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No description of principal activity
2022-10-21
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC748045
2022-10-21
2023-10-31
SC748045
2023-10-31
SC748045
2022-10-20
SC748045
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2022-10-21
2023-10-31
SC748045
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2022-10-21
2023-10-31
SC748045
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2022-10-21
2023-10-31
SC748045
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2023-10-31
SC748045
core:MotorVehicles
2023-10-31
SC748045
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2023-10-31
SC748045
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2023-10-31
SC748045
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2022-10-21
2023-10-31
SC748045
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2023-10-31
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2022-10-21
2023-10-31
SC748045
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2022-10-21
2023-10-31
SC748045
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2023-10-31
SC748045
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2022-10-21
2023-10-31
SC748045
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2023-10-31
SC748045
1
2022-10-21
2023-10-31
COMPANY REGISTRATION NUMBER:
SC748045
Filleted Unaudited Financial Statements |
|
Period from 21 October 2022 to 31 October 2023
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Free The Taco Ltd |
|
Period from 21 October 2022 to 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Free The Taco Ltd for the period ended 31 October 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Free The Taco Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of Free The Taco Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Free The Taco Ltd and its director for our work or for this report.
It is your duty to ensure that Free The Taco Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Free The Taco Ltd. You consider that Free The Taco Ltd is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Free The Taco Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
15 August 2024
Statement of Financial Position |
|
31 October 2023
Fixed assets
Current assets
Stocks |
4,291 |
|
Debtors |
6 |
26,645 |
|
Cash at bank and in hand |
57,282 |
|
|
-------- |
|
|
88,218 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
147,138 |
|
|
--------- |
|
Net current liabilities |
|
58,920 |
|
|
-------- |
Total assets less current liabilities |
|
(
52,266) |
|
|
-------- |
Net liabilities |
|
(
52,266) |
|
|
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
3 |
Profit and loss account |
|
(
52,269) |
|
|
-------- |
Shareholders deficit |
|
(
52,266) |
|
|
-------- |
|
|
|
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 comprehensive income has not been delivered.
For the period 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 period 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
15 August 2024
, and are signed on behalf of the board by:
Company registration number:
SC748045
Notes to the Financial Statements |
|
Period from 21 October 2022 to 31 October 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Craighall Business Park, 18 Eagle Street, Glasgow, G4 9XA, Scotland.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Going concern
The company is reliant on the support of the director and associated companies in order to continue in operational existence and meet its liabilities as they fall due. The director is satisfied that they will continue to support the company and as such the going concern basis is appropriate for the preparation of the accounts.
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 r substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
34
.
5.
Tangible assets
|
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 21 October 2022 |
– |
– |
– |
Additions |
4,000 |
3,200 |
7,200 |
|
------- |
------- |
------- |
At 31 October 2023 |
4,000 |
3,200 |
7,200 |
|
------- |
------- |
------- |
Depreciation |
|
|
|
At 21 October 2022 |
– |
– |
– |
Charge for the period |
333 |
213 |
546 |
|
------- |
------- |
------- |
At 31 October 2023 |
333 |
213 |
546 |
|
------- |
------- |
------- |
Carrying amount |
|
|
|
At 31 October 2023 |
3,667 |
2,987 |
6,654 |
|
------- |
------- |
------- |
|
|
|
|
6.
Debtors
|
31 Oct 23 |
|
£ |
Deferred tax asset |
17,105 |
Prepayments and accrued income |
8,690 |
Other debtors |
850 |
|
-------- |
|
26,645 |
|
-------- |
|
|
7.
Creditors:
amounts falling due within one year
|
31 Oct 23 |
|
£ |
Trade creditors |
47,677 |
Accruals and deferred income |
10,626 |
Social security and other taxes |
66,288 |
Other creditors |
22,547 |
|
--------- |
|
147,138 |
|
--------- |
|
|
8.
Controlling party
The company was not under the control of any one individual.