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Registration number: SC694484

Pinemarten Ltd

trading as Dream Doors Dundee

Unaudited Filleted Financial Statements

for the Year Ended 29 April 2024

 

Pinemarten Ltd

trading as Dream Doors Dundee

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Pinemarten Ltd

trading as Dream Doors Dundee

(Registration number: SC694484)
Balance Sheet as at 29 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,240

13,860

Tangible assets

5

24,593

29,680

 

33,833

43,540

Current assets

 

Debtors

6

7,200

9,300

Cash at bank and in hand

 

12,956

25,392

 

20,156

34,692

Creditors: Amounts falling due within one year

7

(140,069)

(119,467)

Net current liabilities

 

(119,913)

(84,775)

Net liabilities

 

(86,080)

(41,235)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(86,082)

(41,237)

Shareholders' deficit

 

(86,080)

(41,235)

For the financial year ending 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Pinemarten Ltd

trading as Dream Doors Dundee

(Registration number: SC694484)
Balance Sheet as at 29 April 2024

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Mr Steven Bruce Kelly
Director

 

Pinemarten Ltd

trading as Dream Doors Dundee

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
272 Bath Street
Glasgow
G2 4JR
Scotland

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholders that they will continue to give financial support to the company for twelve months from the date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

 

Pinemarten Ltd

trading as Dream Doors Dundee

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

20% Reducing Balance

Motor Vehicles

20% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise Fee

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Pinemarten Ltd

trading as Dream Doors Dundee

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Pinemarten Ltd

trading as Dream Doors Dundee

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 30 April 2023

23,100

23,100

At 29 April 2024

23,100

23,100

Amortisation

At 30 April 2023

9,240

9,240

Amortisation charge

4,620

4,620

At 29 April 2024

13,860

13,860

Carrying amount

At 29 April 2024

9,240

9,240

At 29 April 2023

13,860

13,860

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 30 April 2023

41,500

5,200

46,700

Additions

1,061

-

1,061

At 29 April 2024

42,561

5,200

47,761

Depreciation

At 30 April 2023

14,940

2,080

17,020

Charge for the year

5,524

624

6,148

At 29 April 2024

20,464

2,704

23,168

Carrying amount

At 29 April 2024

22,097

2,496

24,593

At 29 April 2023

26,560

3,120

29,680

 

Pinemarten Ltd

trading as Dream Doors Dundee

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

6

Debtors

2024
£

2023
£

Other debtors

3,000

3,000

Prepayments

4,200

6,300

7,200

9,300

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

25,517

30,012

Taxation and social security

44,367

11,793

Accruals and deferred income

955

955

Other creditors

69,230

76,707

140,069

119,467