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REGISTERED NUMBER: SC276067 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Totseat Limited

Totseat Limited (Registered number: SC276067)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Totseat Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: M A Groves
Ms R H R Jones
J G Millican





SECRETARY: M A Groves





REGISTERED OFFICE: 111 Whitehouse Loan
Edinburgh
Midlothian
EH9 1AT





REGISTERED NUMBER: SC276067 (Scotland)





ACCOUNTANTS: Helen Lowe Ltd
17/21 East Mayfield
Edinburgh
Lothian
EH9 1SE

Totseat Limited (Registered number: SC276067)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 17,475 21,827
Tangible assets 5 - -
17,475 21,827

CURRENT ASSETS
Stocks 2,686 5,439
Debtors 6 425 335
Cash at bank 6,091 7,911
9,202 13,685
CREDITORS
Amounts falling due within one year 7 6,158 5,619
NET CURRENT ASSETS 3,044 8,066
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,519

29,893

CREDITORS
Amounts falling due after more than one
year

8

230,385

233,137
NET LIABILITIES (209,866 ) (203,244 )

CAPITAL AND RESERVES
Called up share capital 66,486 66,486
Share premium 191,600 191,600
Retained earnings (467,952 ) (461,330 )
SHAREHOLDERS' FUNDS (209,866 ) (203,244 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Totseat Limited (Registered number: SC276067)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





Ms R H R Jones - Director


Totseat Limited (Registered number: SC276067)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Totseat Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company had net liabilities of £209,866 as at 31st May 2024 (2023: £203,244). Included in creditors more than 1 year are loans totalling £230,385 (2023: £233,137), including loans from shareholders and directors of £134,713 (2023: £135,416). It has been agreed that these loans will not be repaid to the detriment of the company's ability to trade. The directors therefore believe it is appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Intellectual property 5% - 30% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Totseat Limited (Registered number: SC276067)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 103,048
AMORTISATION
At 1 June 2023 81,221
Charge for year 4,352
At 31 May 2024 85,573
NET BOOK VALUE
At 31 May 2024 17,475
At 31 May 2023 21,827

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 12,291
Disposals (12,291 )
At 31 May 2024 -
DEPRECIATION
At 1 June 2023 12,291
Eliminated on disposal (12,291 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -

Totseat Limited (Registered number: SC276067)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 425 335

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 2,049 2,025
Trade creditors 2,418 2,490
Other creditors 1,691 1,104
6,158 5,619

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 3,171 5,221
Other creditors 227,214 227,916
230,385 233,137

9. RELATED PARTY DISCLOSURES

Directors have provided loans to the company in the sum of £105,714 (2023: £106,417). The loans are interest-free and at the balance sheet date remain outstanding. Shareholders have provided loans to the company in the sum of £28,999 (2023: £28,999). The loans are interest-free and at the balance sheet date remain outstanding.