REGISTERED NUMBER: SC276067 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2025

for

Totseat Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Groves

Ms R H R Jones

J G Millican

SECRETARY:

M A Groves

REGISTERED OFFICE:

111 Whitehouse Loan

Edinburgh

Midlothian

EH9 1AT

REGISTERED NUMBER:

SC276067 (Scotland)

ACCOUNTANTS:

Helen Lowe Ltd

17/21 East Mayfield

Edinburgh

Lothian

EH9 1SE

FIXED ASSETS

Intangible assets

4

13,866

17,475

CURRENT ASSETS

Stocks

1,288

2,686

Debtors

5

156

425

Cash at bank

3,805

6,091

5,249

9,202

CREDITORS

Amounts falling due within one year

6

5,219

6,158

NET CURRENT ASSETS

30

3,044

TOTAL ASSETS LESS CURRENT LIABILITIES

13,896

20,519

CREDITORS

Amounts falling due after more than one year

7

232,115

230,385

NET LIABILITIES

(218,219

)

(209,866

)

CAPITAL AND RESERVES

Called up share capital

66,486

66,486

Share premium

191,600

191,600

Retained earnings

(476,305

)

(467,952

)

SHAREHOLDERS' FUNDS

(218,219

)

(209,866

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 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 28 May 2026 and were signed on its behalf by:

Ms R H R Jones - Director

1.	STATUTORY INFORMATION

Totseat Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The company had net liabilities of £218,219 as at 31st May 2025 (2024: £209,866). Included in creditors more than 1 year are loans totalling £232,115 (2024: £230,385), including loans from shareholders, directors and others of of £231,044 (2024: £227,214). It has been agreed by all these lenders that these loans are to be written off. The directors therefore believe it is appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

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

Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Intellectual property 5% - 30% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2024

and 31 May 2025

103,048

AMORTISATION

At 1 June 2024

85,573

Charge for year

3,609

At 31 May 2025

89,182

NET BOOK VALUE

At 31 May 2025

13,866

At 31 May 2024

17,475

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Other debtors

156

425

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Bank loans and overdrafts

2,124

2,049

Trade creditors

1,995

2,418

Other creditors

1,100

1,691

5,219

6,158

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.25

31.5.24

£

£

Bank loans

1,071

3,171

Other creditors

231,044

227,214

232,115

230,385

8.	RELATED PARTY DISCLOSURES

Directors have provided loans to the company in the sum of £109,542 (2024: £105,714). The loans are interest-free and at the balance sheet date remain outstanding. Shareholders have provided loans to the company in the sum of £28,999 (2024: £28,999). The loans are interest-free and at the balance sheet date remain outstanding.

9.	POST BALANCE SHEET EVENTS

At the balance sheet date there were non bank loans outstanding of £231,044. On 2 March 2026, it was agreed by all these lenders to write off these loans.This will result in the retained losses of £476,305 as at 31 March 2025 being reduced to £245,261 and the net liabilities amount of £218,219 becoming a net asset amount of £12,825.