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COMPANY REGISTRATION NUMBER: SC265812
601 Edin Ltd.
Unaudited Financial Statements
31 March 2024
601 Edin Ltd.
Financial Statements
Year ended 31 March 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
11
601 Edin Ltd.
Directors' Report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Principal activities
The principal activity of the company during the year was the operation of taxis.
Directors
The directors who served the company during the year were as follows:
C I Graham
EL Graham
(Appointed 23 August 2023)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 January 2025 and signed on behalf of the board by:
C I Graham
Director
Registered office:
11 Mountcastle Terrace
Edinburgh
EH8 7SQ
601 Edin Ltd.
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
36,125
59,281
Cost of sales
966
2,159
---------
---------
Gross profit
35,159
57,122
Administrative expenses
29,515
34,636
---------
---------
Operating profit
5,644
22,486
Interest payable and similar expenses
196
266
---------
---------
Profit before taxation
4
5,448
22,220
Tax on profit
1,818
638
-------
---------
Profit for the financial year and total comprehensive income
3,630
21,582
-------
---------
Dividends paid and payable
( 10,000)
( 7,000)
Retained earnings at the start of the year
50,664
36,082
---------
---------
Retained earnings at the end of the year
44,294
50,664
---------
---------
All the activities of the company are from continuing operations.
601 Edin Ltd.
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
18,355
22,474
Investments
6
25,000
25,000
---------
---------
43,355
47,474
Current assets
Debtors
7
4,250
5,750
Cash at bank and in hand
6,593
8,471
---------
---------
10,843
14,221
Creditors: amounts falling due within one year
8
6,402
4,729
---------
---------
Net current assets
4,441
9,492
---------
---------
Total assets less current liabilities
47,796
56,966
Creditors: amounts falling due after more than one year
9
3,500
6,300
---------
---------
Net assets
44,296
50,666
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
44,294
50,664
---------
---------
Shareholders funds
44,296
50,666
---------
---------
These financial statements have been prepared 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'.
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 .
601 Edin Ltd.
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 14 January 2025 , and are signed on behalf of the board by:
C I Graham
Director
Company registration number: SC265812
601 Edin Ltd.
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 11 Mountcastle Terrace, Edinburgh, EH8 7SQ.
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'.
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.
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.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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 at a market rate of interest for a similar debt instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
6,119
7,491
-------
-------
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
7,895
37,172
534
45,601
Additions
2,000
2,000
-------
---------
----
---------
At 31 March 2024
7,895
39,172
534
47,601
-------
---------
----
---------
Depreciation
At 1 April 2023
2,463
20,153
511
23,127
Charge for the year
1,358
4,755
6
6,119
-------
---------
----
---------
At 31 March 2024
3,821
24,908
517
29,246
-------
---------
----
---------
Carrying amount
At 31 March 2024
4,074
14,264
17
18,355
-------
---------
----
---------
At 31 March 2023
5,432
17,019
23
22,474
-------
---------
----
---------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
25,000
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
25,000
---------
At 31 March 2023
25,000
---------
The Director considers the market value of the above investment in a taxi plate to be £25,000.
7. Debtors
2024
2023
£
£
Other debtors
4,250
5,750
-------
-------
At 31 March 2024 the company was due £4,250 (2023 £5,750) from 492 Edin Ltd. This loan is interest free with no specific terms for repayment.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,800
2,800
Accruals and deferred income
960
960
Corporation tax
1,817
639
Director loan accounts
825
330
-------
-------
6,402
4,729
-------
-------
The director's loan is interest free with no fixed terms of repayment.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,500
6,300
-------
-------
10. Related party transactions
The company was under the control of Mr C I Graham throughout the current and previous year. Mr Graham is a director and sole shareholder. At 31 March 2024 the company was due £4,250 (2023 £5,750) from 492 Edin Ltd a company which is under the control of C Graham.
601 Edin Ltd.
Management Information
Year ended 31 March 2024
The following pages do not form part of the financial statements.
601 Edin Ltd.
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of 601 Edin 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 601 Edin Ltd. for the year ended 31 March 2024, as set out on pages 2 to 9 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 601 Edin Ltd., as a body. Our work has been undertaken solely to prepare for your approval the financial statements of 601 Edin 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 601 Edin Ltd. and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that 601 Edin 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 profit of 601 Edin Ltd.. You consider that 601 Edin 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 601 Edin 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.
GIBSON McKERRELL BURROWS LIMITED Chartered Accountants
28 Rutland Square Edinburgh EH1 2BW
14 January 2025