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REGISTERED NUMBER: SC286990 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 January 2024

for

First Sight (Glasgow) Limited

First Sight (Glasgow) Limited (Registered number: SC286990)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


First Sight (Glasgow) Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Mrs P MacEwen





REGISTERED OFFICE: Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU





REGISTERED NUMBER: SC286990 (Scotland)





ACCOUNTANTS: Gerber Landa & Gee
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

First Sight (Glasgow) Limited (Registered number: SC286990)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 24,424 30,820
Tangible assets 5 205,500 45,944
229,924 76,764

CURRENT ASSETS
Stocks 15,025 19,050
Debtors 6 155,776 285,906
Cash at bank and in hand 279,795 231,198
450,596 536,154
CREDITORS
Amounts falling due within one year 7 151,292 127,824
NET CURRENT ASSETS 299,304 408,330
TOTAL ASSETS LESS CURRENT
LIABILITIES

529,228

485,094

CREDITORS
Amounts falling due after more than one
year

8

(37,094

)

(78,204

)

PROVISIONS FOR LIABILITIES (4,773 ) (7,881 )
NET ASSETS 487,361 399,009

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 487,261 398,909
SHAREHOLDERS' FUNDS 487,361 399,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

First Sight (Glasgow) Limited (Registered number: SC286990)

Balance Sheet - continued
31 January 2024


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 16 September 2024 and were signed by:





Mrs P MacEwen - Director


First Sight (Glasgow) Limited (Registered number: SC286990)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

First Sight (Glasgow) Limited 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 represents net sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in the acquisition of businesses in 2005 and 2010, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost, 20% on cost and 10% on cost

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.

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.

First Sight (Glasgow) Limited (Registered number: SC286990)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 127,922
AMORTISATION
At 1 February 2023 97,102
Charge for year 6,396
At 31 January 2024 103,498
NET BOOK VALUE
At 31 January 2024 24,424
At 31 January 2023 30,820

First Sight (Glasgow) Limited (Registered number: SC286990)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 - 452,586 452,586
Additions 186,636 - 186,636
Disposals - (39,772 ) (39,772 )
At 31 January 2024 186,636 412,814 599,450
DEPRECIATION
At 1 February 2023 - 406,642 406,642
Charge for year - 27,080 27,080
Eliminated on disposal - (39,772 ) (39,772 )
At 31 January 2024 - 393,950 393,950
NET BOOK VALUE
At 31 January 2024 186,636 18,864 205,500
At 31 January 2023 - 45,944 45,944

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023 13,400
Transfer to ownership (13,400 )
At 31 January 2024 -
DEPRECIATION
At 1 February 2023 8,932
Charge for year 4,468
Transfer to ownership (13,400 )
At 31 January 2024 -
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 4,468

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 24,006 26,359
Directors' current accounts 59,855 60,855
Prepayments and other debtors 71,915 198,692
155,776 285,906

First Sight (Glasgow) Limited (Registered number: SC286990)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 40,850 40,850
Finance leases - 16,133
Trade creditors 30,023 26,240
Tax 57,230 31,128
Social security and other taxes 2,492 2,800
VAT 192 75
Accrued expenses 20,505 10,598
151,292 127,824

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans - 1-2 years 36,275 40,850
Bank loans - 2-5 years 819 37,354
37,094 78,204

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 77,944 119,054

A bond and floating charge over all of the company's assets is held by Handelsbanken Plc.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
Mrs P MacEwen
Balance outstanding at start of year 60,855 70,855
Amounts advanced 60,000 61,000
Amounts repaid (61,000 ) (71,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 59,855 60,855

At the year end an amount of £59,855 is due to the company by P MacEwen. This amount carried no interest and was repaid after the year end.