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Sage Accounts Production Advanced 2024 - FRS102_2024
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514
201
715
1,138
1,339
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COMPANY REGISTRATION NUMBER:
SC365793
Company Limited by Guarantee |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
COMPANY LIMITED BY GUARANTEE |
|
YEAR ENDED 31 MARCH 2024
Officers and professional advisers |
1 |
|
|
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
COMPANY LIMITED BY GUARANTEE |
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
The board of directors |
Mark Angus |
|
John Divers |
|
Katherine Mackintosh |
|
Stuart Huyton |
|
Stephen Young (Chairperson) |
|
Derek Duncan |
|
Natalie Shewan |
|
Juliette Buchan |
|
Sarah Holmes |
|
|
Registered office |
26-30 Marine Place |
|
Buckie |
|
Moray |
|
AB56 1UT |
|
|
Accountants |
Ritsons |
|
Chartered Accountants |
|
26-30 Marine Place |
|
Buckie |
|
Moray |
|
AB56 1UT |
|
|
COMPANY LIMITED BY GUARANTEE |
|
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF
CITY OF ELGIN BID LTD. |
|
YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of City of Elgin Bid Ltd. for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of City of Elgin Bid Ltd., as a body. Our work has been undertaken solely to prepare for your approval the financial statements of City of Elgin Bid Ltd. and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than City of Elgin Bid Ltd. and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that City of Elgin Bid Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of City of Elgin Bid Ltd.. You consider that City of Elgin Bid Ltd. is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of City of Elgin Bid Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
8 January 2025
COMPANY LIMITED BY GUARANTEE |
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2024
FIXED ASSETS
Tangible assets |
6 |
1,138 |
1,339 |
|
|
|
|
CURRENT ASSETS
Debtors |
7 |
95,964 |
103,835 |
Cash at bank and in hand |
54,507 |
102,978 |
|
--------- |
--------- |
|
150,471 |
206,813 |
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
24,960 |
36,963 |
|
--------- |
--------- |
NET CURRENT ASSETS |
125,511 |
169,850 |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
126,649 |
171,189 |
|
--------- |
--------- |
NET ASSETS |
126,649 |
171,189 |
|
--------- |
--------- |
|
|
|
|
CAPITAL AND RESERVES
Profit and loss account |
126,649 |
171,189 |
|
--------- |
--------- |
MEMBERS FUNDS |
126,649 |
171,189 |
|
--------- |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
COMPANY LIMITED BY GUARANTEE |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
8 January 2025
, and are signed on behalf of the board by:
Stephen Young (Chairperson) |
Director |
|
Company registration number:
SC365793
COMPANY LIMITED BY GUARANTEE |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2024
1.
General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT. The company is a public benefit entity.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in £ sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Employee benefits
The cost of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Turnover
Turnover represents income receivable for levies in respect of the year, net of VAT, together with grants and other income receivable for the year. Income is recognised on an invoice basis.
Government grants
Government grants are recognised at the fair value of the asset received or receviable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straightline basis over the period of the lease.
Tangible assets
Tangible assets are initially recorded at cost. The company policy for fixed assets is not to capitalise any items below the value of £1,000.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & machinery |
- |
15% reducing balance |
|
|
|
|
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors and trade creditors. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4.
Company limited by guarantee
Every member of the company undertakes to contribute to the assets of the company in the event of the same being wound up while he/she is a member, or within one year after he/she ceased to be a member, for payment of the debts and liabilities of the company contracted before he/she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding £1.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
4
).
6.
Tangible assets
|
Plant and machinery |
Total |
|
£ |
£ |
Cost |
|
|
At 1 April 2023 and 31 March 2024 |
1,853 |
1,853 |
|
------- |
------- |
Depreciation |
|
|
At 1 April 2023 |
514 |
514 |
Charge for the year |
201 |
201 |
|
------- |
------- |
At 31 March 2024 |
715 |
715 |
|
------- |
------- |
Carrying amount |
|
|
At 31 March 2024 |
1,138 |
1,138 |
|
------- |
------- |
At 31 March 2023 |
1,339 |
1,339 |
|
------- |
------- |
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
92,175 |
98,984 |
Other debtors |
3,789 |
4,851 |
|
-------- |
--------- |
|
95,964 |
103,835 |
|
-------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
22,060 |
34,063 |
Other creditors |
2,900 |
2,900 |
|
-------- |
-------- |
|
24,960 |
36,963 |
|
-------- |
-------- |
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
– |
3,850 |
|
---- |
------- |
|
|
|