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REGISTERED NUMBER: SC651517 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

12t Limited

12t Limited (Registered number: SC651517)






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


12t Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Miss R Morgan
Miss E Cuddeford





REGISTERED OFFICE: 90 Brunswick Street
Edinburgh
EH7 5HU





REGISTERED NUMBER: SC651517 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

12t Limited (Registered number: SC651517)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,000 18,000
Tangible assets 5 43,513 47,632
59,513 65,632

CURRENT ASSETS
Stocks 45,000 25,000
Debtors 6 18,599 43,388
Cash at bank 32,115 21,844
95,714 90,232
CREDITORS
Amounts falling due within one year 7 158,941 116,630
NET CURRENT LIABILITIES (63,227 ) (26,398 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,714

)

39,234

CREDITORS
Amounts falling due after more than one year 8 (14,897 ) (24,774 )

PROVISIONS FOR LIABILITIES (10,878 ) (9,050 )
NET (LIABILITIES)/ASSETS (29,489 ) 5,410

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (29,589 ) 5,310
(29,489 ) 5,410

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 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.

12t Limited (Registered number: SC651517)

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 Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





Miss R Morgan - Director


12t Limited (Registered number: SC651517)

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

1. STATUTORY INFORMATION

12t 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
The company has made a trading loss, with net current liabilities and an overall negative balance sheet. The directors have, however, confirmed that the company will continue to receive the support of the directors, until such time as profits are made and there are positive reserves. The directors will provide such assistance as may be required to enable the company to meet liabilities as they fall due. Accordingly, the directors believe it is appropriate that these accounts are prepared on a going concern basis.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to
recognise a sale when substantially all the risks and rewards in connection with the goods have been passed to the buyer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 20% on cost
Computer equipment - 25% on cost

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current 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 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.


12t Limited (Registered number: SC651517)

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

2. ACCOUNTING POLICIES - continued
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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 20,000
AMORTISATION
At 1 February 2023 2,000
Charge for year 2,000
At 31 January 2024 4,000
NET BOOK VALUE
At 31 January 2024 16,000
At 31 January 2023 18,000

12t Limited (Registered number: SC651517)

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

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 February 2023 44,620 16,590 332 61,542
Additions - 1,729 174 1,903
At 31 January 2024 44,620 18,319 506 63,445
DEPRECIATION
At 1 February 2023 4,143 9,518 249 13,910
Charge for year 2,231 3,664 127 6,022
At 31 January 2024 6,374 13,182 376 19,932
NET BOOK VALUE
At 31 January 2024 38,246 5,137 130 43,513
At 31 January 2023 40,477 7,072 83 47,632

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 12,462 17,944
Other debtors 6,137 25,444
18,599 43,388

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 10,000 10,000
Taxation and social security 32,376 15,168
Other creditors 116,565 91,462
158,941 116,630

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans 14,897 24,774