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Registration number: SC255584

Front Step Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Front Step Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 6

 

Front Step Ltd

Company Information

Directors

Mr D Greig

Ms L Macaulay

Registered office

Dean Cottage
Ferry Road
North Queensferry
KY11 1HW

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

Front Step Ltd

(Registration number: SC255584)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

476

640

Current assets

 

Cash at bank and in hand

 

81,606

46,274

Creditors: Amounts falling due within one year

6

(36,121)

(38,651)

Net current assets

 

45,485

7,623

Net assets

 

45,961

8,263

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

45,959

8,261

Shareholders' funds

 

45,961

8,263

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr D Greig
Director

.........................................
Ms L Macaulay
Director

 
     
 

Front Step Ltd

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2022

2

8,261

8,263

Profit for the year

-

98,698

98,698

Total comprehensive income

-

98,698

98,698

Dividends

-

(61,000)

(61,000)

At 31 October 2023

2

45,959

45,961

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2021

2

1,874

1,876

Profit for the year

-

142,642

142,642

Total comprehensive income

-

142,642

142,642

Dividends

-

(136,255)

(136,255)

At 31 October 2022

2

8,261

8,263

 

Front Step Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Dean Cottage
Ferry Road
North Queensferry
KY11 1HW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Front Step Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% straight line

Fixtures and fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Front Step Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

17,627

17,627

At 31 October 2023

17,627

17,627

Depreciation

At 1 November 2022

16,987

16,987

Charge for the year

164

164

At 31 October 2023

17,151

17,151

Carrying amount

At 31 October 2023

476

476

At 31 October 2022

640

640

5

Debtors

Current

2023
£

2022
£

6

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Directors' current accounts

2,011

1,786

Trade creditors

1,500

1,500

Social security and other taxes

5,327

1,978

Corporation tax

27,283

33,387

36,121

38,651

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2