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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC643598
2022-11-01
2024-03-31
SC643598
2024-03-31
SC643598
2022-10-31
SC643598
2022-04-01
2022-10-31
SC643598
2022-10-31
SC643598
2022-03-31
SC643598
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2024-03-31
SC643598
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2024-03-31
SC643598
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SC643598
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SC643598
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2024-03-31
SC643598
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2022-11-01
2024-03-31
SC643598
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2024-03-31
SC643598
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2022-10-31
SC643598
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2024-03-31
SC643598
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2022-10-31
SC643598
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2024-03-31
SC643598
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2022-10-31
SC643598
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2024-03-31
SC643598
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SC643598
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2024-03-31
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2022-11-01
2024-03-31
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2022-11-01
2024-03-31
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2024-03-31
SC643598
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2022-11-01
2024-03-31
COMPANY REGISTRATION NUMBER:
SC643598
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
|
31 Mar 24 |
31 Oct 22 |
Note |
£ |
£ |
|
|
|
Fixed Assets
Intangible assets |
5 |
6,000 |
6,000 |
Tangible assets |
6 |
4,811 |
1,801 |
|
-------- |
------- |
|
10,811 |
7,801 |
|
|
|
|
Current Assets
Debtors |
7 |
94,219 |
43,808 |
Cash at bank and in hand |
77,420 |
72 |
|
--------- |
-------- |
|
171,639 |
43,880 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
243,780 |
110,249 |
|
--------- |
--------- |
Net Current Liabilities |
72,141 |
66,369 |
|
-------- |
-------- |
Total Assets Less Current Liabilities |
(
61,330) |
(
58,568) |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
34,302 |
38,195 |
|
-------- |
-------- |
Net Liabilities |
(
95,632) |
(
96,763) |
|
-------- |
-------- |
|
|
|
|
Capital and Reserves
Called up share capital |
1 |
1 |
Share premium account |
569,292 |
179,994 |
Profit and loss account |
(
664,925) |
(
276,758) |
|
--------- |
--------- |
Shareholders Deficit |
(
95,632) |
(
96,763) |
|
--------- |
--------- |
|
|
|
These 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 statement of comprehensive income has not been delivered.
For the period 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 financial statements for the period 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 financial statements
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
5 September 2024
, and are signed on behalf of the board by:
M P Norbury |
P H Soanes |
Director |
Director |
|
|
Company registration number:
SC643598
Notes to the Financial Statements |
|
Period from 1 November 2022 to 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 14 Park Place, Dunfermline, KY12 7QL, Scotland.
2.
Statement of Compliance
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Government Grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Any deferred element of grants is included in creditors as deferred income.
Grants relating to the Bounce Back Loan Scheme (BBLS) and Business Interruption Payments (BIP)are recognised in the profit and loss account when the relevant requirements are met.
Going Concern
At the balance sheet date the company had net liabilities of £69,758 and a deficit on shareholder funds for the same amount. At the time of signing these accounts, the directors have considered the going concern position of the company and consider that the company will continue to trade for a period of at least 12 months from the date of signing these accounts. On that basis, the directors have prepared these accounts on a going concern basis.
Research & Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only incurred.
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.
Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and loans with related parties.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Income 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 recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 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.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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 |
- |
Straight line over 3 years |
|
Equipment |
- |
Straight line over 3 years |
|
|
|
|
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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government Grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Any deferred element of grants is included in creditors as deferred income. Grants relating to the Bounce Back Loan Scheme (BBLS) and Business Interruption Payments (BIP)are recognised in the profit and loss account when the relevant requirements are met
Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and loans with related parties. All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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 period amounted to
4
(2022:
2
).
5.
Intangible Assets
|
Intangible asset user defined 1 |
|
£ |
Cost |
|
At 1 November 2022 and 31 March 2024 |
|
|
------- |
Amortisation |
|
At 1 November 2022 and 31 March 2024 |
– |
|
------- |
Carrying amount |
|
At 31 March 2024 |
|
|
------- |
At 31 October 2022 |
|
|
------- |
|
|
6.
Tangible Assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 November 2022 |
– |
|
2,548 |
Additions |
270 |
|
5,047 |
|
---- |
------- |
------- |
At 31 March 2024 |
270 |
|
7,595 |
|
---- |
------- |
------- |
Depreciation |
|
|
|
At 1 November 2022 |
– |
|
747 |
Charge for the period |
15 |
|
2,037 |
|
---- |
------- |
------- |
At 31 March 2024 |
15 |
|
2,784 |
|
---- |
------- |
------- |
Carrying amount |
|
|
|
At 31 March 2024 |
255 |
|
4,811 |
|
---- |
------- |
------- |
At 31 October 2022 |
– |
|
1,801 |
|
---- |
------- |
------- |
|
|
|
|
7.
Debtors
|
31 Mar 24 |
31 Oct 22 |
|
£ |
£ |
Prepayments and accrued income |
47,142 |
10,000 |
Corporation tax repayable |
29,866 |
32,543 |
Other debtors |
17,211 |
1,265 |
|
-------- |
-------- |
|
94,219 |
43,808 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
31 Mar 24 |
31 Oct 22 |
|
£ |
£ |
Bank loans and overdrafts |
6,250 |
10,000 |
Trade creditors |
132,809 |
30,111 |
Accruals and deferred income |
16,699 |
13,817 |
Social security and other taxes |
4,537 |
– |
Director loan accounts |
76,488 |
56,321 |
Other creditors |
6,997 |
– |
|
--------- |
--------- |
|
243,780 |
110,249 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
31 Mar 24 |
31 Oct 22 |
|
£ |
£ |
Bank loans and overdrafts |
34,302 |
38,195 |
|
-------- |
-------- |
|
|
|
10.
Pension Commitments
The company contributes to defined contribution pension schemes. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the schemes and amounted to £300 (2022: £3,582).
Contributions totalling £452 (2022: £nil) were payable to the schemes at the balance sheet date.
11.
Directors' Advances, Credits and Guarantees
At the balance sheet date, included within other creditors, is an amount of £76,488 (2021: £56,321) due to a director of the company. The loan is interest-free and repayable on demand.