Company registration number SC656063 (Scotland)
EXPERT TOUCH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
EXPERT TOUCH LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
EXPERT TOUCH LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
483,007
Current assets
Debtors
4
13,890
2
Cash at bank and in hand
137,120
151,010
2
Creditors: amounts falling due within one year
5
(44,357)
Net current assets
106,653
2
Total assets less current liabilities
589,660
2
Creditors: amounts falling due after more than one year
6
(705,034)
Net (liabilities)/assets
(115,374)
2
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(115,376)
Total equity
(115,374)
2
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
Mr A S Lightbody
Director
Company registration number SC656063 (Scotland)
EXPERT TOUCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Expert Touch Ltd is a private company limited by shares incorporated in Scotland. The registered office is The Alyth Hotel, 6-8 Commercial Street, Alyth, Blairgowrie, PH11 8AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors' however identify material uncertainties related to outstanding liabilities and the continued reliance on the directors' financial support. At this time, the directors' are not seeking immediate repayment of their loan to the company.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
not depreciated
Property improvements
10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computer equipment
15% straight line
Integral features
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
EXPERT TOUCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
All interest bearing loans and borrowings which are basic financial instruments are initially recorded at the present value of cash payable. After initial recognition they are measured at amortised cost.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
EXPERT TOUCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Integral features
Total
£
£
£
£
Cost
At 1 April 2023
Additions
415,829
62,494
11,410
489,733
At 31 March 2024
415,829
62,494
11,410
489,733
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
2,933
3,519
274
6,726
At 31 March 2024
2,933
3,519
274
6,726
Carrying amount
At 31 March 2024
412,896
58,975
11,136
483,007
At 31 March 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
13,890
2
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
24,737
Trade creditors
14,620
Accruals and deferred income
5,000
44,357
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
306,763
Other creditors
398,271
705,034
EXPERT TOUCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
Together Commercial Finance Limited and Scottish Growth Scheme Business Loans Scotland hold floating charges covering all property or undertaking of the company. In addition, Together Commercial Finance Limited and Perth and Kinross Council hold fixed charges over the following property held by the company:
Alyth Hotel, 6-8 Commercial Street, Alyth, Blairgowrie, PH11 8AF
The directors A S & H Lightbody have provided a guarantee to the loan provided by Scottish Business Loans Scotland.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Related party transactions
Included within other creditors falling due after more than one year is a loan of £398,271 due to the directors of the company.
At this time, the directors' are not seeking immediate repayment of their loan to the company.
The directors are of the opinion that all other related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.