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REGISTERED NUMBER: SC282719 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ISLE OF MULL SILVER & GOLDSMITHS LIMITED

ISLE OF MULL SILVER & GOLDSMITHS LIMITED (REGISTERED NUMBER: SC282719)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ISLE OF MULL SILVER & GOLDSMITHS LIMITED

COMPANY INFORMATION
For The Year Ended 29 February 2024







DIRECTORS: Philip D'Auvergne Anley Campbell
Shiona Finlayson





REGISTERED OFFICE: R A Clement Associates
5 Argyll Square
OBAN
PA34 4AZ





REGISTERED NUMBER: SC282719 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

ISLE OF MULL SILVER & GOLDSMITHS LIMITED (REGISTERED NUMBER: SC282719)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,500 5,000
Tangible assets 5 441 582
2,941 5,582

CURRENT ASSETS
Stocks 45,490 47,727
Debtors 6 126 -
Cash at bank and in hand 14,170 13,445
59,786 61,172
CREDITORS
Amounts falling due within one year 7 59,952 41,692
NET CURRENT (LIABILITIES)/ASSETS (166 ) 19,480
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,775

25,062

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,675 24,962
SHAREHOLDERS' FUNDS 2,775 25,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ISLE OF MULL SILVER & GOLDSMITHS LIMITED (REGISTERED NUMBER: SC282719)

BALANCE SHEET - continued
29 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 Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





Philip D'Auvergne Anley Campbell - Director


ISLE OF MULL SILVER & GOLDSMITHS LIMITED (REGISTERED NUMBER: SC282719)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Isle of Mull Silver & Goldsmiths Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

The goodwill in the balance sheet relates partly to the original goodwill on the purchase of the business and an uplift of £25,000 in relation to the transfer of the business to the company.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Computer equipment - 25% on reducing balance

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

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

ISLE OF MULL SILVER & GOLDSMITHS LIMITED (REGISTERED NUMBER: SC282719)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 50,000
AMORTISATION
At 1 March 2023 45,000
Amortisation for year 2,500
At 29 February 2024 47,500
NET BOOK VALUE
At 29 February 2024 2,500
At 28 February 2023 5,000

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 3,455 2,486 5,941
DEPRECIATION
At 1 March 2023 3,369 1,990 5,359
Charge for year 17 124 141
At 29 February 2024 3,386 2,114 5,500
NET BOOK VALUE
At 29 February 2024 69 372 441
At 28 February 2023 86 496 582

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 126 -

ISLE OF MULL SILVER & GOLDSMITHS LIMITED (REGISTERED NUMBER: SC282719)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,232 322
Taxation and social security 14,135 15,809
Other creditors 43,585 25,561
59,952 41,692