Company registration number SC566787 (Scotland)
Five One Trading Ltd
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with registrar
Five One Trading Ltd
Balance sheet
as at 30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,734
3,525
Current assets
Debtors
59,949
5,797
Cash at bank and in hand
33,260
36,067
93,209
41,864
Creditors: amounts falling due within one year
(81,037)
(42,455)
Net current assets/(liabilities)
12,172
(591)
Net assets
13,906
2,934
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
13,706
2,734
Total equity
13,906
2,934
Five One Trading Ltd
Balance sheet (continued)
as at 30 September 2024
2
For the financial year ended 30 September 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 director acknowledges his 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.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 June 2025
Charles Clark
Director
Company registration number SC566787 (Scotland)
Five One Trading Ltd
Notes to the financial statements
for the year ended 30 September 2024
3
1
Accounting policies
Company information
Five One Trading Ltd is a private company limited by shares incorporated in Scotland. The registered office is Drum Cottage, Drumoak, Banchory, AB31 5AE.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Plant and equipment
Straight line over 5 years
Fixtures and fittings
Straight line over 5 years
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.
Five One Trading Ltd
Notes to the financial statements (continued)
for the year ended 30 September 2024
1
Accounting policies (continued)
4
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Tangible fixed assets
Total
£
Cost
At 1 October 2023 and 30 September 2024
35,287
Depreciation and impairment
At 1 October 2023
31,762
Depreciation charged in the year
1,791
At 30 September 2024
33,553
Carrying amount
At 30 September 2024
1,734
At 30 September 2023
3,525