Junk-It Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC308267 (Scotland)

Financial Statements

for the Year Ended 31 December 2024

for

Junk-It Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Malcolm

SL Malcolm

REGISTERED OFFICE:

Unit L

Woodville G

Woodville Street

Glasgow

G51 2RL

REGISTERED NUMBER:

SC308267 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Intangible assets

3

-

Property, plant and equipment

4

99,491

81,268

99,491

81,268

CURRENT ASSETS

Debtors

5

264,080

166,201

Cash at bank and in hand

52,975

140,655

317,055

306,856

CREDITORS

Amounts falling due within one year

6

93,721

86,795

NET CURRENT ASSETS

223,334

220,061

TOTAL ASSETS LESS CURRENT
LIABILITIES

322,825

301,329

CREDITORS

Amounts falling due after more than one
year

7

(5,075

)

(15,075

)

PROVISIONS FOR LIABILITIES

8

(24,720

)

(18,623

)

NET ASSETS

293,030

267,631

CAPITAL AND RESERVES

Called up share capital

9

102

Retained earnings

292,928

267,529

SHAREHOLDERS' FUNDS

293,030

267,631

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:

D J Malcolm - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 12 ) .

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

7,295

AMORTISATION

At 1 January 2024

and 31 December 2024

7,295

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

COST

At 1 January 2024

7,614

3,597

197,572

8,685

217,468

Additions

-

45,153

1,415

46,568

At 31 December 2024

7,614

3,597

242,725

10,100

264,036

DEPRECIATION

At 1 January 2024

4,239

2,941

120,916

8,104

136,200

Charge for year

506

98

27,495

246

28,345

At 31 December 2024

4,745

3,039

148,411

8,350

164,545

NET BOOK VALUE

At 31 December 2024

2,869

558

94,314

1,750

99,491

At 31 December 2023

3,375

656

76,656

581

81,268

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

16,655

12,322

Other debtors

247,425

153,879

264,080

166,201

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

10,000

Trade creditors

18,905

4,340

Tax

28,173

37,217

Social security and other taxes

4,409

5,101

VAT

28,634

26,498

Directors' current accounts

-

39

Accrued expenses

3,600

93,721

86,795

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans - 2-5 years

5,075

15,075

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

24,720

18,623

Deferred

tax

£

Balance at 1 January 2024

18,623

Movement

6,097

Balance at 31 December 2024

24,720

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

100

Ordinary

£1

100

2

Ordinary B shares

£1

2

102