Balance sheet continued

As at 31 December 2023

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2023

• 1. Accounting policies

  Basis of measurement and preparation

  General information
  The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 272 Bath Street, Glasgow, Scotland, G2 4JR, United Kingdom.
  
  Statement of compliance
  These financial statements have been prepared in compliance with FRS 102 Section 1A, ’The Financial Reporting Standard applicable to the UK and Republic of Ireland’.
  
  Basis of preparation
  The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
  The financial statements are prepared in sterling, which is the functional currency of the company.

  Turnover policy

  Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

  Tangible fixed assets depreciation policy

  Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
  Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

  Intangible fixed assets amortisation policy

  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.

  Valuation information and policy

  Stock
  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 stocks to their present location and condition.