Company registration number SC401994 (Scotland)
2TALL.COM RETAIL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
2TALL.COM RETAIL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
2TALL.COM RETAIL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
606
606
Tangible assets
4
117,995
88,075
118,601
88,681
Current assets
Stocks
5
1,839,326
1,367,060
Debtors
6
766,341
688,939
Cash at bank and in hand
476,795
410,355
3,082,462
2,466,354
Creditors: amounts falling due within one year
7
(720,843)
(459,309)
Net current assets
2,361,619
2,007,045
Total assets less current liabilities
2,480,220
2,095,726
Provisions for liabilities
(28,811)
-
Net assets
2,451,409
2,095,726
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
2,451,289
2,095,606
Total equity
2,451,409
2,095,726
2TALL.COM RETAIL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 January 2025 and are signed on its behalf by:
JJ WARWICK
JJ Warwick
Director
Company registration number SC401994 (Scotland)
2TALL.COM RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

2Tall.com Retail Limited is a private company limited by shares incorporated in Scotland. The registered office is Wellington Circle, Altens, Aberdeen, Scotland, Scotland, AB12 3JG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
Not amortised
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% Reducing balance
Plant and equipment
25% Reducing balance and 25% Straight line
Fixtures and fittings
20-25%% Reducing balance and 25-33% Straight line
Computers
33% Straight line
2TALL.COM RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2TALL.COM RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
14
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 July 2023 and 30 June 2024
606
Amortisation and impairment
At 1 July 2023 and 30 June 2024
-
Carrying amount
At 30 June 2024
606
At 30 June 2023
606
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2023
9,482
64,136
67,940
44,973
186,531
Additions
17,822
-
34,913
14,490
67,225
At 30 June 2024
27,304
64,136
102,853
59,463
253,756
Depreciation and impairment
At 1 July 2023
4,650
52,085
20,579
21,142
98,456
Depreciation charged in the year
1,419
3,013
19,457
13,416
37,305
At 30 June 2024
6,069
55,098
40,036
34,558
135,761
Carrying amount
At 30 June 2024
21,235
9,038
62,817
24,905
117,995
At 30 June 2023
4,832
12,051
47,361
23,831
88,075
2TALL.COM RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Stocks
2024
2023
£
£
Work in progress
202,326
-
Finished goods and goods for resale
1,637,000
1,367,060
1,839,326
1,367,060
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,975
16,643
Other debtors
654,140
633,737
Prepayments and accrued income
74,226
38,559
766,341
688,939
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
251,924
57,766
Corporation tax
185,483
139,016
Other taxation and social security
99,818
75,107
Other creditors
178,467
183,136
Accruals and deferred income
5,151
4,284
720,843
459,309
8
Related party transactions

During the year, the company made advances to the directors of £210,000, and received credits of £200,000, resulting in a balance at the year end of £150,927 due to the directors (2023 - £160,927).

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