Registration number:
Noizee Limited
for the Year Ended 31 August 2024
Noizee Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Noizee Limited
Company Information
Directors |
Gordon Robertson Georgina Robertson |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Noizee Limited
for the Year Ended 31 August 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 Noizee Limited for the year ended 31 August 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Noizee Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland 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 the company for our work or for this report.
It is your duty to ensure that Noizee Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Noizee Limited. You consider that Noizee 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 accounts of Noizee 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 accounts.
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Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
Noizee Limited
(Registration number: SC574740)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stock |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(20,227) |
(1,934) |
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Shareholders' deficit |
(20,127) |
(1,834) |
For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Noizee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
The principal place of business is:
Unit 37 Fife Food Centre
Faraday Road
Glenrothes
Fife
KY6 2RU
Scotland
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Going concern
The company made a loss of £18,293 (2023 £3,117) and had net liabilities of £20,127 (2023 £1,834). The financial statements have been prepared on the going concern basis. The directors consider this is appropriate as the company expects to meet its day to day commitments from working capital and existing financial arrangements as they fall due with the directors' support and believe the company will become profitable in the near future.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns and discounts.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Current or deferred taxation assets and liabilities are not discounted.
Noizee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is provided at rates calculated so as to write off the cost less residual value of each asset over its expected useful life, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
10% per annum on the straight line basis |
Catering equipment |
25% per annum on the straight line basis |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stock
Stock is stated at the lower of cost and net realisable value and comprises materials for the production of candles and diffusers.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective rate of interest.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
The company operates a defined contribution pension scheme, whose assets are held separately from those of the company. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. The company currently makes contributions for one director.
Noizee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
The tax charge / (credit) comprises: |
2024 |
2023 |
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£ |
£ |
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Corporation tax |
- |
- |
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Deferred tax |
(2,351) |
(371) |
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(2,351) |
(371) |
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost |
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At 1 September 2023 |
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Additions |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Noizee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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- |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Noizee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Provisions for liabilities |
2024 |
2023 |
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£ |
£ |
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Deferred tax: accelerated capital allowances |
- |
2,351 |
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Deferred tax |
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£ |
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Balance at 1 September 2023 |
2,351 |
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Charge / (credit) to P&L during the year |
(2,351) |
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Balance at 31 August 2024 |
- |