Company registration number SC424575 (Scotland)
Gumblossom Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with registrar
Gumblossom Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Gumblossom Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gumblossom Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Gumblossom Limited, as a body, in accordance with the terms of our engagement letter dated 20 July 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Gumblossom Limited and state those matters that we have agreed to state to the board of directors of Gumblossom Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gumblossom Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Gumblossom Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gumblossom Limited. You consider that Gumblossom Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Gumblossom Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
8 November 2024
Gumblossom Limited
Balance sheet
as at 31 March 2024
31 March 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,350
15,440
Current assets
Stocks
1,985
1,830
Debtors
955
4,399
Cash at bank and in hand
7,833
22,799
10,773
29,028
Creditors: amounts falling due within one year
(16,712)
(14,214)
Net current (liabilities)/assets
(5,939)
14,814
Total assets less current liabilities
6,411
30,254
Creditors: amounts falling due after more than one year
(10,227)
(13,662)
Net (liabilities)/assets
(3,816)
16,592
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(3,818)
16,590
Total equity
(3,816)
16,592
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
Gumblossom Limited
Balance sheet (continued)
as at 31 March 2024
31 March 2024
3
The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
George Davidson
Director
Company Registration No. SC424575
Gumblossom Limited
Notes to the financial statements
for the year ended 31 March 2024
4
1
Accounting policies
Company information
Gumblossom Limited is a private company limited by shares incorporated in Scotland. The registered office is 22 East Glebe, Stonehaven, AB39 2HW.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfil its contractual obligations to customers by supplying goods.
1.3
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:
Leasehold improvements
20% reducing balance
Plant and equipment
20% reducing balance
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
Gumblossom Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
4
Gumblossom Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
6
3
Tangible fixed assets
Total
£
Cost
At 1 April 2023 and 31 March 2024
18,394
Depreciation and impairment
At 1 April 2023
2,954
Depreciation charged in the year
3,090
At 31 March 2024
6,044
Carrying amount
At 31 March 2024
12,350
At 31 March 2023
15,440
4
Directors' transactions
During the year, the directors entered into the following advances and credits with the company.
Description
Opening credit balance
Amounts advanced
Amounts repaid
Closing credit balance
£
£
£
£
George Davidson - Director's account
4,460
99
(407)
4,152
4,460
99
(407)
4,152
5
Going concern
The company has net liabilities of £3,816 but included in creditors is the sum of £4,152 owed to a director. The director has confirmed that they will not call in this amount for as long as necessary to ensure the ongoing viability of the company. The directors therefore consider it appropriate for the accounts to be prepared on the going concern basis.