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COMPANY REGISTRATION NUMBER: SC601724
Snorkel Plus Ltd
Filleted Unaudited Financial Statements
31 July 2024
Snorkel Plus Ltd
Financial Statements
Year ended 31 July 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Snorkel Plus Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Snorkel Plus Ltd
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Snorkel Plus Ltd for the year ended 31 July 2024, which comprise the statement of financial position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Snorkel Plus Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Snorkel Plus Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Snorkel Plus Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Snorkel Plus Ltd 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 Snorkel Plus Ltd. You consider that Snorkel Plus Ltd 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 Snorkel Plus Ltd. 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
15 October 2024
Snorkel Plus Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
4
134,470
134,470
Current assets
Stocks
5,184
3,725
Debtors
5
1
1
Cash at bank and in hand
1,074
344
-------
-------
6,259
4,070
Creditors: amounts falling due within one year
6
211,571
205,597
---------
---------
Net current liabilities
205,312
201,527
---------
---------
Total assets less current liabilities
( 70,842)
( 67,057)
--------
--------
Net liabilities
( 70,842)
( 67,057)
--------
--------
Capital and reserves
Called up share capital
10
2
Profit and loss account
( 70,852)
( 67,059)
--------
--------
Shareholders deficit
( 70,842)
( 67,057)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr P T H Lowrie
Director
Company registration number: SC601724
Snorkel Plus Ltd
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Red House, Pendreich Road, Bridge of Allan, Stirling, FK9 4LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Intangible assets
Goodwill
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
183,418
1
183,419
---------
----
---------
Amortisation
At 1 August 2023 and 31 July 2024
48,949
48,949
---------
----
---------
Carrying amount
At 31 July 2024
134,469
1
134,470
---------
----
---------
At 31 July 2023
134,469
1
134,470
---------
----
---------
5. Debtors
2024
2023
£
£
Called up share capital not paid
1
1
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
600
601
Director loan accounts
150,000
150,000
Other creditors
60,971
54,996
---------
---------
211,571
205,597
---------
---------
7. Directors' advances, credits and guarantees
At the year end the company owed loan funds to Mr P T H Lowrie , director, amounting to £150,000. (2023 £150,000).