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Registered Number: SC654698
Scotland

 

 

 

I KNOW SOME PEOPLE LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2024

End date: 28 February 2025
 
 
Notes
 
2025
£
  2024
£
Fixed assets      
Tangible fixed assets 3 203    752 
203    752 
Current assets      
Debtors 4 4,070    2,474 
Cash at bank and in hand 98,006    85,488 
102,076    87,962 
Creditors: amount falling due within one year 5 (17,264)   (15,498)
Net current assets 84,812    72,464 
 
Total assets less current liabilities 85,015    73,216 
Net assets 85,015    73,216 
 

Capital and reserves
     
Called up share capital 6 100    100 
Profit and loss account 84,915    73,116 
Shareholders' funds 85,015    73,216 
 


For the year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 17 June 2025 and were signed by:


-------------------------------
Mr P Adams
Director
1
General Information
I Know Some People Limited is a private company, limited by shares, registered in Scotland, registration number SC654698, registration address Unit 26, Dunfermline Business Centre, Izatt Avenue, Dunfermline, KY11 3BZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The 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 comprises the invoiced value of goods and services supplied by the company, net of VAT and trade discounts. Turnover is recognised on the accruals basis.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20% Reducing Balance
Computer Equipment 33% Straight Line
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.
2.

Average number of employees

Average number of employees during the year was 1 (2024 : 1).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 March 2024 316    2,694    3,010 
Additions    
Disposals    
At 28 February 2025 316    2,694    3,010 
Depreciation
At 01 March 2024 63    2,195    2,258 
Charge for year 50    499    549 
On disposals    
At 28 February 2025 113    2,694    2,807 
Net book values
Closing balance as at 28 February 2025 203      203 
Opening balance as at 01 March 2024 252    500    752 


4.

Debtors: amounts falling due within one year

2025
£
  2024
£
Trade Debtors 4,000    2,400 
Prepayments & Accrued Income 70    74 
4,070    2,474 

5.

Creditors: amount falling due within one year

2025
£
  2024
£
Corporation Tax 10,944    10,352 
Accrued Expenses 1,600    2,300 
Other Creditors 1,354    312 
VAT 3,366    2,534 
17,264    15,498 

6.

Share Capital

Allotted, called up and fully paid
2025
£
  2024
£
92 Class A shares of £1.00 each 92    92 
2 Class B shares of £1.00 each  
2 Class C shares of £1.00 each  
2 Class D shares of £1.00 each  
2 Class E shares of £1.00 each  
100    100 

7.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
2