Company registration number SC244043 (Scotland)
LIATHACH LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
LIATHACH LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LIATHACH LTD.
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
25,557
-
0
Tangible assets
5
-
0
25
25,557
25
Current assets
Debtors
6
27,256
60,001
Cash at bank and in hand
326,366
346,263
353,622
406,264
Creditors: amounts falling due within one year
7
(1,129)
(19,881)
Net current assets
352,493
386,383
Net assets
378,050
386,408
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
378,049
386,407
Total equity
378,050
386,408

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 14 October 2024
Mr M Hutchison
Director
Company Registration No. SC244043
LIATHACH LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Liathach Ltd. is a private company limited by shares incorporated in Scotland. The registered office is 48 Archers Avenue, Stirling, Stirlingshire, United Kingdom, FK7 7RJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover consists of the sale value, excluding VAT of work in the period under contracts to supply goods and services to third parties. It includes the relevant proportion of contract value for performance up to the period end.

1.3
Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% on reducing balance
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LIATHACH LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
LIATHACH LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
4
Intangible fixed assets
Software
£
Cost
At 1 March 2023
-
0
Additions
26,438
At 28 February 2024
26,438
Amortisation and impairment
At 1 March 2023
-
0
Amortisation charged for the year
881
At 28 February 2024
881
Carrying amount
At 28 February 2024
25,557
At 28 February 2023
-
0
5
Tangible fixed assets
Computers
£
Cost
At 1 March 2023 and 28 February 2024
328
Depreciation and impairment
At 1 March 2023
303
Depreciation charged in the year
25
At 28 February 2024
328
Carrying amount
At 28 February 2024
-
0
At 28 February 2023
25
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
24,600
Corporation tax recoverable
1,955
-
0
Other debtors
25,301
35,401
27,256
60,001
LIATHACH LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
10,135
Other taxation and social security
(2,254)
5,666
Other creditors
83
660
Accruals and deferred income
3,300
3,420
1,129
19,881
8
Related party transactions

At the balance sheet date, the director owed the company £22,306 (2023: £31,080).

 

2.25% interest was charged during periods when the balance was overdrawn. This equated to a charge of £343 (2023 - £444).

 

The loan is unsecured and repayable on demand

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