,683

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 56 56

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,999 7,553
Taxation and social security 1,815 1,234
Other creditors 10,681 12,843
17,495 21,630