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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
SC517593
2022-11-01
2023-10-31
SC517593
2023-10-31
SC517593
2022-10-31
SC517593
2021-11-01
2022-10-31
SC517593
2022-10-31
SC517593
core:PlantMachinery
2022-11-01
2023-10-31
SC517593
bus:Director1
2022-11-01
2023-10-31
SC517593
core:WithinOneYear
2023-10-31
SC517593
core:WithinOneYear
2022-10-31
SC517593
core:ShareCapital
2023-10-31
SC517593
core:ShareCapital
2022-10-31
SC517593
core:RetainedEarningsAccumulatedLosses
2023-10-31
SC517593
core:RetainedEarningsAccumulatedLosses
2022-10-31
SC517593
bus:SmallEntities
2022-11-01
2023-10-31
SC517593
bus:AuditExemptWithAccountantsReport
2022-11-01
2023-10-31
SC517593
bus:AbridgedAccounts
2022-11-01
2023-10-31
SC517593
bus:SmallCompaniesRegimeForAccounts
2022-11-01
2023-10-31
SC517593
bus:PrivateLimitedCompanyLtd
2022-11-01
2023-10-31
COMPANY REGISTRATION NUMBER:
SC517593
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 October 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 October 2023
Fixed assets
Tangible assets |
5 |
9,688 |
10,005 |
|
|
|
|
Current assets
Stocks |
415 |
540 |
Debtors |
4,326 |
3,807 |
Cash at bank and in hand |
26,646 |
18,937 |
|
-------- |
-------- |
|
31,387 |
23,284 |
|
|
|
Creditors: amounts falling due within one year |
28,879 |
24,545 |
|
-------- |
-------- |
Net current assets/(liabilities) |
2,508 |
(
1,261) |
|
-------- |
-------- |
Total assets less current liabilities |
12,196 |
8,744 |
|
|
|
Provisions |
1,841 |
1,901 |
|
-------- |
------- |
Net assets |
10,355 |
6,843 |
|
-------- |
------- |
|
|
|
Capital and reserves
Called up share capital |
1 |
1 |
Profit and loss account |
10,354 |
6,842 |
|
-------- |
------- |
Shareholder funds |
10,355 |
6,843 |
|
-------- |
------- |
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 October 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
25 March 2024
, and are signed on behalf of the board by:
Company registration number:
SC517593
Notes to the Abridged Financial Statements |
|
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Bungalow, Greenrig Road, Lesmahagow, ML11 9QB.
2.
Statement of compliance
These abridged 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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the company's ability to continue. The director has taken steps to ensure there are sufficient funds to meet the company's working capital requirement for the foreseeable future, and still considers the going concern approach to be appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered stated net of discounts. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
|
Plant and machinery |
- |
15% reducing balance |
|
|
|
|
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 to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Staff
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 November 2022 |
14,036 |
Additions |
1,463 |
Disposals |
(
299) |
|
-------- |
At 31 October 2023 |
15,200 |
|
-------- |
Depreciation |
|
At 1 November 2022 |
4,031 |
Charge for the year |
1,699 |
Disposals |
(
218) |
|
-------- |
At 31 October 2023 |
5,512 |
|
-------- |
Carrying amount |
|
At 31 October 2023 |
9,688 |
|
-------- |
At 31 October 2022 |
10,005 |
|
-------- |
|
|
6.
Director's advances, credits and guarantees
The director's loan account was not in debit at any point in the year.