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COMPANY REGISTRATION NUMBER: SC288581
Pretty Things (Perth) Limited
Filleted Unaudited Financial Statements
31 March 2024
Pretty Things (Perth) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Pretty Things (Perth) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
750
993
Current assets
Stocks
47,714
47,938
Debtors
7
876
1,067
Cash at bank and in hand
18,849
26,255
--------
--------
67,439
75,260
Creditors: amounts falling due within one year
8
40,109
32,449
--------
--------
Net current assets
27,330
42,811
--------
--------
Total assets less current liabilities
28,080
43,804
--------
--------
Net assets
28,080
43,804
--------
--------
Pretty Things (Perth) Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
9
1
1
Capital redemption reserve
1
1
Profit and loss account
28,078
43,802
--------
--------
Shareholders funds
28,080
43,804
--------
--------
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 year ending 31 March 2024 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 her 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 23 August 2024 , and are signed on behalf of the board by:
Mariela Dominguez Leandro
Director
Company registration number: SC288581
Pretty Things (Perth) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Amicable House, 252 Union Street, Aberdeen, Aberdeenshire, AB10 ITN. The trading address of the company is 165 South Street, St Andrews, KY16 9EE.
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.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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
Lease
-
33% 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.
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:
Tenants Improvements
-
10% straight line
Fixtures and Fittings
-
25% reducing balance
Office 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 year amounted to 8 (2023: 9 ).
5. Intangible assets
Goodwill
Lease costs
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
22,097
15,000
37,097
--------
--------
--------
Amortisation
At 1 April 2023 and 31 March 2024
22,097
15,000
37,097
--------
--------
--------
Carrying amount
At 31 March 2024
--------
--------
--------
At 31 March 2023
--------
--------
--------
6. Tangible assets
Tenants Improvements
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
6,226
8,088
4,464
18,778
Additions
233
233
Disposals
( 50)
( 2,247)
( 2,297)
-------
-------
-------
--------
At 31 March 2024
6,226
8,038
2,450
16,714
-------
-------
-------
--------
Depreciation
At 1 April 2023
6,226
7,895
3,664
17,785
Charge for the year
48
202
250
Disposals
( 49)
( 2,022)
( 2,071)
-------
-------
-------
--------
At 31 March 2024
6,226
7,894
1,844
15,964
-------
-------
-------
--------
Carrying amount
At 31 March 2024
144
606
750
-------
-------
-------
--------
At 31 March 2023
193
800
993
-------
-------
-------
--------
7. Debtors
2024
2023
£
£
Other debtors
876
1,067
----
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
24,393
12,095
Corporation tax
101
Social security and other taxes
2,061
6,818
Other creditors
13,655
13,435
--------
--------
40,109
32,449
--------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----