Registered number
SC627084
VINYLSCOT LIMITED
Filleted Accounts
30 April 2024
VINYLSCOT LIMITED
Registered number: SC627084
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,592 2,047
Current assets
Stocks 36,288 31,622
Debtors 4 1,855 1,985
Cash at bank and in hand 1,083 2,742
39,226 36,349
Creditors: amounts falling due within one year 5 (38,261) (35,760)
Net current assets 965 589
Net assets 2,557 2,636
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,457 2,536
Shareholder's funds 2,557 2,636
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stuart Fraser
Director
Approved by the board on 14 October 2024
VINYLSCOT LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 15% of cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings, tools and equipment
£
Cost
At 1 May 2023 3,475
Additions 76
At 30 April 2024 3,551
Depreciation
At 1 May 2023 1,428
On disposals 531
At 30 April 2024 1,959
Net book value
At 30 April 2024 1,592
At 30 April 2023 2,047
4 Debtors 2024 2023
£ £
Trade debtors 1,855 1,985
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 175 87
Other creditors 38,086 35,673
38,261 35,760
6 Other information
VINYLSCOT LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
Flat 35
Lothian Court
20 Lethington Place
Glasgow
G41 3BJ
VINYLSCOT LIMITED SC627084 false 2023-05-01 2024-04-30 2024-04-30 VT Final Accounts July 2024 Stuart Fraser No description of principal activity SC627084 2022-05-01 2023-04-30 SC627084 core:WithinOneYear 2023-04-30 SC627084 core:ShareCapital 2023-04-30 SC627084 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC627084 2023-05-01 2024-04-30 SC627084 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC627084 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC627084 bus:Director40 2023-05-01 2024-04-30 SC627084 1 2023-05-01 2024-04-30 SC627084 2 2023-05-01 2024-04-30 SC627084 core:PlantMachinery 2023-05-01 2024-04-30 SC627084 countries:England 2023-05-01 2024-04-30 SC627084 bus:FRS102 2023-05-01 2024-04-30 SC627084 bus:FilletedAccounts 2023-05-01 2024-04-30 SC627084 2024-04-30 SC627084 core:WithinOneYear 2024-04-30 SC627084 core:ShareCapital 2024-04-30 SC627084 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC627084 core:PlantMachinery 2024-04-30 SC627084 2023-04-30 SC627084 core:PlantMachinery 2023-04-30 iso4217:GBP xbrli:pure