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REGISTERED NUMBER: SC503556 (Scotland)










Financial Statements

For The Year Ended 31 May 2023

for

First Class Terrazzo Ltd

First Class Terrazzo Ltd (Registered number: SC503556)






Contents of the Financial Statements
For The Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


First Class Terrazzo Ltd

Company Information
For The Year Ended 31 May 2023







DIRECTOR: P Bennett





REGISTERED OFFICE: 91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD





REGISTERED NUMBER: SC503556 (Scotland)





ACCOUNTANTS: Cahill Jack Associates Limited
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

First Class Terrazzo Ltd (Registered number: SC503556)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 193,560 235,290

CURRENT ASSETS
Debtors 5 296,603 306,100
Cash at bank 121,988 111,798
418,591 417,898
CREDITORS
Amounts falling due within one year 6 156,917 181,890
NET CURRENT ASSETS 261,674 236,008
TOTAL ASSETS LESS CURRENT
LIABILITIES

455,234

471,298

PROVISIONS FOR LIABILITIES 38,712 47,058
NET ASSETS 416,522 424,240

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 416,422 424,140
SHAREHOLDERS' FUNDS 416,522 424,240

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 8 November 2023 and were signed by:



P Bennett - Director


First Class Terrazzo Ltd (Registered number: SC503556)

Notes to the Financial Statements
For The Year Ended 31 May 2023

1. STATUTORY INFORMATION

First Class Terrazzo 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.

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.

Turnover
Turnover represents sales of tiling services,excluding VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Grants considered to be revenue in nature are credited to the profit and loss account in the same period as the related expenditure.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

First Class Terrazzo Ltd (Registered number: SC503556)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 2,000 487 389,809 12,681 404,977
Additions - - 22,790 - 22,790
At 31 May 2023 2,000 487 412,599 12,681 427,767
DEPRECIATION
At 1 June 2022 1,730 323 162,606 5,028 169,687
Charge for year 68 41 62,498 1,913 64,520
At 31 May 2023 1,798 364 225,104 6,941 234,207
NET BOOK VALUE
At 31 May 2023 202 123 187,495 5,740 193,560
At 31 May 2022 270 164 227,203 7,653 235,290

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 191,811 202,152
Other debtors 104,792 103,948
296,603 306,100

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 34,431 33,167
Taxation and social security 114,702 142,522
Other creditors 7,784 6,201
156,917 181,890