0 false false false false false false false false false false true false false false false true true No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC733022 2023-06-01 2024-05-31 SC733022 2024-05-31 SC733022 2023-05-31 SC733022 2022-05-20 2023-05-31 SC733022 2023-05-31 SC733022 2022-05-19 SC733022 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC733022 bus:Director1 2023-06-01 2024-05-31 SC733022 core:WithinOneYear 2024-05-31 SC733022 core:ShareCapital 2024-05-31 SC733022 core:ShareCapital 2023-05-31 SC733022 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC733022 bus:SmallEntities 2023-06-01 2024-05-31 SC733022 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC733022 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC733022 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC733022 bus:FullAccounts 2023-06-01 2024-05-31 SC733022 bus:OrdinaryShareClass1 2024-05-31 SC733022 bus:OrdinaryShareClass1 2023-05-31
COMPANY REGISTRATION NUMBER: SC733022
TAQT ONE LTD
Filleted Unaudited Financial Statements
31 May 2024
TAQT ONE LTD
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Current assets
Stocks
1,620
Debtors
5
20,047
1
Cash at bank and in hand
21,052
--------
----
42,719
1
Creditors: amounts falling due within one year
6
148,460
---------
----
Net current (liabilities)/assets
( 105,741)
1
---------
----
Total assets less current liabilities
( 105,741)
1
---------
----
Net (liabilities)/assets
( 105,741)
1
---------
----
Capital and reserves
Called up share capital
7
1
1
Profit and loss account
( 105,742)
---------
----
Shareholders (deficit)/funds
( 105,741)
1
---------
----
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.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
MR J. HISH
Director
Company registration number: SC733022
TAQT ONE LTD
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Westpoint 4 Redheughs Rigg, South Gyle, Edinburgh, Lothian Region, EH12 9DQ, Scotland.
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 Companies Act 2006.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit .
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 stock to its present location and condition.
4. Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However the nature of estimation means that actual outcomes could differ from the estimates. In the Director's opinion there are no significant judgements or key sources of uncertainty.
5. Debtors
2024
2023
£
£
Trade debtors
19,354
Other debtors
693
1
--------
----
20,047
1
--------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,047
Amounts owed to group undertakings and undertakings in which the company has a participating interest
77,773
Social security and other taxes
211
Other creditors
14,429
---------
----
148,460
---------
----
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----