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No description of principal activity
2022-05-03
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC731190
2022-05-03
2023-10-31
SC731190
2023-10-31
SC731190
2022-05-02
SC731190
bus:OrdinaryShareClass1
2022-05-03
2023-10-31
SC731190
bus:Director1
2022-05-03
2023-10-31
SC731190
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2023-10-31
SC731190
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2023-10-31
SC731190
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2023-10-31
SC731190
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2022-05-03
2023-10-31
SC731190
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2022-05-03
2023-10-31
SC731190
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2022-05-03
2023-10-31
SC731190
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2022-05-03
2023-10-31
SC731190
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2022-05-03
2023-10-31
SC731190
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2023-10-31
SC731190
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2022-05-03
2023-10-31
COMPANY REGISTRATION NUMBER:
SC731190
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 October 2023
Current assets
|
Cash at bank and in hand |
47,640 |
|
|
|
|
|
Creditors: amounts falling due within one year |
4 |
4,727 |
|
|
-------- |
|
|
Net current assets |
|
42,913 |
|
|
-------- |
|
Total assets less current liabilities |
|
42,913 |
|
|
-------- |
|
Net assets |
|
42,913 |
|
|
-------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
5 |
|
1 |
|
Profit and loss account |
|
42,912 |
|
|
-------- |
|
Shareholders funds |
|
42,913 |
|
|
-------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
1 May 2024
, and are signed on behalf of the board by:
Company registration number:
SC731190
|
Notes to the Financial Statements |
|
Period from 3 May 2022 to 31 October 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is C/O Turcan Connell Princes Exchange,, 1 Earl Grey Street, Edinburgh, EH3 9EE, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Government grants Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash at bank are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Creditors:
amounts falling due within one year
|
31 Oct 23 |
|
£ |
|
Corporation tax |
47 |
|
Other creditors |
4,680 |
|
------- |
|
4,727 |
|
------- |
|
|
5.
Called up share capital
Issued, called up and fully paid
|
31 Oct 23 |
|
No. |
£ |
|
Ordinary shares of £ 1 each |
1 |
1 |
|
---- |
---- |
|
|
|
6.
Related party transactions
During the period, a
director
gifted land with a value of £1,145,000 to the company. The director received no proceeds in return, and title to the land is held by the company.
