Company Registration No. SC285388 (Scotland)
Lawrie (Furnishings) Limited
Unaudited accounts
for the year ended 31 March 2022
Lawrie (Furnishings) Limited
Unaudited accounts
Contents
Lawrie (Furnishings) Limited
Company Information
for the year ended 31 March 2022
Secretary
Catherine Murphy
Company Number
SC285388 (Scotland)
Registered Office
Unit 4, Maritime Court
8 Cartside Avenue
Inchinnan
PA4 9RX
Accountants
CLA Accountancy Services Ltd
2 Brierie Hill Grove
Houston
Renfrewshire
PA6 7BW
Lawrie (Furnishings) Limited
Statement of financial position
as at 31 March 2022
Tangible assets
112,193
126,681
Cash at bank and in hand
127,053
161,639
Creditors: amounts falling due within one year
(237,894)
(209,978)
Net current assets
256,614
279,310
Total assets less current liabilities
368,807
405,991
Creditors: amounts falling due after more than one year
(225,655)
(257,009)
Provisions for liabilities
Deferred tax
(21,317)
(25,298)
Net assets
121,835
123,684
Called up share capital
2
2
Profit and loss account
121,833
123,682
Shareholders' funds
121,835
123,684
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 9 August 2022 and were signed on its behalf by
William Murphy
Director
Company Registration No. SC285388
Lawrie (Furnishings) Limited
Notes to the Accounts
for the year ended 31 March 2022
Lawrie (Furnishings) Limited is a private company, limited by shares, registered in Scotland, registration number SC285388. The registered office is Unit 4, Maritime Court, 8 Cartside Avenue, Inchinnan, PA4 9RX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10%/50% straight line
Plant & machinery
20% straight line
Motor vehicles
25% straight line
Computer equipment
33% straight line
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Lawrie (Furnishings) Limited
Notes to the Accounts
for the year ended 31 March 2022
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2021
22,387
17,445
246,606
14,612
301,050
Additions
-
449
60,000
-
60,449
At 31 March 2022
22,387
17,894
306,606
14,612
361,499
At 1 April 2021
7,114
16,337
137,114
13,804
174,369
Charge for the year
2,105
224
71,935
673
74,937
At 31 March 2022
9,219
16,561
209,049
14,477
249,306
At 31 March 2022
13,168
1,333
97,557
135
112,193
At 31 March 2021
15,273
1,108
109,492
808
126,681
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
-
105,119
5
Debtors: amounts falling due within one year
2022
2021
Trade debtors
331,636
283,823
Amounts due from group undertakings etc.
4,894
3,794
Other debtors
5,925
15,032
6
Creditors: amounts falling due within one year
2022
2021
Obligations under finance leases and hire purchase contracts
53,938
42,804
Trade creditors
117,496
75,736
Taxes and social security
61,175
81,467
Other creditors
1,801
7,471
Loans from directors
1,213
-
Lawrie (Furnishings) Limited
Notes to the Accounts
for the year ended 31 March 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
118,646
150,000
Obligations under finance leases and hire purchase contracts
107,009
107,009
Included in creditors is an amount due to the director of £1,213 (2021: debtor £6,687). The loan is interest free, unsecured, and was repaid within 9 months of the year end.
9
Transactions with related parties
During the year, dividends of £112,000 (2021 - £112,00) were paid to the parent company, Murphy Furnishings Limited. The company also purchased goods and services totallng £Nil (2021 £Nil) and fixed assets of £Nil (2021 £Nil) from the parent company.
Included in debtors is an amount due from the parent company £4,894 (2021 - £3,794). This loan is interest free, unsecured and no repayment terms have been established.
The ultimate parent company is Murphy Furnishings Limited (Company Number SC396662), a company with registered offices at Threeply Farm, Torr Road, Bridge of Weir, Renfrewshire, PA11 3RT.
11
Average number of employees
During the year the average number of employees was 26 (2021: 24).