COMPANY REGISTRATION NUMBER:
SC645727
The-Junction (Forfar) Ltd |
|
Filleted Unaudited Abridged Financial Statements |
|
The-Junction (Forfar) Ltd |
|
Abridged Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
– |
9,559 |
|
|
|
|
|
Current assets
Stocks |
– |
|
4,363 |
Debtors |
– |
|
8,345 |
Cash at bank and in hand |
11,348 |
|
17,770 |
|
-------- |
|
-------- |
|
11,348 |
|
30,478 |
|
|
|
|
Creditors: amounts falling due within one year |
34,946 |
|
61,870 |
|
-------- |
|
-------- |
Net current liabilities |
|
23,598 |
31,392 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
(
23,598) |
(
21,833) |
|
|
-------- |
-------- |
Net liabilities |
|
(
23,598) |
(
21,833) |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
6 |
|
1 |
1 |
Profit and loss account |
|
(
23,599) |
(
21,834) |
|
|
-------- |
-------- |
Shareholders deficit |
|
(
23,598) |
(
21,833) |
|
|
-------- |
-------- |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
The-Junction (Forfar) Ltd |
|
Abridged Statement of Financial Position (continued) |
|
31 March 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
3 September 2024
, and are signed on behalf of the board by:
Company registration number:
SC645727
The-Junction (Forfar) Ltd |
|
Notes to the Abridged Financial Statements |
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Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 23 Wyllie Street, Forfar, DD8 3DN, Scotland.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The company ceased trading on 31 January 2024 after the directors decided to terminate the lease of the tenanted public house. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern The company ceased trading on 31 January 2024 and is no longer a going concern. At 31 March 2024, all of the company's assets had been converted into cash and there is a deficit on shareholders' funds of £23,598. The company's main liabilities were loans due to a director and to the holding company and the directors acknowledge that the company's cash is insufficient to repay these loans in full.
Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
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Equipment |
- |
33% straight line |
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|
|
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
6
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 April 2023 |
12,192 |
Additions |
2,105 |
Disposals |
(
14,297) |
|
-------- |
At 31 March 2024 |
– |
|
-------- |
Depreciation |
|
At 1 April 2023 |
2,633 |
Charge for the year |
2,676 |
Disposals |
(
5,309) |
|
-------- |
At 31 March 2024 |
– |
|
-------- |
Carrying amount |
|
At 31 March 2024 |
– |
|
-------- |
At 31 March 2023 |
9,559 |
|
-------- |
|
|
6.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
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|
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7.
Related party transactions
The company is owned 100% by Lynart Shepherd Ltd and the directors consider that
David Shepherd
, a director and shareholder in Lynart Shepherd Ltd, is the ultimate controlling party. During the prior period Lynart Shepherd Ltd advanced funds amounting to £15,498 to help support the company financially. The loan from Lynart Shepherd Ltd is unsecured, interest free and repayable on demand, or when the company is in a position to make repayment. At the year end, the amount due was £14,945 (2023 - £15,498), which is disclosed in Creditors; amounts falling due within one year. Also, during the prior period, a director advanced personal funds amounting to £26,580 to help support the company financially. The loan from the director is unsecured, interest free and repayable on demand, or when the company is in a position to make repayment. At the year end, the amount due was £15,735 (2023 £26,850), which is disclosed in Creditors; amounts falling due within one year.