Registered number
SC722803
Edinburgh Community Bookshop Limited
Filleted Accounts
29 February 2024
Edinburgh Community Bookshop Limited
Registered number: SC722803
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,679 3,693
Current assets
Debtors 4 1,343 578
Cash at bank and in hand 3,561 4,758
4,904 5,336
Creditors: amounts falling due within one year 5 (3,013) (7,699)
Net current assets/(liabilities) 1,891 (2,363)
Net assets 4,570 1,330
Capital and reserves
Called up share capital 1 1
Profit and loss account 4,569 1,329
Shareholders' funds 4,570 1,330
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.
Alasdair Corbett
Director
Approved by the board on 30 November 2024
Edinburgh Community Bookshop Limited
Notes to the Accounts
for the year ended 29 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Leasehold inprovement 25% Straight Line Method
Fixtures & fittings 25% Straight Line Method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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 1 2
3 Tangible fixed assets
Fixtures and fittings Leasehold improvement Total
£ £ £
Cost
At 1 March 2023 2,225 1,831 4,056
At 29 February 2024 2,225 1,831 4,056
Depreciation
At 1 March 2023 311 52 363
Charge for the year 533 481 1,014
At 29 February 2024 844 533 1,377
Net book value
At 29 February 2024 1,381 1,298 2,679
At 28 February 2023 1,914 1,779 3,693
4 Debtors 2024 2023
£ £
Trade debtors 436 136
Other debtors 907 442
1,343 578
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 481 920
Due to group undertakings 1,250 -
Directors Loan Account 1,025 4,749
Taxation and social security costs (407) (534)
Other creditors 664 2,564
3,013 7,699
6 Other information
Edinburgh Community Bookshop Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
4 Easter Road
Edinburgh
Scotland
EH7 5RG
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