Ten Zero Seven Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC424657 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

TEN ZERO SEVEN LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Rennie

REGISTERED OFFICE:

2 Barnton Brae

Edinburgh

EH4 6DG

REGISTERED NUMBER:

SC424657 (Scotland)

ACCOUNTANTS:

Haines Watts

Business Advisors and Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Investments

4

36,517

41,808

CURRENT ASSETS

Cash at bank

929

818

CREDITORS

Amounts falling due within one year

5

27,460

24,497

NET CURRENT LIABILITIES

(26,531

)

(23,679

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,986

18,129

PROVISIONS FOR LIABILITIES

6

3,741

4,744

NET ASSETS

6,245

13,385

CAPITAL AND RESERVES

Called up share capital

100

100

Non-distributable reserve

17,419

21,708

Retained earnings

(11,274

)

(8,423

)

SHAREHOLDERS' FUNDS

6,245

13,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 4 October 2023 and were signed by:

R Rennie - Director

1.	STATUTORY INFORMATION

Ten Zero Seven Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

As at 31 May 2023 the company's current liabilities exceeded current assets by £26,531 (2022 - £23,679). The company relies on the continued support of its director to finance its working capital requirements. The director considers it appropriate to prepare the financial statements on a going concern basis as they have confirmed that their support will continue for the foreseeable future.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 (2022 - NIL).

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 June 2022

41,808

Revaluations

(5,291

)

At 31 May 2023

36,517

NET BOOK VALUE

At 31 May 2023

36,517

At 31 May 2022

41,808

Cost or valuation at 31 May 2023 is represented by:

Other

investments

£

Valuation in 2022

26,451

Valuation in 2023

(5,292

)

Cost

15,358

36,517

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Taxation and social security

11,427

11,090

Other creditors

16,033

13,407

27,460

24,497

6.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Revalued assets

3,741

4,744

Deferred

tax

£

Balance at 1 June 2022

4,744

Credit to Income Statement during year

(1,003

)

Balance at 31 May 2023

3,741

7.	RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £10,398 (2022 - £5,727) due to the director from the company. This loan is interest free and repayable on demand.