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COMPANY REGISTRATION NUMBER: SC715915
You Talking To Me Limited
Filleted Unaudited Financial Statements
31 January 2024
You Talking To Me Limited
Financial Statements
Period from 31 May 2023 to 31 January 2024
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
You Talking To Me Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of You Talking To Me Limited
Period from 31 May 2023 to 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of You Talking To Me Limited for the period ended 31 January 2024, 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 You Talking To Me Limited. Our work has been undertaken solely to prepare for your approval the financial statements of You Talking To Me Limited 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 You Talking To Me Limited and its director for our work or for this report.
It is your duty to ensure that You Talking To Me Limited 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 You Talking To Me Limited. You consider that You Talking To Me Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of You Talking To Me Limited. 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
22 October 2024
You Talking To Me Limited
Statement of Financial Position
31 January 2024
31 Jan 24
30 May 23
Note
£
£
£
Fixed assets
Tangible assets
5
696,751
21,286
Current assets
Stocks
32,179
14,033
Debtors
6
171,390
9,147
Cash at bank and in hand
52,294
105,201
---------
---------
255,863
128,381
Creditors: amounts falling due within one year
7
743,611
126,364
---------
---------
Net current (liabilities)/assets
( 487,748)
2,017
---------
--------
Total assets less current liabilities
209,003
23,303
Provisions
Taxation including deferred tax
54,276
1,731
---------
--------
Net assets
154,727
21,572
---------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
154,726
21,571
---------
--------
Shareholders funds
154,727
21,572
---------
--------
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 period ending 31 January 2024 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 period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
You Talking To Me Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr D Fleming
Director
Company registration number: SC715915
You Talking To Me Limited
Notes to the Financial Statements
Period from 31 May 2023 to 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 18 - 20 Eagle Street, First Floor, Glasgow, G4 9XA.
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.
Reporting period
The company is presenting the financial statements for a 8 month period to align the accounting period end with other related entities grouped post period end. Therefore the comparative amounts are not entirely comparable.
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 of value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Fixtures and fittings
-
20% reducing balance
Leasehold Improvements
-
10% straight line
Stocks
Stocks are measured 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 the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 period amounted to 22 (2023: 20 ).
5. Tangible assets
Fixtures and fittings
Leasehold Improvements
Total
£
£
£
Cost
At 31 May 2023
21,598
21,598
Additions
44,703
646,553
691,256
--------
---------
---------
At 31 January 2024
44,703
668,151
712,854
--------
---------
---------
Depreciation
At 31 May 2023
312
312
Charge for the period
1,918
13,873
15,791
--------
---------
---------
At 31 January 2024
1,918
14,185
16,103
--------
---------
---------
Carrying amount
At 31 January 2024
42,785
653,966
696,751
--------
---------
---------
At 30 May 2023
21,286
21,286
--------
---------
---------
6. Debtors
31 Jan 24
30 May 23
£
£
Trade debtors
110,357
Prepayments and accrued income
11,033
9,147
Other debtors
50,000
---------
-------
171,390
9,147
---------
-------
7. Creditors: amounts falling due within one year
31 Jan 24
30 May 23
£
£
Trade creditors
98,690
12,238
Accruals and deferred income
121,131
32,347
Corporation tax
3,428
3,573
Social security and other taxes
28,676
53,881
Director loan accounts
24,325
Other creditors
491,686
---------
---------
743,611
126,364
---------
---------
8. Director's advances, credits and guarantees
As at the period end the company owed £ nil (2023 £24,325) to key management personnel.
9. Related party transactions
At the period end, the company owed £ 482,430 (2023 £nil) to companies under common control.