IRIS Accounts Production v24.3.0.553 SC225865 director 1.3.23 28.2.24 28.2.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2258652023-02-28SC2258652024-02-28SC2258652023-03-012024-02-28SC2258652022-02-28SC2258652022-03-012023-02-28SC2258652023-02-28SC225865ns15:Scotland2023-03-012024-02-28SC225865ns14:PoundSterling2023-03-012024-02-28SC225865ns10:Director12023-03-012024-02-28SC225865ns10:PrivateLimitedCompanyLtd2023-03-012024-02-28SC225865ns10:SmallEntities2023-03-012024-02-28SC225865ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-28SC225865ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-28SC225865ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-28SC225865ns10:FullAccounts2023-03-012024-02-28SC22586512023-03-012024-02-28SC225865ns10:EntityNoLongerTradingButTradedInPast2023-03-012024-02-28SC225865ns10:CompanySecretary12023-03-012024-02-28SC225865ns10:RegisteredOffice2023-03-012024-02-28SC225865ns5:CurrentFinancialInstruments2024-02-28SC225865ns5:CurrentFinancialInstruments2023-02-28SC225865ns5:Non-currentFinancialInstruments2024-02-28SC225865ns5:Non-currentFinancialInstruments2023-02-28SC225865ns5:ShareCapital2024-02-28SC225865ns5:ShareCapital2023-02-28SC225865ns5:RetainedEarningsAccumulatedLosses2024-02-28SC225865ns5:RetainedEarningsAccumulatedLosses2023-02-28SC225865ns5:NetGoodwill2023-03-012024-02-28SC225865ns5:PlantMachinery2023-03-012024-02-28SC225865ns5:NetGoodwill2023-02-28SC225865ns5:NetGoodwill2024-02-28SC225865ns5:NetGoodwill2023-02-28SC225865ns5:PlantMachinery2023-02-28SC225865ns5:PlantMachinery2024-02-28SC225865ns5:PlantMachinery2023-02-28SC225865ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-28SC225865ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-28SC2258651ns10:Director12023-02-28SC2258651ns10:Director12022-02-28SC2258651ns10:Director12023-03-012024-02-28SC2258651ns10:Director12022-03-012023-02-28SC2258651ns10:Director12024-02-28SC2258651ns10:Director12023-02-28
REGISTERED NUMBER: SC225865 (Scotland)













UNAUDITED CESSATION FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024

FOR

SAPMAP LTD

SAPMAP LTD (REGISTERED NUMBER: SC225865)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 28 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SAPMAP LTD

COMPANY INFORMATION
for the year ended 28 FEBRUARY 2024







DIRECTOR: Mrs H L Forrest





SECRETARY: F Forrest





REGISTERED OFFICE: 54 Cowgate
Kirkintilloch
G66 1HN





REGISTERED NUMBER: SC225865 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

SAPMAP LTD (REGISTERED NUMBER: SC225865)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 67,207
- 67,207

CURRENT ASSETS
Stocks - 160,000
Debtors 6 119,446 5,706
Cash at bank and in hand 537,327 440,932
656,773 606,638
CREDITORS
Amounts falling due within one year 7 (83,685 ) (222,082 )
NET CURRENT ASSETS 573,088 384,556
TOTAL ASSETS LESS CURRENT
LIABILITIES

573,088

451,763

CREDITORS
Amounts falling due after more than one year 8 - (69,567 )

PROVISIONS FOR LIABILITIES - (12,769 )
NET ASSETS 573,088 369,427

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 573,084 369,423
SHAREHOLDERS' FUNDS 573,088 369,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

SAPMAP LTD (REGISTERED NUMBER: SC225865)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 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 director and authorised for issue on 25 October 2024 and were signed by:





Mrs H L Forrest - Director


SAPMAP LTD (REGISTERED NUMBER: SC225865)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 28 FEBRUARY 2024

1. STATUTORY INFORMATION

Sapmap Ltd is a private company, limited by shares, registered in Scotland, registration number SC225865. The registered office is 54 Cowgate, Kirkintilloch, G66 1HN.

The principal activity of the company is that of a clothing retailer.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined later in these notes.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Sale of Goods
Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably.

Goodwill
Goodwill is stated at cost less amortisation. Amortisation is calculated in order to write down the cost to the estimated residual values over the period of the estimated useful economic lives. In the absence of a readily ascertainable useful life, this has been set at 10 years in line with the requirements of FRS102.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SAPMAP LTD (REGISTERED NUMBER: SC225865)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

SAPMAP LTD (REGISTERED NUMBER: SC225865)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 FEBRUARY 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023 227,500
Disposals (227,500 )
At 28 February 2024 -
AMORTISATION
At 1 March 2023 227,500
Eliminated on disposal (227,500 )
At 28 February 2024 -
NET BOOK VALUE
At 28 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 180,119
Disposals (180,119 )
At 28 February 2024 -
DEPRECIATION
At 1 March 2023 112,912
Eliminated on disposal (112,912 )
At 28 February 2024 -
NET BOOK VALUE
At 28 February 2024 -
At 28 February 2023 67,207

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 2,098
Other debtors 119,446 3,608
119,446 5,706

SAPMAP LTD (REGISTERED NUMBER: SC225865)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 10,071
Trade creditors 7,019 157,017
Taxation and social security 50,465 34,523
Other creditors 26,201 20,471
83,685 222,082

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts - 47,067
Other creditors - 22,500
- 69,567

9. SECURED DEBTS

A bond and floating charge in favour of the Bank of Scotland over all the assets of the company in respect of an overdraft facility was satisfied in full post year end on 18th July 2024.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2024 and 28 February 2023:

2024 2023
£    £   
Mrs H L Forrest
Balance outstanding at start of year - -
Amounts advanced 53,595 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 53,595 -

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £15,333 (2023 - £12,500) were paid to the directors .