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Registered Number: SC580984
Scotland

 

 

 


Unaudited Financial Statements

for the year ended 30 November 2023

for

FORGET ME NOT ASSETS LTD

Directors Wendy Sneddon
Karen Cormack
Registered Number SC580984
Registered Office The Fig Tree Hotel
2 High Street
Markinch
KY7 6DQ
Accountants FBD Consultancy Accounts & Tax Ltd.
2 Glasgow Road
Dennyloanhead
FK4 1QF
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 November 2023.
Directors
The directors who served the company throughout the year were as follows:
Wendy Sneddon
Karen Cormack
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Karen Cormack
Director

Date approved: 31 August 2024
2
You believe that Forget Me Not Assets Ltd is exempt from an audit for the year ended year ended 30 November 2023. You acknowledge your responsibilities for complying with the requirements of the Companies Act 2006, with respect to Forget Me Not Assets Ltd accounting records and the preparation of its accounts. Directors responsibilities include ensuring that the accounts present a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year ended year ended 30 November 2023.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Forget Me Not Assets Ltd for the year ended year ended 30 November 2023 which comprise which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements. Accordingly, our work has been undertaken in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

FBD Consultancy Accounts & Tax Ltd.
30 November 2023



....................................................

FBD Consultancy Accounts & Tax Ltd.

2 Glasgow Road
Dennyloanhead
FK4 1QF
31 August 2024
3
 
 
Notes
 
2023
£
  2022
£
Gross profit  
Administrative expenses (104,226)   (76,129)
Other operating income 121,981    46,568 
Operating profit/(loss) 17,755    (29,561)
Interest payable and similar charges (49,259)   (37,427)
Profit/(Loss) on ordinary activities before taxation (31,504)   (66,988)
Tax on profit on ordinary activities 2,315    12,474 
Profit/(Loss) for the financial year (29,189)   (54,514)
 
4
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 922,965    920,000 
922,965    920,000 
Current assets      
Stocks 4 49,642    37,322 
Debtors 5 5,558    3,649 
Cash at bank and in hand (8)   6,585 
55,192    47,556 
Creditors: amount falling due within one year 6 (266,782)   (239,491)
Net current assets (211,590)   (191,935)
 
Total assets less current liabilities 711,375    728,065 
Creditors: amount falling due after more than one year 7 (721,756)   (706,942)
Provisions for liabilities 8 (7,551)   (9,866)
Net assets (17,932)   11,257 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (18,032)   11,157 
Shareholders' funds (17,932)   11,257 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 August 2024 and were signed on its behalf by:


-------------------------------
Karen Cormack
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 December 2021 100  65,671  65,771 
Profit for the year (54,514) (54,514)
Total comprehensive income for the year (54,514) (54,514)
Total investments by and distributions to owners
At 30 November 2022 100  11,157  11,257 
At 01 December 2022 100  11,157  11,257 
Profit for the year (29,189) (29,189)
Total comprehensive income for the year (29,189) (29,189)
Total investments by and distributions to owners
At 30 November 2023 100  (18,032) (17,932)
6
General Information
Forget Me Not Assets Ltd is a private company, limited by shares, registered in Scotland, registration number SC580984, registration address The Fig Tree Hotel, 2 High Street, Markinch, KY7 6DQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 4 years Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Investment properties   Total
  £   £   £
At 01 December 2022 2,500    920,000    922,500 
Additions 3,953    7,574    11,527 
Disposals    
Revaluations   (7,574)   (7,574)
At 30 November 2023 6,453    920,000    926,453 
Depreciation
At 01 December 2022 2,500      2,500 
Charge for year 988      988 
On disposals    
At 30 November 2023 3,488      3,488 
Net book values
Closing balance as at 30 November 2023 2,965    920,000    922,965 
Opening balance as at 01 December 2022   920,000    920,000 


4.

Stocks

2023
£
  2022
£
Work in Progress 49,642    37,322 
49,642    37,322 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 4,708    3,277 
Prepayments & Accrued Income 250   
Other Debtors 600    372 
5,558    3,649 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 2,696    2,429 
Accrued Expenses 267    267 
Other Creditors 263,819    236,795 
266,782    239,491 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 641,823    639,481 
Directors' Loan Accounts 79,933    67,461 
721,756    706,942 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 9,866    22,340 
Charged to Profit & Loss (2,315)   (12,474)
7,551    9,866 

7