Classhappy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC136953 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022

FOR

CLASSHAPPY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A G Bain

Mrs K J Bain

SECRETARY:

A G Bain

REGISTERED OFFICE:

Letham Acredales

Haddington

EAST LOTHIAN

EH41 4NW

REGISTERED NUMBER:

SC136953 (Scotland)

ACCOUNTANTS:

Mitchell Edwards

Chartered Certified Accountants

24A Ainslie Place

Edinburgh

EH3 6AJ

BANKERS:

Bank of Scotland

44 Court Street

Haddington

EH41 3NP

SOLICITORS:

Garden Stirling Burnet

56 Court Street

Haddington

East Lothian

EH41 33AF

FIXED ASSETS

Tangible assets

4

1,031,221

1,058,247

CURRENT ASSETS

Debtors

5

1,748

64,070

Cash at bank

920,371

179,957

922,119

244,027

CREDITORS

Amounts falling due within one year

6

140,780

15,969

NET CURRENT ASSETS

781,339

228,058

TOTAL ASSETS LESS CURRENT LIABILITIES

1,812,560

1,286,305

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,812,460

1,286,205

SHAREHOLDERS' FUNDS

1,812,560

1,286,305

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 24 February 2023 and were signed on its behalf by:

A G Bain - Director

Mrs K J Bain - Director

1.	STATUTORY INFORMATION

Classhappy 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.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £.

2.	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.

Turnover

Turnover represents rent receivable in the year.

Tangible fixed assets

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

Land - not depreciated

Buildings - 4% on cost

Plant and machinery - 25% on reducing balance.

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 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Land &

Plant and

buildings

machinery

Totals

£

£

£

COST

At 1 June 2021

898,814

217,652

1,116,466

Additions

11,255

-

11,255

Disposals

(7,270

)

-

(7,270

)

At 31 May 2022

902,799

217,652

1,120,451

DEPRECIATION

At 1 June 2021

54,622

3,597

58,219

Charge for year

31,011

-

31,011

At 31 May 2022

85,633

3,597

89,230

NET BOOK VALUE

At 31 May 2022

817,166

214,055

1,031,221

At 31 May 2021

844,192

214,055

1,058,247

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

1,748

64,070

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

124,521

-

Other creditors

16,259

15,969

140,780

15,969

7.	RELATED PARTY DISCLOSURES

Included in Other creditors is £290 (2021: £59,709 debtor) which is due to another business under common control. This loan is unsecured, interest free and with no set terms of repayment.