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Company registration number: SC757358
BuyMaterials Ltd
Unaudited filleted abridged financial statements
28 February 2025
BuyMaterials Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
BuyMaterials Ltd
Directors and other information
Directors Robert Lovell
Milic Milovan
Secretary MBM Secretarial Services Limited
Company number SC757358
Registered office Suite 2, Ground Floor
Orchard Brae House
30 Queensferry Road
Edinburgh
EH4 2HS
Accountants Paterson Boyd & Co
18 North Street
Glenrothes
Fife
KY7 5NA
BuyMaterials Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of BuyMaterials Ltd
Year ended 28 February 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BuyMaterials Ltd for the year ended 28 February 2025 which comprise the abridged 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 board of directors of BuyMaterials Ltd, 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 BuyMaterials Ltd and state those matters that we have agreed to state to the board of directors of BuyMaterials Ltd 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 BuyMaterials Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that BuyMaterials 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 BuyMaterials Ltd. You consider that BuyMaterials 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 BuyMaterials 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.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
17 April 2025
BuyMaterials Ltd
Abridged statement of financial position
28 February 2025
28/02/25 28/02/24
Note £ £ £ £
Fixed assets
Intangible assets 5 757,059 501,578
Tangible assets 6 2,324 3,783
_______ _______
759,383 505,361
Current assets
Debtors 17,850 37,051
Cash at bank and in hand 3,194 106,448
_______ _______
21,044 143,499
Creditors: amounts falling due
within one year ( 662,136) ( 61,102)
_______ _______
Net current (liabilities)/assets ( 641,092) 82,397
_______ _______
Total assets less current liabilities 118,291 587,758
_______ _______
Net assets 118,291 587,758
_______ _______
Capital and reserves
Called up share capital 5 4
Share premium account 1,370,977 1,083,996
Profit and loss account ( 1,252,691) ( 496,242)
_______ _______
Shareholders funds 118,291 587,758
_______ _______
For the year ending 28 February 2025 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.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 28 February 2025 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
Robert Lovell
Director
Company registration number: SC757358
BuyMaterials Ltd
Notes to the financial statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Suite 2, Ground Floor, Orchard Brae House, 30 Queensferry Road, Edinburgh, EH4 2HS.
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.
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Office equipment - 25 % straight line
Computer equipment - 50 % straight line
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.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2024: 6 ).
5. Intangible assets
£
Cost
At 29 February 2024 626,972
Additions 435,368
_______
At 28 February 2025 1,062,340
_______
Amortisation
At 29 February 2024 125,394
Charge for the year 179,887
_______
At 28 February 2025 305,281
_______
Carrying amount
At 28 February 2025 757,059
_______
At 28 February 2024 501,578
_______
6. Tangible assets
£
Cost
At 29 February 2024 7,568
Additions 3,628
_______
At 28 February 2025 11,196
_______
Depreciation
At 29 February 2024 3,785
Charge for the year 5,087
_______
At 28 February 2025 8,872
_______
Carrying amount
At 28 February 2025 2,324
_______
At 28 February 2024 3,783
_______
7. Related party transactions
Included in Other creditors is an amount of £242,518 (2024: £18) due to directors from the company. This loan is interest free and has no fixed terms of repayment.Included in Trade Creditors is an amount of £247,375 (2024: nil) due to Devtech Limited, a company in which Milic Milovan is a director and shareholder.