7plus7 Developments Ltd SC526555 false 2023-03-01 2024-08-31 2024-08-31 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true SC526555 2023-03-01 2024-08-31 SC526555 2024-08-31 SC526555 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC526555 core:ShareCapital 2024-08-31 SC526555 core:CurrentFinancialInstruments 2024-08-31 SC526555 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 SC526555 core:FurnitureFittingsToolsEquipment 2024-08-31 SC526555 core:MotorVehicles 2024-08-31 SC526555 bus:SmallEntities 2023-03-01 2024-08-31 SC526555 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-08-31 SC526555 bus:FilletedAccounts 2023-03-01 2024-08-31 SC526555 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-08-31 SC526555 bus:RegisteredOffice 2023-03-01 2024-08-31 SC526555 bus:Director3 2023-03-01 2024-08-31 SC526555 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-08-31 SC526555 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-08-31 SC526555 core:MotorVehicles 2023-03-01 2024-08-31 SC526555 core:OfficeEquipment 2023-03-01 2024-08-31 SC526555 core:Vehicles 2023-03-01 2024-08-31 SC526555 countries:Scotland 2023-03-01 2024-08-31 SC526555 2022-03-01 2023-02-28 SC526555 2023-02-28 SC526555 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC526555 core:ShareCapital 2023-02-28 SC526555 core:CurrentFinancialInstruments 2023-02-28 SC526555 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC526555 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-02-28 SC526555 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2023-02-28 SC526555 core:PreviouslyStatedAmount 2023-02-28 iso4217:GBP xbrli:pure

Registration number: SC526555

7plus7 Developments Ltd

Unaudited Filleted Financial Statements

for the Period from 1 March 2023 to 31 August 2024

 

7plus7 Developments Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

7plus7 Developments Ltd

(Registration number: SC526555)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

46,436

-

Current assets

 

Stocks

5

84,500

-

Debtors

6

258,150

37,033

Cash at bank and in hand

 

62,237

540

 

404,887

37,573

Creditors: Amounts falling due within one year

7

(389,594)

(33,698)

Net current assets

 

15,293

3,875

Total assets less current liabilities

 

61,729

3,875

Provisions for liabilities

(8,823)

-

Net assets

 

52,906

3,875

Capital and reserves

 

Called up share capital

100

100

Retained earnings

52,806

3,775

Shareholders' funds

 

52,906

3,875

For the financial period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 November 2024
 

.........................................
K McCabe
Director

 

7plus7 Developments Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 4-5
Wallyford Industrial Estate
Wallyford
Musselburgh
EH21 8QJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

7plus7 Developments Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Office Equipment

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

7plus7 Developments Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 3 (2023 - 0).

 

7plus7 Developments Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

2,784

44,070

46,854

At 31 August 2024

2,784

44,070

46,854

Depreciation

Charge for the period

418

-

418

At 31 August 2024

418

-

418

Carrying amount

At 31 August 2024

2,366

44,070

46,436

5

Stocks

2024
£

2023
£

Other inventories

84,500

-

6

Debtors

Note

2024
£

2023
£

Inter company loan

153,150

37,033

Other debtors

 

105,000

-

 

258,150

37,033

 

7plus7 Developments Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

16,648

33,044

Trade creditors

 

52,335

-

Taxation and social security

 

71,144

-

Directors loan

202,160

-

Other creditors

 

47,307

654

 

389,594

33,698

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,648

33,044