22 false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2021 - FRS102_2021 19,200 19,200 10,000 10,000 10,000 xbrli:pure xbrli:shares iso4217:GBP SC368194 2022-12-01 2023-11-30 SC368194 2023-11-30 SC368194 2022-11-30 SC368194 2021-12-01 2022-11-30 SC368194 2022-11-30 SC368194 core:NetGoodwill 2022-12-01 2023-11-30 SC368194 core:LandBuildings 2022-12-01 2023-11-30 SC368194 core:PlantMachinery 2022-12-01 2023-11-30 SC368194 core:FurnitureFittings 2022-12-01 2023-11-30 SC368194 core:MotorVehicles 2022-12-01 2023-11-30 SC368194 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC368194 bus:Director1 2022-12-01 2023-11-30 SC368194 core:NetGoodwill 2023-11-30 SC368194 core:LandBuildings 2022-11-30 SC368194 core:PlantMachinery 2022-11-30 SC368194 core:FurnitureFittings 2022-11-30 SC368194 core:LandBuildings 2023-11-30 SC368194 core:PlantMachinery 2023-11-30 SC368194 core:FurnitureFittings 2023-11-30 SC368194 core:MotorVehicles 2023-11-30 SC368194 core:WithinOneYear 2023-11-30 SC368194 core:WithinOneYear 2022-11-30 SC368194 core:ShareCapital 2023-11-30 SC368194 core:ShareCapital 2022-11-30 SC368194 core:CapitalRedemptionReserve 2023-11-30 SC368194 core:CapitalRedemptionReserve 2022-11-30 SC368194 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC368194 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC368194 core:BetweenOneFiveYears 2023-11-30 SC368194 core:BetweenOneFiveYears 2022-11-30 SC368194 core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 SC368194 core:Non-currentFinancialInstruments 2023-11-30 SC368194 core:Non-currentFinancialInstruments 2022-11-30 SC368194 core:AfterOneYear 2023-11-30 SC368194 core:AfterOneYear 2022-11-30 SC368194 core:LandBuildings 2022-11-30 SC368194 core:PlantMachinery 2022-11-30 SC368194 core:FurnitureFittings 2022-11-30 SC368194 bus:SmallEntities 2022-12-01 2023-11-30 SC368194 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC368194 bus:FullAccounts 2022-12-01 2023-11-30 SC368194 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 SC368194 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC368194 bus:OrdinaryShareClass1 2023-11-30 SC368194 bus:OrdinaryShareClass1 2022-11-30 SC368194 bus:Director1 2022-11-30 SC368194 bus:Director1 2023-11-30
COMPANY REGISTRATION NUMBER: SC368194
Bigface Ltd
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
Bigface Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
137,227
88,074
Investments
7
10,000
10,000
---------
--------
147,227
98,074
Current assets
Stocks
17,000
20,000
Debtors
8
174,412
48,082
Cash at bank and in hand
197,766
351,810
---------
---------
389,178
419,892
Creditors: amounts falling due within one year
9
114,299
136,243
---------
---------
Net current assets
274,879
283,649
---------
---------
Total assets less current liabilities
422,106
381,723
Provisions
Taxation including deferred tax
24,911
13,175
---------
---------
Net assets
397,195
368,548
---------
---------
Capital and reserves
Called up share capital
10
333
333
Capital redemption reserve
667
667
Profit and loss account
396,195
367,548
---------
---------
Shareholders funds
397,195
368,548
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bigface Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
Mr O Caldwell
Director
Company registration number: SC368194
Bigface Ltd
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is C/O Owen Caldwell, Old Bridge Inn, Dalfaber Road, Aviemore, Inverness - shire, PH22 1PU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, and are measured subsequently at amortised cost using the effective interest method.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Disclosure exemptions
The individual accounts of Bigface Ltd have also adopted the following disclosure exemptions: - the requirement to present a statement of cash flows and related notes - financial instrument disclosures, including - categories of financial instruments - items of income, expenses, gains or losses relating to financial instruments, and - exposure to and management of financial risks. - balances owed by and to related parties at the year end
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
8% straight line
Equipment
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates 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/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.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities 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/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 joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 22 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
19,200
--------
Amortisation
At 1 December 2022 and 30 November 2023
19,200
--------
Carrying amount
At 30 November 2023
--------
At 30 November 2022
--------
6. Tangible assets
Leasehold Property Improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
46,530
113,611
79,009
239,150
Additions
1,253
41,831
15,949
29,000
88,033
Disposals
( 12,107)
( 1,419)
( 13,526)
--------
---------
--------
--------
---------
At 30 November 2023
47,783
143,335
93,539
29,000
313,657
--------
---------
--------
--------
---------
Depreciation
At 1 December 2022
27,804
72,688
50,584
151,076
Charge for the year
5,291
16,075
8,754
5,800
35,920
Disposals
( 9,728)
( 838)
( 10,566)
--------
---------
--------
--------
---------
At 30 November 2023
33,095
79,035
58,500
5,800
176,430
--------
---------
--------
--------
---------
Carrying amount
At 30 November 2023
14,688
64,300
35,039
23,200
137,227
--------
---------
--------
--------
---------
At 30 November 2022
18,726
40,923
28,425
88,074
--------
---------
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 December 2022 and 30 November 2023
10,000
--------
Impairment
At 1 December 2022 and 30 November 2023
--------
Carrying amount
At 30 November 2023
10,000
--------
At 30 November 2022
10,000
--------
8. Debtors
2023
2022
£
£
Trade debtors
1,560
1,560
Other debtors
172,852
46,522
---------
--------
174,412
48,082
---------
--------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
35,000
35,000
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
56,619
48,989
Social security and other taxes
46,380
74,002
Other creditors
11,300
13,252
---------
---------
114,299
136,243
---------
---------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
333
333
333
333
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
75,000
75,000
--------
--------
12. Director's advances, credits and guarantees
The company advanced the director £ 120,312 during the year. The balance due to the company at 30 November 2023 was £ 124,430 (2022 - £ 4,117 ). Interest was charged at the official HMRC rate and there is no fixed terms for repayment.
13. Related party transactions
The company has entered into a 17 year lease over the business premises at a rent of £69,218 per annum. The directors are guarantors under the lease agreement in the event that the company defaults in making any of the lease payments.