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COMPANY REGISTRATION NUMBER: SC349453
The Posh Agency Ltd
Filleted Unaudited Financial Statements
31 October 2023
The Posh Agency Ltd
Financial Statements
Year ended 31 October 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
The Posh Agency Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of The Posh Agency Ltd
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Posh Agency Ltd for the year ended 31 October 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of The Posh Agency Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of The Posh Agency Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Posh Agency Ltd and its director for our work or for this report.
It is your duty to ensure that The Posh Agency Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Posh Agency Ltd. You consider that The Posh Agency Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Posh Agency Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
14 August 2024
The Posh Agency Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,429
37,813
Current assets
Debtors
6
85,772
44,331
Cash at bank and in hand
17,726
49,769
---------
--------
103,498
94,100
Creditors: amounts falling due within one year
7
74,758
69,312
---------
--------
Net current assets
28,740
24,788
--------
--------
Total assets less current liabilities
33,169
62,601
Creditors: amounts falling due after more than one year
8
8,631
--------
--------
Net assets
33,169
53,970
--------
--------
Capital and reserves
Called up share capital
10,102
10,102
Profit and loss account
23,067
43,868
--------
--------
Shareholders funds
33,169
53,970
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Posh Agency Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Ms J Mills
Director
Company registration number: SC349453
The Posh Agency Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Provanston Fintry, Balfron, Glasgow, G63 0LP, 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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
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:
Plant & Machinery
-
33% straight line
Equipment
-
20% reducing balance
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
6,065
35,995
7,042
49,102
Additions
3,789
3,789
Disposals
( 35,995)
( 35,995)
-------
--------
--------
--------
At 31 October 2023
6,065
10,831
16,896
-------
--------
--------
--------
Depreciation
At 1 November 2022
4,731
6,558
11,289
Charge for the year
440
738
1,178
-------
--------
--------
--------
At 31 October 2023
5,171
7,296
12,467
-------
--------
--------
--------
Carrying amount
At 31 October 2023
894
3,535
4,429
-------
--------
--------
--------
At 31 October 2022
1,334
35,995
484
37,813
-------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
46,759
44,331
Prepayments and accrued income
3,018
Other debtors
35,995
--------
--------
85,772
44,331
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,655
9,228
Trade creditors
4,685
3,677
Accruals and deferred income
7,175
8,356
Corporation tax
5,019
11,944
Social security and other taxes
32,125
26,940
Director loan accounts
9,371
2,248
Other creditors
6,728
6,919
--------
--------
74,758
69,312
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,631
----
-------
9. Director's advances, credits and guarantees
The company was under the control of Ms J Mills , director. At the year end the company owed Ms J Mills £9,371 (2022:£2,248).