1 November 2022 v2024.35.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBPSC6119052022-11-012023-10-31SC6119052023-10-31SC6119052022-10-31SC611905core:WithinOneYear2023-10-31SC611905core:WithinOneYear2022-10-31SC611905core:ShareCapital2023-10-31SC611905core:ShareCapital2022-10-31SC611905core:OtherReservesSubtotal2023-10-31SC611905core:RetainedEarningsAccumulatedLosses2023-10-31SC611905core:RetainedEarningsAccumulatedLosses2022-10-31SC611905bus:Director12022-11-012023-10-31SC611905bus:RegisteredOffice2022-11-012023-10-31SC611905core:LandBuildings2022-11-01SC611905core:LandBuildings2022-11-012023-10-31SC611905core:LandBuildings2023-10-31SC611905core:LandBuildings2022-10-31SC611905core:CostValuation2022-11-01SC611905core:DisposalsRepaymentsInvestments2023-10-31SC61190512022-11-012023-10-31SC6119052021-11-012022-10-31SC611905countries:Scotland2022-11-012023-10-31SC611905bus:AuditExemptWithAccountantsReport2022-11-012023-10-31SC611905bus:PrivateLimitedCompanyLtd2022-11-012023-10-31SC611905bus:SmallEntities2022-11-012023-10-31SC611905bus:FullAccounts2022-11-012023-10-31
Company registration number:
SC611905
Bubbles Scotland Ltd
Unaudited Filleted Financial Statements for the year ended
31 October 2023
Bubbles Scotland Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Bubbles Scotland Ltd
Year ended
31 October 2023
As described on the statement of financial position, the Board of Directors of
Bubbles Scotland Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 October 2023
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Horizon Chartered Accountants
20-23 Woodside Place
Glasgow
G3 7QL
United Kingdom
Date:
31 July 2024
Bubbles Scotland Ltd
Statement of Financial Position
31 October 2023
20232022
Note££
Fixed assets    
Tangible assets 5
720,000
 
500,000
 
Investments 6 -  
160,020
 
720,000
 
660,020
 
Current assets    
Debtors 7
11,000
 
11,000
 
Cash at bank and in hand
126,363
 
68,140
 
137,363
 
79,140
 
Creditors: amounts falling due within one year 8
(598,566
)
(702,916
)
Net current liabilities
(461,203
)
(623,776
)
Total assets less current liabilities 258,797   36,244  
Capital and reserves    
Called up share capital
16
 
16
 
Other reserves
(160,020
) -  
Profit and loss account
418,801
 
36,228
 
Shareholders funds
258,797
 
36,244
 
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
31 July 2024
, and are signed on behalf of the board by:
Dr U Goheer
Director
Company registration number:
SC611905
Bubbles Scotland Ltd
Notes to the Financial Statements
Year ended
31 October 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
53 Mitchell Street
,
Glasgow
,
G1 3LN
, Scotland.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

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.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2022: Nil).

5 Tangible assets

Land and buildings
£
Cost or valuation  
At
1 November 2022
500,000
 
Revaluations
220,000
 
At
31 October 2023
720,000
 
Depreciation  
At
1 November 2022
and
31 October 2023
-  
Carrying amount  
At
31 October 2023
720,000
 
At 31 October 2022
500,000
 

6 Investments

Other investments other than loans
£
Cost  
At
1 November 2022
160,020
 
Disposals
(160,020
)
At
31 October 2023
-  
Impairment  
At
1 November 2022
and
31 October 2023
-  
Carrying amount  
At
31 October 2023
-  
At 31 October 2022
160,020
 

7 Debtors

20232022
££
Other debtors
11,000
 
11,000
 

8 Creditors: amounts falling due within one year

20232022
££
Taxation and social security
46,794
 
21,660
 
Other creditors
551,772
 
681,256
 
598,566
 
702,916