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REGISTERED NUMBER: SC243785 (Scotland)














Unaudited Financial Statements

for the Year Ended 28 February 2024

for

Office Specialties Ltd

Office Specialties Ltd (Registered number: SC243785)






Contents of the Financial Statements
for the Year Ended 28 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Office Specialties Ltd

Company Information
for the Year Ended 28 February 2024







DIRECTORS: S M Kemp
J S Kemp
G C Kemp
G C Kemp
Mrs P J Kemp





REGISTERED OFFICE: Unit 3 Dunsdale Road
Selkirk
TD7 5EA





REGISTERED NUMBER: SC243785 (Scotland)





ACCOUNTANTS: DAS Accountant
Cornerstone House
Station Road
Selkirk
Scottish Borders
TD7 5DJ

Office Specialties Ltd (Registered number: SC243785)

Balance Sheet
28 February 2024

28.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 18,139 21,295
18,139 21,295

CURRENT ASSETS
Stocks 6 44,363 42,250
Debtors 7 218,556 258,041
Cash at bank and in hand 146,922 213,323
409,841 513,614
CREDITORS
Amounts falling due within one year 8 394,242 491,994
NET CURRENT ASSETS 15,599 21,620
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,738

42,915

CREDITORS
Amounts falling due after more than one year 9 (32,146 ) (37,859 )

PROVISIONS FOR LIABILITIES (500 ) (500 )
NET ASSETS 1,092 4,556

CAPITAL AND RESERVES
Called up share capital 1,020 1,020
Retained earnings 72 3,536
1,092 4,556

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 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.

Office Specialties Ltd (Registered number: SC243785)

Balance Sheet - 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 Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by:





G C Kemp - Director


Office Specialties Ltd (Registered number: SC243785)

Notes to the Financial Statements
for the Year Ended 28 February 2024

1. STATUTORY INFORMATION

Office Specialties Ltd 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 2007, is being amortised evenly over its estimated useful life of ten years.

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.
Improvements to property - Straight Line over 4 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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.


Office Specialties Ltd (Registered number: SC243785)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 28 February 2024 65,000
AMORTISATION
At 1 March 2023
and 28 February 2024 65,000
NET BOOK VALUE
At 28 February 2024 -
At 28 February 2023 -

Office Specialties Ltd (Registered number: SC243785)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 17,418 41,350 2,596
Additions - - -
At 28 February 2024 17,418 41,350 2,596
DEPRECIATION
At 1 March 2023 17,418 32,178 2,149
Charge for year - 1,376 67
At 28 February 2024 17,418 33,554 2,216
NET BOOK VALUE
At 28 February 2024 - 7,796 380
At 28 February 2023 - 9,172 447

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 43,143 10,638 115,145
Additions - 1,608 1,608
At 28 February 2024 43,143 12,246 116,753
DEPRECIATION
At 1 March 2023 31,468 10,637 93,850
Charge for year 2,919 402 4,764
At 28 February 2024 34,387 11,039 98,614
NET BOOK VALUE
At 28 February 2024 8,756 1,207 18,139
At 28 February 2023 11,675 1 21,295

6. STOCKS
28.2.24 28.2.23
£    £   
Stocks 44,363 42,250

Office Specialties Ltd (Registered number: SC243785)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Trade debtors 122,323 177,993
Other debtors 22,444 19,657
Directors' current accounts 64,866 59,070
Prepayments and accrued income 8,923 1,321
218,556 258,041

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Bank loans and overdrafts 5,758 5,803
Trade creditors 130,618 161,831
Tax 24,976 22,475
Social security and other taxes 1,731 1,097
VAT 32,178 15,673
Other creditors 176,147 258,490
Credit card 19,015 19,749
Directors' current accounts - 2,304
Accrued expenses 3,819 4,572
394,242 491,994

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.24 28.2.23
£    £   
Bank loans - 1-2 years 32,146 37,859

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

28.2.24 28.2.23
£    £   
J S Kemp
Balance outstanding at start of year (2,302 ) (13,547 )
Amounts advanced 22,786 22,344
Amounts repaid (14,687 ) (11,099 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,797 (2,302 )

Office Specialties Ltd (Registered number: SC243785)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S M Kemp
Balance outstanding at start of year 16,638 9,722
Amounts advanced 18,586 16,916
Amounts repaid (18,586 ) (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,638 16,638

G C Kemp
Balance outstanding at start of year 16,209 14,776
Amounts advanced 28,612 16,540
Amounts repaid (28,612 ) (15,107 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,209 16,209

G C Kemp
Balance outstanding at start of year 25,710 45,503
Amounts advanced 18,800 26,208
Amounts repaid (19,087 ) (46,001 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,423 25,710

Mrs P J Kemp
Balance outstanding at start of year - -
Amounts advanced 4,719 -
Amounts repaid (3,920 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 799 -