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GREAT SCOT LIMITED

Registered Number
SC644176
(Scotland)

Unaudited Financial Statements for the Year ended
31 October 2023

GREAT SCOT LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

Mohammad Halim Hossaini

Registered Address

70-71 Princes St
Edinburgh
EH2 2DF

Registered Number

SC644176 (Scotland)
GREAT SCOT LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3-81
-81
Current assets
Stocks10,000-
Debtors416,17673,370
Cash at bank and on hand7,29349,082
33,469122,452
Creditors amounts falling due within one year5(13,598)(81,393)
Net current assets (liabilities)19,87141,059
Total assets less current liabilities19,87141,140
Creditors amounts falling due after one year(39,634)(45,102)
Net assets(19,763)(3,962)
Capital and reserves
Called up share capital100100
Profit and loss account(19,863)(4,062)
Shareholders' funds(19,763)(3,962)
The financial statements were approved and authorised for issue by the Director on 31 July 2024, and are signed on its behalf by:
Mohammad Halim Hossaini
Director
Registered Company No. SC644176
GREAT SCOT LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towardsgeneral activities of the entity over a specific period are recognised in the profit and loss account over that period. Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned. All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 222,275
At 31 October 232,275
Depreciation and impairment
At 01 November 222,194
Charge for year81
At 31 October 232,275
Net book value
At 31 October 23-
At 31 October 2281
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables4,812-
Amounts owed by associates and joint ventures / participating interests9,67410,000
Other debtors1,69020,074
Prepayments and accrued income-43,296
Total16,17673,370
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables12,5982,950
Taxation and social security-2,892
Other creditors-74,551
Accrued liabilities and deferred income1,0001,000
Total13,59881,393
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.