Thistle Systems Limited

	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—4

Registered number: SC348504

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,384		1,495

			1,384		1,495
CURRENT ASSETS
Stocks		-		16,150
Debtors		4,248		-
Cash at bank and in hand		203,335		320,634

		207,583		336,784
Creditors: Amounts Falling Due Within One Year		(59,328 )		(94,118 )

NET CURRENT ASSETS (LIABILITIES)			148,255		242,666

TOTAL ASSETS LESS CURRENT LIABILITIES			149,639		244,161

NET ASSETS			149,639		244,161

CAPITAL AND RESERVES
Called up share capital	5		100		100
Profit and Loss Account			149,539		244,061

SHAREHOLDERS' FUNDS			149,639		244,161

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Thistle Systems Limited

Abridged Balance Sheet (continued)

As At 30 September 2024

For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The director acknowledges his 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 September 2024 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Mr. Lawrence Scott

Director

29 September 2024

The notes on pages 3 to 4 form part of these financial statements.

1. General Information

Thistle Systems Limited is a private company, limited by shares, incorporated in Scotland, registered number SC348504 . The registered office is 5/8 Bell's Mills, Edinburgh, EH4 3DG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% reducing balance

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Thistle Systems Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 30 September 2024

2.6. Taxation

The corporation tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

4. Tangible Assets

	Total
	£
Cost
As at 1 October 2023	6,280
Additions	500

As at 30 September 2024	6,780

Depreciation
As at 1 October 2023	4,785
Provided during the period	611

As at 30 September 2024	5,396

Net Book Value
As at 30 September 2024	1,384

As at 1 October 2023	1,495

5. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

6. Controlling Party

The company's controlling party is Lawrence Scott by virtue of his ownership of 95% of the issued share capital in the company.

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