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Registration number: SC491441

Shand Design Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Shand Design Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Shand Design Limited

Company Information

Director

Mr Stuart Shand

Registered office

Studio One
Crook of Devon
Kinross
KY13 0UL

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

Shand Design Limited

(Registration number: SC491441)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

2,347

-

Current assets

 

Debtors

5

36,014

27,225

Creditors: Amounts falling due within one year

6

(36,469)

(23,625)

Net current (liabilities)/assets

 

(455)

3,600

Net assets

 

1,892

3,600

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,792

3,500

Shareholders' funds

 

1,892

3,600

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 August 2024
 

.........................................
Mr Stuart Shand
Director

 

Shand Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Studio One
Crook of Devon
Kinross
KY13 0UL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Shand Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Shand Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,934

2,934

At 30 November 2023

2,934

2,934

Depreciation

Charge for the year

587

587

At 30 November 2023

587

587

Carrying amount

At 30 November 2023

2,347

2,347

5

Debtors

Current

2023
£

2022
£

Trade debtors

18,651

27,225

Other debtors

17,363

-

 

36,014

27,225

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

1,921

1,446

Trade creditors

 

257

116

Corporation tax

 

33,451

21,223

Accruals and deferred income

 

840

840

 

36,469

23,625

 

Shand Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100