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REGISTERED NUMBER: SC377331 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Out There Active Wear Limited

Out There Active Wear Limited (Registered number: SC377331)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Out There Active Wear Limited

Company Information
for the Year Ended 31 July 2023







DIRECTOR: Mr N Adam





SECRETARY: Mrs A Adam





REGISTERED OFFICE: 3 Dee Street
Banchory
Aberdeenshire
AB31 5ST





REGISTERED NUMBER: SC377331 (Scotland)





ACCOUNTANTS: The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR

Out There Active Wear Limited (Registered number: SC377331)

Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 274,360 282,186

CURRENT ASSETS
Stocks 386,599 309,853
Debtors 6 92 180
Cash at bank and in hand 13,204 27,932
399,895 337,965
CREDITORS
Amounts falling due within one year 7 235,086 191,424
NET CURRENT ASSETS 164,809 146,541
TOTAL ASSETS LESS CURRENT
LIABILITIES

439,169

428,727

CREDITORS
Amounts falling due after more than one
year

8

(186,969

)

(201,854

)

PROVISIONS FOR LIABILITIES (3,762 ) (4,148 )
NET ASSETS 248,438 222,725

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 248,338 222,625
248,438 222,725

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Out There Active Wear Limited (Registered number: SC377331)

Statement of Financial Position - continued
31 July 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 4 April 2024 and were signed by:





Mr N Adam - Director


Out There Active Wear Limited (Registered number: SC377331)

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

1. STATUTORY INFORMATION

Out There Active Wear 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are prepared in sterling and monetary amounts in these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.

Income is recognised when the service has been provided, when the amount of revenue can be measured reliably and when its probable that future economic benefits will flow to the entity. If a customer has not been invoiced for services provided during the period the income is accrued and included in debtors under prepayments and accrued income.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Land and building is comprised of freehold property. The company accounts for land and buildings using the historic cost model. It is the opinion of the directors that the valuation is not materially different from cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold Property -2% on cost
Improvements to Property - 15% on cost
Fixtures & Fittings - 15% on reducing balance
Motor Vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Out There Active Wear Limited (Registered number: SC377331)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

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

Out There Active Wear Limited (Registered number: SC377331)

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

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2022 289,536 83,510 373,046
Additions - 1,240 1,240
At 31 July 2023 289,536 84,750 374,286
DEPRECIATION
At 1 August 2022 29,184 61,676 90,860
Charge for year 5,791 3,275 9,066
At 31 July 2023 34,975 64,951 99,926
NET BOOK VALUE
At 31 July 2023 254,561 19,799 274,360
At 31 July 2022 260,352 21,834 282,186

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 92 180

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,852 13,852
Trade creditors 21,653 20,095
Taxation and social security 19,854 22,071
Other creditors 179,727 135,406
235,086 191,424

Included in Other creditors is a £70,000 interest free loan from Woodlands Nursery (Banchory) Ltd, a company in which the owner and director of Out There Active Wear Ltd is also an owner and director.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 186,969 201,854

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 131,561 146,446

Out There Active Wear Limited (Registered number: SC377331)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 200,821 215,706

The Royal Bank of Scotland holds a bond and floating charge over the company's assets, a postponement of directors loans and a standard security over 3 Dee Street, Banchory, Kincardineshire for the bank overdraft facility and the bank loan. The bank also holds a £30,000 personal guarantee from Nicholas Adam, a director of the company, for the overdraft facility and a £20,000 personal guarantee from Nicholas Adam for the bank loan.

10. GUARANTEED LOANS

The lender of the Coronavirus Bounce Back Loan has a full (100%) government-backed guarantee against both the capital and the interest, although Out There Active Wear Ltd remains fully liable for the debt.