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REGISTERED NUMBER: SC488447 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Mr Fix It (Grangemouth) Ltd

Mr Fix It (Grangemouth) Ltd (Registered number: SC488447)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Mr Fix It (Grangemouth) Ltd (Registered number: SC488447)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 287,491 198,609

CURRENT ASSETS
Stocks 306,420 302,560
Debtors 5 59,835 149,647
Cash at bank 69,887 6,254
436,142 458,461
CREDITORS
Amounts falling due within one year 6 (266,627 ) (290,471 )
NET CURRENT ASSETS 169,515 167,990
TOTAL ASSETS LESS CURRENT
LIABILITIES

457,006

366,599

CREDITORS
Amounts falling due after more than one
year

7

(16,132

)

(30,659

)

PROVISIONS FOR LIABILITIES (56,801 ) (30,652 )
NET ASSETS 384,073 305,288

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 384,071 305,286
384,073 305,288

Mr Fix It (Grangemouth) Ltd (Registered number: SC488447)

Balance Sheet - continued
31 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:





Mr C Gardner - Director


Mr Fix It (Grangemouth) Ltd (Registered number: SC488447)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Mr Fix It (Grangemouth) Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC488447. The registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, FK3 8WX.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods in respect of gift services, excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Mr Fix It (Grangemouth) Ltd (Registered number: SC488447)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 278,524
Additions 215,231
Disposals (91,158 )
At 31 January 2024 402,597
DEPRECIATION
At 1 February 2023 79,915
Charge for year 60,227
Eliminated on disposal (25,036 )
At 31 January 2024 115,106
NET BOOK VALUE
At 31 January 2024 287,491
At 31 January 2023 198,609

Mr Fix It (Grangemouth) Ltd (Registered number: SC488447)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023 11,500
Transfer to ownership (11,500 )
At 31 January 2024 -
DEPRECIATION
At 1 February 2023 8,096
Charge for year 851
Transfer to ownership (8,947 )
At 31 January 2024 -
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 3,404

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 43,219 68,647
Amounts owed by related parties - 81,000
Other debtors 16,616 -
59,835 149,647

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 14,915 59,630
Hire purchase contracts - 1,533
Trade creditors 8,815 49,270
Taxation and social security 95,468 38,645
Other creditors 147,429 141,393
266,627 290,471

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 16,132 30,659

Mr Fix It (Grangemouth) Ltd (Registered number: SC488447)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank overdraft - 44,910
Bank loans 31,047 45,379
Hire purchase contracts - 1,533
31,047 91,822

Amounts on hire purchase are secured over the assets to which they relate.

9. RELATED PARTY DISCLOSURES

At the year end, amounts due from related parties was £nil (2023: £81,000)