2022-07-012023-06-302023-06-30falseSC197461FLOORS IN WOOD 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FLOORS IN WOOD LIMITED

Registered Number
SC197461
(Scotland)

Unaudited Financial Statements for the Year ended
30 June 2023

FLOORS IN WOOD LIMITED
Company Information
for the year from 1 July 2022 to 30 June 2023

Director

Rachael Anne Whyte

Registered Address

Kiamara House Unit 19
Eastfield Business Park, Newark
Road South, Glenrothes
KY7 4NS

Registered Number

SC197461 (Scotland)
FLOORS IN WOOD LIMITED
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets514,76218,430
14,76218,430
Current assets
Stocks15,03618,729
Debtors721,57739,482
Cash at bank and on hand22,59932,847
59,21291,058
Creditors amounts falling due within one year8(67,922)(70,819)
Net current assets (liabilities)(8,710)20,239
Total assets less current liabilities6,05238,669
Creditors amounts falling due after one year9(2,697)(4,839)
Provisions for liabilities(2,805)(3,502)
Net assets55030,328
Capital and reserves
Called up share capital33
Profit and loss account54730,325
Shareholders' funds55030,328
The financial statements were approved and authorised for issue by the Director on 20 September 2023, and are signed on its behalf by:
Rachael Anne Whyte
Director
Registered Company No. SC197461
FLOORS IN WOOD LIMITED
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
Floors in Wood 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.Compliance with applicable reporting framework
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.
3.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Vehicles25
Office Equipment15
Stocks policy
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax policy
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.
Leases policy
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Employee benefits policy
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Going concern
The financial statements have been prepared on the going concern basis. The director finds it appropriate for the financial statements to be prepared on this basis despite the net current liability position of the company. The company is reliant upon the continued support of the director who has confirmed she will not withdraw her director loan account to the detriment of other creditors.
4.Employee information

20232022
Average number of employees during the year32
5.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 July 223,2304,42619,67810,8751,28239,491
Additions-105--547652
At 30 June 233,2304,53119,67810,8751,82940,143
Depreciation and impairment
At 01 July 223,2303,2744,4759,63045221,061
Charge for year-1833,8011861504,320
At 30 June 233,2303,4578,2769,81660225,381
Net book value
At 30 June 23-1,07411,4021,0591,22714,762
At 30 June 22-1,15215,2031,24583018,430
6.Description of financial commitments other than capital commitments
Leasing Commitments per annum: Rent: £10,992 Vehicle Leasing: £3,599
7.Debtors

2023

2022

££
Trade debtors / trade receivables18,74137,407
Other debtors1,307926
Prepayments and accrued income1,5291,149
Total21,57739,482
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables37,61943,605
Taxation and social security7,0645,508
Finance lease and HP contracts2,1421,997
Other creditors19,02614,339
Accrued liabilities and deferred income2,0715,370
Total67,92270,819
9.Creditors after one year

2023

2022

££
Other creditors2,6974,839
Total2,6974,839