Company Registration No. SC441429 (Scotland)
Juliet Travers Limited
Unaudited financial statements
for the year ended 31 January 2024
Pages for filing with the registrar
Juliet Travers Limited
Contents
Page
Accountants' report
Statement of financial position
1
Notes to the financial statements
2 - 5
Juliet Travers Limited
Statement of financial position
As at 31 January 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,454
65,430
Current assets
Stocks
90,323
90,323
Debtors
4
872
889
Cash at bank and in hand
31,613
18,931
122,808
110,143
Creditors: amounts falling due within one year
5
(304,148)
(310,674)
Net current liabilities
(181,340)
(200,531)
Net liabilities
(118,886)
(135,101)
Capital and reserves
Called up share capital
140
140
Share premium account
39,960
39,960
Profit and loss reserves
(158,986)
(175,201)
Total equity
(118,886)
(135,101)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 18 October 2024.
Juliet Travers
Director
Company Registration No. SC441429
Juliet Travers Limited
Notes to the financial statements
For the year ended 31 January 2024
2
1
Accounting policies
Company information
Juliet Travers Limited is a private company limited by shares incorporated in Scotland. The registered office is Edinburgh Quay, 133 Fountainbridge, Edinburgh, EH3 9BA.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Heritable property
nil
Plant and machinery
25% reducing balance
Fixtures, fittings and equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Juliet Travers Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
3
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).
Juliet Travers Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
4
3
Tangible fixed assets
Heritable property
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
56,781
81,540
138,321
Depreciation and impairment
At 1 February 2023
72,891
72,891
Depreciation charged in the year
2,976
2,976
At 31 January 2024
75,867
75,867
Carrying amount
At 31 January 2024
56,781
5,673
62,454
At 31 January 2023
56,781
8,649
65,430
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
872
Other debtors
889
872
889
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,513
Taxation and social security
282
Other creditors
299,353
310,674
304,148
310,674
Juliet Travers Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
5
6
Related party transactions
2024
2023
£
£
Transactions undertaken in the year: -
Juliet Travers
Amounts repaid
(12,000)
(12,150)
Business costs paid personally
630
1,543
Balances due to related parties at the year end were as follows:
Juliet Travers
207,017
218,387
The loan is interest free and repayable on demand.