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REGISTERED NUMBER: SC140976 (Scotland)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

TERMSPEED LIMITED
T/A
NEPTUNE BAR

TERMSPEED LIMITED (REGISTERED NUMBER: SC140976)
T/A NEPTUNE BAR






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TERMSPEED LIMITED
T/A NEPTUNE BAR

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: Mrs A Ray
Mr D Ray





SECRETARY: Mrs A Ray





REGISTERED OFFICE: 2 Perwinnes Cottage
Dyce
Aberdeen
AB21 7AR





REGISTERED NUMBER: SC140976 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

TERMSPEED LIMITED (REGISTERED NUMBER: SC140976)
T/A NEPTUNE BAR

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 92,535 92,535

CURRENT ASSETS
Cash at bank 28 73

CREDITORS
Amounts falling due within one year 5 25,718 24,193
NET CURRENT LIABILITIES (25,690 ) (24,120 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

66,845

68,415

CAPITAL AND RESERVES
Called up share capital 2 2
Other reserves 50,000 50,000
Retained earnings 16,843 18,413
66,845 68,415

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 7 October 2024 and were signed on its behalf by:





Mr D Ray - Director


TERMSPEED LIMITED (REGISTERED NUMBER: SC140976)
T/A NEPTUNE BAR

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Termspeed 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 April 2023
and 31 March 2024 92,535
NET BOOK VALUE
At 31 March 2024 92,535
At 31 March 2023 92,535

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts 25,718 23,295
Accrued expenses - 898
25,718 24,193

TERMSPEED LIMITED (REGISTERED NUMBER: SC140976)
T/A NEPTUNE BAR

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mrs A Ray
Balance outstanding at start of year (11,638 ) (10,574 )
Amounts repaid (1,211 ) (1,064 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (12,849 ) (11,638 )

Mr D Ray
Balance outstanding at start of year (11,658 ) (10,594 )
Amounts repaid (1,211 ) (1,064 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (12,869 ) (11,658 )

The above loans are interest free and have no set repayment terms.