Company registration number SC387124 (Scotland)
SHED COLLECTIVE LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
SHED COLLECTIVE LTD
COMPANY INFORMATION
Directors
Mr S McWhinnie
Mr P De La Pena
Ms M N Drake
Mr G S Duncan
Company number
SC387124
Registered office
International House
38 Thistle Street
Edinburgh
United Kingdom
United Kingdom
EH2 1EN
Accountants
MMG Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
SHED COLLECTIVE LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of comprehensive income
3
Balance sheet
4
Notes to the financial statements
5 - 8
SHED COLLECTIVE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -
The directors present their annual report and financial statements for the year ended 28 February 2025.
Principal activities
The principal activity of the company continued to be that of website development.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S McWhinnie
Mr P De La Pena
Ms M N Drake
Mr G S Duncan
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr G S Duncan
Director
4 July 2025
SHED COLLECTIVE LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF SHED COLLECTIVE LTD
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shed Collective Ltd for the year ended 28 February 2025 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the Board of Directors of Shed Collective Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Shed Collective Ltd and state those matters that we have agreed to state to the Board of Directors of Shed Collective Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shed Collective Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Shed Collective Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shed Collective Ltd. You consider that Shed Collective Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Shed Collective Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MMG Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
DD1 1RQ
Scotland
4 July 2025
SHED COLLECTIVE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
2025
2024
Notes
£
£
Turnover
487,588
584,992
Cost of sales
(157,112)
(155,012)
Gross profit
330,476
429,980
Administrative expenses
(74,753)
(129,759)
Operating profit
255,723
300,221
Interest receivable and similar income
9,608
7,445
Interest payable and similar expenses
(205)
(326)
Profit before taxation
265,126
307,340
Tax on profit
3
(66,425)
(63,997)
Profit for the financial year
198,701
243,343
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SHED COLLECTIVE LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 4 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,610
3,987
Current assets
Stocks
21,877
-
Debtors
5
53,927
51,465
Cash at bank and in hand
216,818
327,107
292,622
378,572
Creditors: amounts falling due within one year
6
(100,126)
(116,316)
Net current assets
192,496
262,256
Total assets less current liabilities
197,106
266,243
Creditors: amounts falling due after more than one year
7
(8,334)
(18,265)
Provisions for liabilities
(1,153)
(997)
Net assets
187,619
246,981
Capital and reserves
Called up share capital
8
105
105
Profit and loss reserves
187,514
246,876
Total equity
187,619
246,981
For the financial 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.
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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 July 2025 and are signed on its behalf by:
Mr G S Duncan
Director
Company registration number SC387124 (Scotland)
SHED COLLECTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -
1
Accounting policies
Company information
Shed Collective Ltd is a private company limited by shares incorporated in Scotland. The registered office is International House, 38 Thistle Street, Edinburgh, United Kingdom, United Kingdom, EH2 1EN.
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
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 4 Years
Computers
Straight line over 3 Years
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.
SHED COLLECTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 6 -
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
5
5
3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
66,269
63,613
Deferred tax
Origination and reversal of timing differences
156
384
Total tax charge
66,425
63,997
SHED COLLECTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 March 2024
499
19,960
20,459
Additions
1,785
1,785
At 28 February 2025
499
21,745
22,244
Depreciation and impairment
At 1 March 2024
125
16,347
16,472
Depreciation charged in the year
93
1,069
1,162
At 28 February 2025
218
17,416
17,634
Carrying amount
At 28 February 2025
281
4,329
4,610
At 29 February 2024
374
3,613
3,987
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
53,538
50,959
Other debtors
389
506
53,927
51,465
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
10,000
Trade creditors
3,550
Corporation tax
66,136
76,746
Other taxation and social security
19,673
18,076
Other creditors
4,317
7,944
100,126
116,316
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
8,334
18,265
SHED COLLECTIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
1,224
1,224
105
105