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REGISTERED NUMBER: SC308267 (Scotland)












Financial Statements

for the Year Ended 31 December 2023

for

Junk-It Ltd

Junk-It Ltd (Registered number: SC308267)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Junk-It Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D J Malcolm
SL Malcolm





REGISTERED OFFICE: Unit L
Woodville G
Woodville Street
Glasgow
G51 2RL





REGISTERED NUMBER: SC308267 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Junk-It Ltd (Registered number: SC308267)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 81,268 71,180
81,268 71,180

CURRENT ASSETS
Debtors 6 166,201 160,279
Cash at bank and in hand 140,655 132,326
306,856 292,605
CREDITORS
Amounts falling due within one year 7 86,795 96,796
NET CURRENT ASSETS 220,061 195,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

301,329

266,989

CREDITORS
Amounts falling due after more than one
year

8

(15,075

)

(25,075

)

PROVISIONS FOR LIABILITIES (18,623 ) (13,524 )
NET ASSETS 267,631 228,390

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 267,529 228,288
SHAREHOLDERS' FUNDS 267,631 228,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Junk-It Ltd (Registered number: SC308267)

Balance Sheet - continued
31 December 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





D J Malcolm - Director


Junk-It Ltd (Registered number: SC308267)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Junk-It Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Junk-It Ltd (Registered number: SC308267)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023
and 31 December 2023 7,295
AMORTISATION
At 1 January 2023
and 31 December 2023 7,295
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Junk-It Ltd (Registered number: SC308267)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 4,864 3,597 162,885 7,187 178,533
Additions 2,750 - 34,687 1,498 38,935
At 31 December 2023 7,614 3,597 197,572 8,685 217,468
DEPRECIATION
At 1 January 2023 3,642 2,825 95,316 5,570 107,353
Charge for year 597 116 25,600 2,534 28,847
At 31 December 2023 4,239 2,941 120,916 8,104 136,200
NET BOOK VALUE
At 31 December 2023 3,375 656 76,656 581 81,268
At 31 December 2022 1,222 772 67,569 1,617 71,180

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 12,322 7,036
Other debtors 151,700 150,500
Prepayments 2,179 2,743
166,201 160,279

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 4,340 7,123
Tax 37,217 34,851
Social security and other taxes 5,101 2,815
VAT 26,498 23,772
Other creditors - 4,070
Directors' current accounts 39 4,695
Accrued expenses 3,600 9,470
86,795 96,796

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 15,075 25,075