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REGISTERED NUMBER: SC507450 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 August 2024

for

OBSERVER SHOP LTD

OBSERVER SHOP LTD (REGISTERED NUMBER: SC507450)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OBSERVER SHOP LTD

Company Information
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTOR: J R Carmichael



REGISTERED OFFICE: 6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ



REGISTERED NUMBER: SC507450 (Scotland)



ACCOUNTANTS: BK Plus Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ



BANKERS: Royal Bank of Scotland
70 John Street
Dunoon
PA23 8BL

OBSERVER SHOP LTD (REGISTERED NUMBER: SC507450)

Balance Sheet
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,012 1,773

CURRENT ASSETS
Stocks 28,932 31,402
Debtors 5 294 380
Cash at bank and in hand 19,909 21,092
49,135 52,874
CREDITORS
Amounts falling due within one year 6 50,764 49,449
NET CURRENT (LIABILITIES)/ASSETS (1,629 ) 3,425
TOTAL ASSETS LESS CURRENT
LIABILITIES

383

5,198

PROVISIONS FOR LIABILITIES 382 337
NET ASSETS 1 4,861

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (9 ) 4,851
SHAREHOLDERS' FUNDS 1 4,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OBSERVER SHOP LTD (REGISTERED NUMBER: SC507450)

Balance Sheet - continued
31 AUGUST 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 January 2025 and were signed by:





J R Carmichael - Director


OBSERVER SHOP LTD (REGISTERED NUMBER: SC507450)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Observer Shop Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts derived from the provision of goods which fall within the company's ordinary activities. Revenue is recognised on provision of goods..

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on a reducing balance basis
Computer equipment - 33% on a straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

OBSERVER SHOP LTD (REGISTERED NUMBER: SC507450)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 8,400 1,633 10,033
Additions - 900 900
At 31 August 2024 8,400 2,533 10,933
DEPRECIATION
At 1 September 2023 6,638 1,622 8,260
Charge for year 353 308 661
At 31 August 2024 6,991 1,930 8,921
NET BOOK VALUE
At 31 August 2024 1,409 603 2,012
At 31 August 2023 1,762 11 1,773

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 267 359
Other debtors 27 21
294 380

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,650 3,849
Taxation and social security 194 438
Other creditors 47,920 45,162
50,764 49,449

7. RELATED PARTY DISCLOSURES

At 31 July 2024, the company owed £29,621 to Companies under common directorship (2023: £28,171).