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Company registration number: SC384540
Source Developments (Scotland) Ltd
Unaudited filleted financial statements
31 August 2024
Source Developments (Scotland) Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Source Developments (Scotland) Ltd
Directors and other information
Directors Mr Benjamin Peter Ross Jones
Mr Liam Stephen Woods
Company number SC384540
Registered office 29 York Place
Edinburgh
EH1 3HP
Accountants EQ Accountants Ltd trading as McDonald Gordon & Co Ltd
29 York Place
Edinburgh
EH1 3HP
Bankers HSBC Bank Plc
76 Hanover Street
Edinburgh
EH2 1EL
Source Developments (Scotland) Ltd
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 73,221 95,318
_______ _______
73,221 95,318
Current assets
Debtors 6 244,154 108,935
Cash at bank and in hand 2,978,234 2,872,454
_______ _______
3,222,388 2,981,389
Creditors: amounts falling due
within one year 7 ( 602,635) ( 428,764)
_______ _______
Net current assets 2,619,753 2,552,625
_______ _______
Total assets less current liabilities 2,692,974 2,647,943
Provisions for liabilities 8 ( 18,306) ( 18,111)
_______ _______
Net assets 2,674,668 2,629,832
_______ _______
Capital and reserves
Called up share capital 10 2 2
Profit and loss account 2,674,666 2,629,830
_______ _______
Shareholders funds 2,674,668 2,629,832
_______ _______
For the 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:
- 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
Mr Benjamin Peter Ross Jones
Director
Company registration number: SC384540
Source Developments (Scotland) Ltd
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 29 York Place, Edinburgh, EH1 3HP.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 3 years straight line
Motor vehicles - 5 years 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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
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 future payments discounted at a market rate of interest for a debt instrument. Debt instruments are subsequently measured at amortised cost. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand includes cash and short term highly liquid investments. Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 September 2023 122,201 93,328 215,529
Additions 18,774 - 18,774
_______ _______ _______
At 31 August 2024 140,975 93,328 234,303
_______ _______ _______
Depreciation
At 1 September 2023 100,384 19,825 120,209
Charge for the year 22,207 18,666 40,873
_______ _______ _______
At 31 August 2024 122,591 38,491 161,082
_______ _______ _______
Carrying amount
At 31 August 2024 18,384 54,837 73,221
_______ _______ _______
At 31 August 2023 21,817 73,503 95,320
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 203,281 64,028
Other debtors 40,873 44,907
_______ _______
244,154 108,935
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 181,822 88,301
Corporation tax 134,172 103,535
Social security and other taxes 110,406 83,507
Other creditors 176,235 153,421
_______ _______
602,635 428,764
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 September 2023 18,111 18,111
Additions 195 195
_______ _______
At 31 August 2024 18,306 18,306
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 8) 18,306 18,111
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 18,305 18,111
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 19,750 19,750
Later than 1 year and not later than 5 years 79,000 98,750
_______ _______
98,750 118,500
_______ _______
12. Directors advances, credits and guarantees
Included in creditors is a loan to the company from the directors of £7,102 (2023: £2,428). This amount is interest free and repayable on demand.
13. Related party transactions
Included in other creditors is a loan to the company from Art Source (Scotland) Ltd of £11,510 (2023: Debtor £9,590). The directors of Art Source (Scotland) Ltd are the directors of Source Developments (Scotland) Ltd . The loan is interest free and repayable on demand.