Just Hooked Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC225375

Just Hooked Limited

Filleted Unaudited Financial Statements

31 January 2024

Just Hooked Limited

Statement of Financial Position

31 January 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	5	151	194
Tangible assets	6	457,913	468,944
		---------	---------
		458,064	469,138

Current assets

Stocks		3,707	3,314
Debtors	7	19,916	19,662
Cash at bank and in hand		2,577	2,567
		--------	--------
		26,200	25,543

Creditors: amounts falling due within one year	8	194,288	174,481
		---------	---------
Net current liabilities		168,088	148,938
		---------	---------
Total assets less current liabilities		289,976	320,200

Creditors: amounts falling due after more than one year	9	107,025	139,275

Provisions

Taxation including deferred tax	30,418	30,644
	---------	---------
Net assets	152,533	150,281
	---------	---------

Capital and reserves

Called up share capital		1,000	1,000
Profit and loss account	10	151,533	149,281
		---------	---------
Shareholders funds		152,533	150,281
		---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 January 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 .

Just Hooked Limited

Statement of Financial Position (continued)

31 January 2024

These financial statements were approved by the board of directors and authorised for issue on 20 June 2025 , and are signed on behalf of the board by:

Mrs M R Evans

Director

Company registration number: SC225375

Just Hooked Limited

Notes to the Financial Statements

Year ended 31 January 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 1, 6 Leasgeary Road, Portree, Isle of Skye, IV51 9BE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Going concern

The company made a profit this year and expects to continue making profits going forward. On this basis the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Brand development	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Freehold property	-	2% straight line
Plant and machinery	-	25% straight line
Office equipment	-	25% straight line
Motor vehicles	-	25% reducing balance

Computer software	-	25% straight line
Tenants improvements	-	10% straight line

Land is not depreciated.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is then revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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 the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

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 as a finance cost 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 3 (2023: 3 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 February 2023 and 31 January 2024	3,250
	-------
Amortisation
At 1 February 2023	3,056
Charge for the year	43
	-------
At 31 January 2024	3,099
	-------
Carrying amount
At 31 January 2024	151
	-------
At 31 January 2023	194
	-------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Tenant improvements	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2023	441,794	11,999	20,650	53,435	45,788	573,666
Additions	–	516	–	–	–	516
	---------	--------	--------	--------	--------	---------
At 31 Jan 2024	441,794	12,515	20,650	53,435	45,788	574,182
	---------	--------	--------	--------	--------	---------
Depreciation
At 1 Feb 2023	18,028	10,692	19,921	21,358	34,723	104,722
Charge for the year	1,396	585	280	4,707	4,579	11,547
	---------	--------	--------	--------	--------	---------
At 31 Jan 2024	19,424	11,277	20,201	26,065	39,302	116,269
	---------	--------	--------	--------	--------	---------
Carrying amount
At 31 Jan 2024	422,370	1,238	449	27,370	6,486	457,913
	---------	--------	--------	--------	--------	---------
At 31 Jan 2023	423,766	1,307	729	32,077	11,065	468,944
	---------	--------	--------	--------	--------	---------

Investment properties were valued on the basis of market value at £292,880 (2023 - £292,880) by the directors. The historical cost of the properties included at valuation amounted to £174,984 (2023 - £174,984).

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 January 2024	26,833
	--------
At 31 January 2023	31,361
	--------

7. Debtors

	2024	2023
	£	£
Trade debtors	14,795	13,538
Other debtors	5,121	6,124
	--------	--------
	19,916	19,662
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	60,863	82,462
Trade creditors	104,164	62,941
Corporation tax	4,361	7,812
Social security and other taxes	4,749	1,747
Other creditors	20,151	19,519
	---------	---------
	194,288	174,481
	---------	---------

The bank holds the following security over loans made to the company:- Standard security over the land at Portree Industrial Estate, Isle of Skye- Bond and floating charge over the whole assets of the company- Postponement of repayment of directors loan

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	45,181	65,173
Other creditors	61,844	74,102
	---------	---------
	107,025	139,275
	---------	---------

The bank holds the following security over loans made to the company:- Standard security over the land at Portree Industrial Estate, Isle of Skye- Bond and floating charge over the whole assets of the company- Postponement of repayment of directors loan

The company has a Flexible Business Loan from their bankers which is repaid monthly.

10. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. The Profit and Loss reserve balance at the year end of £151,533 (2023 - £149,281) includes non-distributable reserves of £106,143 (2023 - £106,331). Non-distributable reserves relate to gains made on the revaluation of the company's investments properties.

11. Related party transactions

At 31 January 2024 the company owed the directors £47,339 (2023 - £51,396), this loan is interest free.