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Registered number: SC551158
Spothost Ltd
Financial Statements
For The Year Ended 30 November 2023
A&A Accounting Limited
1037 Sauchiehall Street
Glasgow
G3 7TZ
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC551158
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 315,500 -
Tangible Assets 5 10,439 13,083
325,939 13,083
CURRENT ASSETS
Debtors 6 23,374 114,420
Cash at bank and in hand 52,876 119,017
76,250 233,437
Creditors: Amounts Falling Due Within One Year 7 (243,313 ) (133,098 )
NET CURRENT ASSETS (LIABILITIES) (167,063 ) 100,339
TOTAL ASSETS LESS CURRENT LIABILITIES 158,876 113,422
Creditors: Amounts Falling Due After More Than One Year 8 (757 ) (8,103 )
NET ASSETS 158,119 105,319
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 158,019 105,219
SHAREHOLDERS' FUNDS 158,119 105,319
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Akash Sharda
Director
29/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Spothost Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC551158 . The registered office is Clyde Offices 2nd Floor, 48 West George Street, Glasgow, G2 1BP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10%
Fixtures & Fittings 10%
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 8)
8 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 -
Additions 315,500
As at 30 November 2023 315,500
Net Book Value
As at 30 November 2023 315,500
As at 1 December 2022 -
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 December 2022 13,222
As at 30 November 2023 13,222
Depreciation
As at 1 December 2022 139
Provided during the period 2,644
As at 30 November 2023 2,783
Net Book Value
As at 30 November 2023 10,439
As at 1 December 2022 13,083
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 18,446 109,461
Director's loan account - 31
18,446 109,492
Due after more than one year
Amounts owed by associates 4,928 4,928
4,928 4,928
23,374 114,420
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 2 -
Corporation tax 55,805 39,193
Other taxes and social security 422 422
VAT 156,515 93,483
Director's loan account 30,569 -
243,313 133,098
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 757 8,103
757 8,103
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
The above loan is unsecured, interest free and repayable on demand.
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