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REGISTERED NUMBER: SC640133 (Scotland)
















Unaudited Financial Statements for the Year Ended 31 October 2023

for

The Number One Bead Shop Ltd

The Number One Bead Shop Ltd (Registered number: SC640133)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Number One Bead Shop Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTOR: S Myler





REGISTERED OFFICE: 20 Neilston Road
Paisley
PA2 6LN





REGISTERED NUMBER: SC640133 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

The Number One Bead Shop Ltd (Registered number: SC640133)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 6,000 7,000
Tangible assets 5 9,757 11,896
15,757 18,896

CURRENT ASSETS
Stocks 27,240 10,230
Debtors 6 19,867 16,882
Cash at bank and in hand 9,198 8,160
56,305 35,272
CREDITORS
Amounts falling due within one year 7 (60,443 ) (40,959 )
NET CURRENT LIABILITIES (4,138 ) (5,687 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,619

13,209

CREDITORS
Amounts falling due after more than one
year

8

(19,985

)

(29,167

)

PROVISIONS FOR LIABILITIES (1,797 ) (493 )
NET LIABILITIES (10,163 ) (16,451 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (10,164 ) (16,452 )
(10,163 ) (16,451 )

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

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

The director acknowledges his 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.

The Number One Bead Shop Ltd (Registered number: SC640133)

Balance Sheet - continued
31 October 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 director and authorised for issue on 18 September 2024 and were signed by:





S Myler - Director


The Number One Bead Shop Ltd (Registered number: SC640133)

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

1. STATUTORY INFORMATION

The Number One Bead Shop 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


The Number One Bead Shop Ltd (Registered number: SC640133)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
These accounts have been prepared on a going concern basis, given the continued support of the directors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 10,000
AMORTISATION
At 1 November 2022 3,000
Charge for year 1,000
At 31 October 2023 4,000
NET BOOK VALUE
At 31 October 2023 6,000
At 31 October 2022 7,000

The Number One Bead Shop Ltd (Registered number: SC640133)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 18,470
Additions 300
At 31 October 2023 18,770
DEPRECIATION
At 1 November 2022 6,574
Charge for year 2,439
At 31 October 2023 9,013
NET BOOK VALUE
At 31 October 2023 9,757
At 31 October 2022 11,896

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 390 346
Other debtors 19,477 16,536
19,867 16,882

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 25,559 21,863
Taxation and social security (5,493 ) 3,358
Other creditors 30,377 5,738
60,443 40,959

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 19,985 29,167