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2023-10-01
Sage Accounts Production 23.0 - FRS102_2023
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SC708474
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2024-09-30
Company registration number:
SC708474
Second Sun Retail Limited
Unaudited filleted financial statements
30 September 2024
Second Sun Retail Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Second Sun Retail Limited
Directors and other information
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Director |
Mr N. Taylor |
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Company number |
SC708474 |
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Registered office |
20 Barnton Street |
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Stirling |
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FK8 1NA |
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Accountants |
Dickson Middleton |
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20 Barnton Street |
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Stirling |
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FK8 1NE |
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Bankers |
Bank of Scotland plc |
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The Mound |
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Edinburgh |
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EH1 1YZ |
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Second Sun Retail Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Second Sun Retail Limited
Year ended 30 September 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 Second Sun Retail Limited for the year ended 30 September 2024 which comprise the statement of financial position and 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 http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of Second Sun Retail Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Second Sun Retail Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Second Sun Retail Limited and its director as a body for our work or for this report.
It is your duty to ensure that Second Sun Retail Limited 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 profit of Second Sun Retail Limited. You consider that Second Sun Retail Limited 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 Second Sun Retail Limited. 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.
Dickson Middleton
Chartered Accountants
20 Barnton Street
Stirling
FK8 1NE
27 November 2024
Second Sun Retail Limited
Statement of financial position
30 September 2024
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
616,375 |
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321,873 |
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_______ |
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_______ |
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616,375 |
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321,873 |
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Current assets |
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Stocks |
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4,095 |
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3,975 |
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Debtors |
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6 |
38,920 |
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20,093 |
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Cash at bank and in hand |
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137,547 |
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35,827 |
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_______ |
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_______ |
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180,562 |
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59,895 |
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Creditors: amounts falling due |
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within one year |
|
7 |
(
756,646) |
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(
381,273) |
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_______ |
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_______ |
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Net current liabilities |
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(
576,084) |
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(
321,378) |
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_______ |
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_______ |
Total assets less current liabilities |
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40,291 |
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495 |
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Provisions for liabilities |
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(
39,785) |
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- |
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_______ |
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_______ |
Net assets |
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506 |
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495 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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406 |
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395 |
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_______ |
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_______ |
Shareholder funds |
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506 |
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495 |
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_______ |
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_______ |
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2024
, and are signed on behalf of the board by:
Mr N. Taylor
Director
Company registration number:
SC708474
Second Sun Retail Limited
Notes to the financial statements
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 20 Barnton Street, Stirling, FK8 1NA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
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Short leasehold property |
- |
10 % |
straight line |
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Plant and machinery |
- |
25 % |
straight line |
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Computer Equipment |
- |
25 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
The company has only basic financial instruments. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted where appropriate at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2023:
8
).
5.
Tangible assets
|
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Short leasehold property |
Plant and machinery |
Computer Equipment |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 October 2023 |
152,913 |
182,343 |
2,439 |
337,695 |
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Additions |
172,618 |
209,690 |
- |
382,308 |
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_______ |
_______ |
_______ |
_______ |
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At 30 September 2024 |
325,531 |
392,033 |
2,439 |
720,003 |
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_______ |
_______ |
_______ |
_______ |
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Depreciation |
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At 1 October 2023 |
3,823 |
11,646 |
353 |
15,822 |
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Charge for the year |
21,044 |
66,151 |
611 |
87,806 |
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_______ |
_______ |
_______ |
_______ |
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At 30 September 2024 |
24,867 |
77,797 |
964 |
103,628 |
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_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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At 30 September 2024 |
300,664 |
314,236 |
1,475 |
616,375 |
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_______ |
_______ |
_______ |
_______ |
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At 30 September 2023 |
149,090 |
170,697 |
2,086 |
321,873 |
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_______ |
_______ |
_______ |
_______ |
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6.
Debtors
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£ |
£ |
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Other debtors |
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38,920 |
20,093 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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£ |
£ |
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Trade creditors |
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704,608 |
361,977 |
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Social security and other taxes |
|
27,156 |
9,845 |
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Other creditors |
|
24,882 |
9,451 |
|
|
|
_______ |
_______ |
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756,646 |
381,273 |
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_______ |
_______ |
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8.
Related party transactions
Creditors falling due within one year include £707,872 (2023: £333,796) payable to Indigo Sun Retail Limited, a company controlled by close family members of the director. The majority of this balance is repayable on terms favorable to current market rates.