Registered number
SC647906
Easter Greens Retail Ltd
Filleted Accounts
30 November 2023
Easter Greens Retail Ltd
Registered number: SC647906
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,600 3,200
Tangible assets 4 7,959 9,938
9,559 13,138
Current assets
Stocks 26,602 17,650
Debtors 5 7,539 15,829
Cash at bank and in hand 25,397 24,874
59,538 58,353
Creditors: amounts falling due within one year 6 (26,765) (22,357)
Net current assets 32,773 35,996
Total assets less current liabilities 42,332 49,134
Creditors: amounts falling due after more than one year 7 (41,896) (47,758)
Net assets 436 1,376
Capital and reserves
Called up share capital 1 1
Profit and loss account 435 1,375
Shareholder's funds 436 1,376
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alasdair Corbett
Director
Approved by the board on 28 August 2024
Easter Greens Retail Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & Machinery 20% Reducing Balance Method
Fixtures & Fittings 20% Reducing Balance Method
Computer Equipment 3 Years Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 8,000
At 30 November 2023 8,000
Amortisation
At 1 December 2022 4,800
Provided during the year 1,600
At 30 November 2023 6,400
Net book value
At 30 November 2023 1,600
At 30 November 2022 3,200
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant &
Machinery
Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
At 1 December 2022 1,221 12,902 1,440 15,563
At 30 November 2023 1,221 12,902 1,440 15,563
Depreciation
At 1 December 2022 47 4,589 989 5,625
Charge for the year 191 1,429 359 1,979
At 30 November 2023 238 6,018 1,348 7,604
Net book value
At 30 November 2023 983 6,884 92 7,959
At 30 November 2022 1,174 8,313 451 9,938
5 Debtors 2023 2022
£ £
Trade debtors - 355
Director's loan account - 9,386
VAT 1,535
Other Debtor 6,004 6,000
Prepayment - 88
7,539 15,829
Amounts due after more than one year included above 6,000 6,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 14,227 13,731
Director's loan account 231 -
Corporation tax 2,965 3,162
Other taxes and social security 1,759 -
VAT - 281
Net wages 7,583 5,170
Other creditors - 13
26,765 22,357
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 41,896 47,758
8 Other information
Easter Greens Retail Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
4 Easter Road
Edinburgh
Scotland
EH7 5RG
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