Registered number
SC496530
The Inverness Pram Centre Limited
Filleted Accounts
31 May 2024
The Inverness Pram Centre Limited
Registered number: SC496530
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 10,106 11,890
Current assets
Stocks 83,175 88,290
Debtors 4 89,194 2,348
Cash at bank and in hand 13,230 67,528
185,599 158,166
Creditors: amounts falling due within one year 5 (52,807) (73,870)
Net current assets 132,792 84,296
Total assets less current liabilities 142,898 96,186
Creditors: amounts falling due after more than one year 6 (62,415) (49,322)
Net assets 80,483 46,864
Capital and reserves
Called up share capital 3 3
Profit and loss account 80,480 46,861
Shareholders' funds 80,483 46,864
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.
S Blankenstein
Director
Approved by the board on 1 November 2024
The Inverness Pram Centre Limited
Notes to the Accounts
for the year ended 31 May 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 sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Plant and machinery 15% by Reducing Balance
Fixtures, fittings, tools and equipment 15% by Reducing Balance
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
Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 13,637 6,831 20,468
At 31 May 2024 13,637 6,831 20,468
Depreciation
At 1 June 2023 6,913 1,665 8,578
Charge for the year 1,009 775 1,784
At 31 May 2024 7,922 2,440 10,362
Net book value
At 31 May 2024 5,715 4,391 10,106
At 31 May 2023 6,724 5,166 11,890
4 Debtors 2024 2023
£ £
Trade debtors 1,400 2,348
Other debtors 87,794 -
89,194 2,348
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 3,647
Trade creditors 28,266 45,035
Taxation and social security costs 24,543 18,624
Other creditors (2) 6,564
52,807 73,870
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,454 18,000
Loan - KPS 3,097 11,097
Director's account - SB 129 20,225
Other creditors 46,735 -
62,415 49,322
7 Other information
The Inverness Pram Centre Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
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