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Registration number: SC094136

House of Blinds Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

House of Blinds Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

House of Blinds Limited

Company Information

Director

Mr Jeffrey Forrest

Company secretary

Mr Stephen Forrest

Registered office

Unit 10
Bonnybridge Industrial
Estate
Bonnybridge
FK4 2BW

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

House of Blinds Limited

(Registration number: SC094136)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

269,957

281,309

Current assets

 

Stocks

5

18,000

19,710

Debtors

6

57,402

76,047

Cash at bank and in hand

 

282,527

242,227

 

357,929

337,984

Creditors: Amounts falling due within one year

7

(96,474)

(95,487)

Net current assets

 

261,455

242,497

Total assets less current liabilities

 

531,412

523,806

Creditors: Amounts falling due after more than one year

7

(31,767)

(54,113)

Provisions for liabilities

(51,291)

(53,448)

Net assets

 

448,354

416,245

Capital and reserves

 

Called up share capital

100

100

Retained earnings

448,254

416,145

Shareholders' funds

 

448,354

416,245

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 October 2023
 

.........................................
Mr Jeffrey Forrest
Director

 

House of Blinds Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

House of Blinds Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

10% on cost

Plant and machinery

10% on reducing balance

Fixtures and fittings

20% on cost

Motor vehicles

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 11).

 

House of Blinds Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 July 2022

20,253

119,700

489,271

157,080

Additions

-

7,892

31,663

-

At 30 June 2023

20,253

127,592

520,934

157,080

Depreciation

At 1 July 2022

20,253

111,216

258,984

114,542

Charge for the year

-

3,275

28,079

19,553

At 30 June 2023

20,253

114,491

287,063

134,095

Carrying amount

At 30 June 2023

-

13,101

233,871

22,985

At 30 June 2022

-

8,484

230,287

42,538

Total
£

Cost or valuation

At 1 July 2022

786,304

Additions

39,555

At 30 June 2023

825,859

Depreciation

At 1 July 2022

504,995

Charge for the year

50,907

At 30 June 2023

555,902

Carrying amount

At 30 June 2023

269,957

At 30 June 2022

281,309

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

18,000

19,710

 

House of Blinds Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

370

1,326

Other debtors

57,032

74,721

 

57,402

76,047

 

House of Blinds Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

18,421

18,722

Trade creditors

 

37,126

40,325

Taxation and social security

 

22,120

19,656

Other creditors

 

18,807

16,784

 

96,474

95,487

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

31,767

54,113

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,597

31,117

Hire purchase contracts

10,170

22,996

31,767

54,113

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,104

11,104

Hire purchase contracts

7,317

7,618

18,421

18,722

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

 

House of Blinds Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
 £

2022
 £

Jeffrey Forrest

113

2,875

 

113

2,875

The maximum balance outstanding during the year amounted to £2,875.

The directors current accounts are repayable on demand.

Other creditors include the following amounts which are owed to shareholders of the company during the year: Stephen Forrest £5,180 (2022: £4,180).

Other creditors include the following amounts which are owed to shareholders of the company during the year: Andrew Forrest £1,000 (2022: £3,009).

The above loans are repayable on demand.

Forrest Properties, a firm owned by Jeffrey Forrest, owns the properties occupied by the company. The company was charged rent of £35,950 during the year (2022: £33,470).

Interest is charged at 5% on the outstanding balance at 30 June each year on a loan made to Forrest Properties. The loan has no fixed terms of repayment. Interest of £3,555 was charged in the period to 30 June 2023 (2022: £1,626). The balance outstanding on the loan at 30 June 2023 was £54,771 (2022: £71,106).

Jeffrey Forrest, the sole director, controls the company by virtue of a controlling interest of 60% of the issued ordinary share capital.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
House of Blinds Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of House of Blinds Limited for the year ended 30 June 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of House of Blinds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of House of Blinds Limited and state those matters that we have agreed to state to the Board of Directors of House of Blinds Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than House of Blinds Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that House of Blinds Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of House of Blinds Limited. You consider that House of Blinds Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of House of Blinds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

16 October 2023