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REGISTERED NUMBER: SC200638 (Scotland)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

THE KROP SHOP LIMITED

THE KROP SHOP LIMITED (REGISTERED NUMBER: SC200638)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 5


THE KROP SHOP LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTOR: A Tonner



REGISTERED OFFICE: 222 Kilsyth Road
Banknock
Bonnybridge
Stirlingshire
FK4 1UF



REGISTERED NUMBER: SC200638 (Scotland)



ACCOUNTANTS: Curle & Co
Chartered Accountants
22 Backbrae Street
Kilsyth
G65 0NH



BANKERS: Royal Bank of Scotland
32 Glasgow Road
Denny
Falkirk
FK6 6AY

THE KROP SHOP LIMITED (REGISTERED NUMBER: SC200638)

ABRIDGED BALANCE SHEET
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,558 6,032
5,558 6,032

CURRENT ASSETS
Stocks 5,518 5,062
Debtors 8,500 8,500
Cash at bank 5,527 5,502
19,545 19,064
CREDITORS
Amounts falling due within one year 37,665 34,440
NET CURRENT LIABILITIES (18,120 ) (15,376 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,562

)

(9,344

)

CREDITORS
Amounts falling due after more than one
year

6,223

10,290
NET LIABILITIES (18,785 ) (19,634 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (18,787 ) (19,636 )
SHAREHOLDERS' FUNDS (18,785 ) (19,634 )

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

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

The director acknowledges his 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.

THE KROP SHOP LIMITED (REGISTERED NUMBER: SC200638)

ABRIDGED BALANCE SHEET - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

THE KROP SHOP LIMITED (REGISTERED NUMBER: SC200638)

ABRIDGED BALANCE SHEET - continued
31 October 2023



The financial statements were approved by the director and authorised for issue on 27 March 2024 and were signed by:





A Tonner - Director


THE KROP SHOP LIMITED (REGISTERED NUMBER: SC200638)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

The Krop Shop 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 & revenue recognition
Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of twenty years.

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.
Long leasehold - 5% on reducing balance
Improvements to property - 20% on reducing balance
Plant and machinery - 15% 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 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.

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.

THE KROP SHOP LIMITED (REGISTERED NUMBER: SC200638)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022
and 31 October 2023 10,000
AMORTISATION
At 1 November 2022
and 31 October 2023 10,000
NET BOOK VALUE

At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022
and 31 October 2023 67,159
DEPRECIATION
At 1 November 2022 61,127
Charge for year 474
At 31 October 2023 61,601
NET BOOK VALUE
At 31 October 2023 5,558
At 31 October 2022 6,032

THE KROP SHOP LIMITED (REGISTERED NUMBER: SC200638)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank overdrafts 8,904 7,165
Bank loans 10,616 14,548
19,520 21,713

The Royal Bank of Scotland holds a bond and floating charge over all sums due.

7. ULTIMATE CONTROLLING PARTY

The controlling party is A Tonner.