REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Out There Active Wear Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
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 |
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 |
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 |
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 |
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 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
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 |
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. |