Registered number
SC525952
Melbourne 1912 Limited
Filleted Accounts
28 February 2024
Melbourne 1912 Limited
Registered number: SC525952
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 26,398 29,022
Current assets
Stocks 1,632 1,279
Cash at bank and in hand 46,666 46,556
48,298 47,835
Creditors: amounts falling due within one year 4 (32,868) (28,107)
Net current assets 15,430 19,728
Total assets less current liabilities 41,828 48,750
Creditors: amounts falling due after more than one year 5 (8,986) (20,808)
Net assets 32,842 27,942
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 31,842 26,942
Shareholders' funds 32,842 27,942
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E Meney
Director
Approved by the board on 29 October 2024
Melbourne 1912 Limited
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the principal activity which is that of of a café and takeaway outlet. Turnover is recognised as services are delivered to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 13
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 73,408
Additions 3,975
At 28 February 2024 77,383
Depreciation
At 1 March 2023 44,386
Charge for the year 6,599
At 28 February 2024 50,985
Net book value
At 28 February 2024 26,398
At 28 February 2023 29,022
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 5,911 -
Trade creditors 2,911 4,849
Taxation and social security costs 9,359 9,167
Other creditors 14,687 14,091
32,868 28,107
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,986 20,808
6 Related party transactions
The company pay rent for the occupation of the commercial premises to the private pension fund of the directors at a rate of £11,350 per annum. No amount was outstanding at either year end.
7 Controlling party
The company is jointly controlled by the Directors, there is no single overall controlling party.
8 Other information
Melbourne 1912 Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
72a Hamilton Street
Saltcoats
Ayrshire
KA21 5DS
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