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PELICANBAY LIMITED

Registered Number
SC396538
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2024

PELICANBAY LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Mandy Joan Sandilands
Robert Alexander Sandilands

Registered Address

90 Main Street
Thornton
Kirkcaldy
KY1 4AG

Registered Number

SC396538 (Scotland)
PELICANBAY LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets330,80241,830
30,80241,830
Current assets
Stocks79,54969,271
Debtors427,95037,282
Cash at bank and on hand6,5027,698
114,001114,251
Creditors amounts falling due within one year5(236,687)(249,953)
Net current assets (liabilities)(122,686)(135,702)
Total assets less current liabilities(91,884)(93,872)
Creditors amounts falling due after one year6(21,279)(45,461)
Provisions for liabilities(5,852)(7,948)
Net assets(119,015)(147,281)
Capital and reserves
Called up share capital300300
Profit and loss account(119,315)(147,581)
Shareholders' funds(119,015)(147,281)
The financial statements were approved and authorised for issue by the Board of Directors on 22 August 2024, and are signed on its behalf by:
Mandy Joan Sandilands
Director
Registered Company No. SC396538
PELICANBAY LIMITED
Notes to the Financial Statements
for the year 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 compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The financial statements have been prepared on the going concern basis. The directors find it appropriate for the financial statements to be prepared on this basis despite the net liability position of the company. The company is reliant upon the continued support of the directors who have confirmed that they will continue to support the company as required.
Turnover policy
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.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the companys pension scheme are charged to profit or loss in the period to which they relate.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings25-
Vehicles25-
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
2.Average number of employees

20242023
Average number of employees during the year1214
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 February 2311,47187,8356,1281,150106,584
Disposals-(1,400)--(1,400)
At 31 January 2411,47186,4356,1281,150105,184
Depreciation and impairment
At 01 February 238,83752,3002,5551,06264,754
Charge for year6588,7168938810,355
On disposals-(727)--(727)
At 31 January 249,49560,2893,4481,15074,382
Net book value
At 31 January 241,97626,1462,680-30,802
At 31 January 232,63435,5353,5738841,830
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables26,95430,776
Other debtors806,506
Prepayments and accrued income916-
Total27,95037,282
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables74,53987,692
Bank borrowings and overdrafts45,77735,199
Amounts owed to related parties20,71818,118
Taxation and social security6,20542,727
Finance lease and HP contracts20,36614,264
Other creditors67,06850,738
Accrued liabilities and deferred income2,0141,215
Total236,687249,953
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts18,69223,333
Other creditors2,58722,128
Total21,27945,461