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Registration number: 13698559

Scotty Kitt Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Scotty Kitt Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Scotty Kitt Ltd

(Registration number: 13698559)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

4

600,000

600,000

Creditors: Amounts falling due within one year

5

(601,075)

(600,825)

Net liabilities

 

(1,075)

(825)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(1,175)

(925)

Shareholders' deficit

 

(1,075)

(825)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

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


Mr Callum Campbell
Director

 

Scotty Kitt 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 United Kingdom.

The address of its registered office is:
64 High Street
Bideford
Devon
EX39 2AR

Principal activity

The principal activity of the company is that of an investment company

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

 

Scotty Kitt Ltd

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Scotty Kitt Ltd

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

4

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2022

600,000

600,000

At 31 October 2023

600,000

600,000

Carrying amount

At 31 October 2023

600,000

600,000

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,150

900

Other creditors

599,925

599,925

601,075

600,825

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Scotty Kitt Ltd

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

7

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

At 31 October 2023
£

The Directors

599,925

599,925

     
   

 

2022

At 22 October 2021
£

Repayments by director
£

At 31 October 2022
£

The Directors

-

599,925

599,925

 

The loan is repayable on demand and is interest free.