Registered number
SC606963
Madsurf (North Berwick) Limited
Unaudited Filleted Abridged Accounts
30 September 2024
Madsurf (North Berwick) Limited
Registered number: SC606963
Abridged Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Current assets
Stocks 400 1,162
Cash at bank and in hand 331 2,366
731 3,528
Creditors: amounts falling due within one year (24,718) (25,984)
Net current liabilities (23,987) (22,456)
Net liabilities (23,987) (22,456)
Capital and reserves
Called up share capital 1 1
Profit and loss account (23,988) (22,457)
Shareholder's funds (23,987) (22,456)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Mary-Clare Dickie
Director
Approved by the board on 9 May 2025
Madsurf (North Berwick) Limited
Notes to the Abridged Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 2,568
At 30 September 2024 2,568
Amortisation
At 1 October 2023 2,568
At 30 September 2024 2,568
Net book value
At 30 September 2024 -
Branding and goodwill are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Total
£
Cost
At 1 October 2023 4,427
Disposals (4,427)
At 30 September 2024 -
Depreciation
At 1 October 2023 4,427
On disposals (4,427)
At 30 September 2024 -
Net book value
At 30 September 2024 -
5 Other information
Madsurf (North Berwick) Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
28 Gilsland Grange
North Berwick
East Lothian
EH39 5HZ
6 Going concern
The director has reviewed a period of 12 months from approval of these financial statements and concluded the company is able to meet all its liabilities as they fall due. As a result it is appropriate to prepare the accounts on a going concern basis.
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