2
false
false
false
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false
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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
37,544
37,544
37,544
xbrli:pure
xbrli:shares
iso4217:GBP
SC465804
2023-04-01
2024-03-31
SC465804
2024-03-31
SC465804
2023-03-31
SC465804
2022-07-01
2023-03-31
SC465804
2023-03-31
SC465804
2022-06-30
SC465804
core:MotorVehicles
2023-04-01
2024-03-31
SC465804
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
SC465804
bus:Director1
2023-04-01
2024-03-31
SC465804
core:MotorVehicles
2023-03-31
SC465804
core:MotorVehicles
2024-03-31
SC465804
core:WithinOneYear
2024-03-31
SC465804
core:WithinOneYear
2023-03-31
SC465804
core:ShareCapital
2024-03-31
SC465804
core:ShareCapital
2023-03-31
SC465804
core:SharePremium
2024-03-31
SC465804
core:SharePremium
2023-03-31
SC465804
core:RetainedEarningsAccumulatedLosses
2024-03-31
SC465804
core:RetainedEarningsAccumulatedLosses
2023-03-31
SC465804
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-03-31
SC465804
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
SC465804
core:Non-currentFinancialInstruments
2024-03-31
SC465804
core:MotorVehicles
2023-03-31
SC465804
bus:SmallEntities
2023-04-01
2024-03-31
SC465804
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
SC465804
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
SC465804
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
SC465804
bus:FullAccounts
2023-04-01
2024-03-31
SC465804
bus:OrdinaryShareClass1
2024-03-31
SC465804
bus:OrdinaryShareClass1
2023-03-31
SC465804
core:FurnitureFittingsToolsEquipment
2023-04-01
2024-03-31
SC465804
core:FurnitureFittings
2023-04-01
2024-03-31
SC465804
core:FurnitureFittings
2023-03-31
SC465804
core:FurnitureFittings
2024-03-31
COMPANY REGISTRATION NUMBER:
SC465804
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
36,386 |
49,638 |
Investments |
6 |
|
37,544 |
– |
|
|
-------- |
-------- |
|
|
73,930 |
49,638 |
|
|
|
|
|
Current assets
Stocks |
7,418,060 |
|
6,253,007 |
Debtors |
7 |
896,185 |
|
89,424 |
Cash at bank and in hand |
577,083 |
|
3,076,100 |
|
------------ |
|
------------ |
|
8,891,328 |
|
9,418,531 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
76,420 |
|
625,285 |
|
------------ |
|
------------ |
Net current assets |
|
8,814,908 |
8,793,246 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
8,888,838 |
8,842,884 |
|
|
|
|
|
Provisions |
|
9,086 |
12,664 |
|
|
------------ |
------------ |
Net assets |
|
8,879,752 |
8,830,220 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
37,851 |
37,851 |
Share premium account |
|
8,356,726 |
8,356,726 |
Profit and loss account |
|
485,175 |
435,643 |
|
|
------------ |
------------ |
Shareholders funds |
|
8,879,752 |
8,830,220 |
|
|
------------ |
------------ |
|
|
|
|
|
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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
23 October 2024
, and are signed on behalf of the board by:
Company registration number:
SC465804
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 32 High Street, Forres, IV36 1DB, 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the continues to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
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:
|
Motor vehicles |
- |
20% reducing balance |
|
Equipment |
- |
33% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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
A financial asset or liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. The company holds basic financial instruments which comprise cash and cash equivalents, trade and other debtors, trade and other creditors, and loans and borrowings. Financial assets - classified as basic financial instruments: (i) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with maturities of three months or less. (ii) Trade and other debtors Trade and other debtors are initially recognised at the transaction price, including ant transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable net of any impairment. Where a financial asset constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss. Financial liabilities classified as basic financial instruments: (iii) Trade and other creditors and loans and borrowings Trade and other creditors and loans and borrowings are initially measured at transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 |
71,122 |
15,340 |
86,462 |
Additions |
– |
409 |
409 |
Disposals |
(
23,133) |
– |
(
23,133) |
|
-------- |
-------- |
-------- |
At 31 March 2024 |
47,989 |
15,749 |
63,738 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 April 2023 |
29,406 |
7,418 |
36,824 |
Charge for the year |
7,678 |
2,658 |
10,336 |
Disposals |
(
19,808) |
– |
(
19,808) |
|
-------- |
-------- |
-------- |
At 31 March 2024 |
17,276 |
10,076 |
27,352 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 March 2024 |
30,713 |
5,673 |
36,386 |
|
-------- |
-------- |
-------- |
At 31 March 2023 |
41,716 |
7,922 |
49,638 |
|
-------- |
-------- |
-------- |
|
|
|
|
6.
Investments
|
Fixed Asset Investments |
|
£ |
Cost |
|
At 1 April 2023 |
– |
Additions |
37,544 |
|
-------- |
At 31 March 2024 |
37,544 |
|
-------- |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
-------- |
|
|
Carrying amount |
|
At 31 March 2024 |
37,544 |
|
-------- |
At 31 March 2023 |
– |
|
-------- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
896,185 |
89,424 |
|
--------- |
-------- |
|
|
|
Included in other debtors is a loan of £714,766 (2023: £86,350) to Silvaness Limited, a company in which
M H Start
is also a director. The loan is repayable on demand and no interest is charged.
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
288 |
6,968 |
Corporation tax |
45,072 |
611,151 |
Social security and other taxes |
8,406 |
822 |
Other creditors |
22,654 |
6,344 |
|
-------- |
--------- |
|
76,420 |
625,285 |
|
-------- |
--------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
37,851 |
37,851 |
37,851 |
37,851 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
10.
Directors' advances, credits and guarantees
11.
Related party transactions
Included in other debtors is a loan of £176,424 due from a family member of the director
M H Start
. The loan is repayable on demand and interest is charged at HMRC official rate.