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ELITE SCOOTERS SCOTLAND LTD

Registered Number
SC754518
(Scotland)

Unaudited Financial Statements for the Period ended
31 January 2024

ELITE SCOOTERS SCOTLAND LTD
Company Information
for the period from 6 January 2023 to 31 January 2024

Directors

MCCALLUM, Iain Gavin
MCCALLUM, Lindsay Victoria

Registered Address

88p Greenhill Road
Paisley
PA3 1RD

Registered Number

SC754518 (Scotland)
ELITE SCOOTERS SCOTLAND LTD
Balance Sheet as at
31 January 2024

Notes

2024

£

£

Fixed assets
Tangible assets3660
660
Current assets
Stocks420,000
Cash at bank and on hand34,045
54,045
Creditors amounts falling due within one year5(40,465)
Net current assets (liabilities)13,580
Total assets less current liabilities14,240
Net assets14,240
Capital and reserves
Called up share capital5
Profit and loss account14,235
Shareholders' funds14,240
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
MCCALLUM, Iain Gavin
Director
Registered Company No. SC754518
ELITE SCOOTERS SCOTLAND LTD
Notes to the Financial Statements
for the period ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Land and buildings25
Plant and machinery25
Fixtures and fittings25
Vehicles25
Office Equipment25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

2024
Average number of employees during the year0
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
Additions400480880
At 31 January 24400480880
Depreciation and impairment
Charge for year100120220
At 31 January 24100120220
Net book value
At 31 January 24300360660
At 05 January 23---
4.Stocks

2024

£
Finished goods20,000
Total20,000
5.Creditors: amounts due within one year

2024

£
Taxation and social security8,099
Other creditors32,366
Total40,465