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REGISTERED NUMBER: SC432042 (Scotland)












UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

FIRST FLOORS (SCOTLAND) LTD

FIRST FLOORS (SCOTLAND) LTD (REGISTERED NUMBER: SC432042)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


FIRST FLOORS (SCOTLAND) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr D Samuel





REGISTERED OFFICE: 176 Fenwick Road
Giffnock
Glasgow
G46 6XF





REGISTERED NUMBER: SC432042 (Scotland)





ACCOUNTANTS: Donachie Chartered Accountants
2nd Floor
Templeton House
62 Templeton Street
Glasgow
G40 1DA

FIRST FLOORS (SCOTLAND) LTD (REGISTERED NUMBER: SC432042)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,323 11,700

CURRENT ASSETS
Stocks 5 25,000 15,000
Debtors 6 181,681 151,773
Cash at bank 377,193 392,265
583,874 559,038
CREDITORS
Amounts falling due within one year 7 177,720 200,038
NET CURRENT ASSETS 406,154 359,000
TOTAL ASSETS LESS CURRENT LIABILITIES 426,477 370,700

CREDITORS
Amounts falling due after more than one year 8 23,275 33,205
NET ASSETS 403,202 337,495

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 403,102 337,395
SHAREHOLDERS' FUNDS 403,202 337,495

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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:





Mr D Samuel - Director


FIRST FLOORS (SCOTLAND) LTD (REGISTERED NUMBER: SC432042)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 100 152,290 152,390

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 245,105 245,105
Balance at 31 March 2022 100 337,395 337,495

Changes in equity
Dividends - (87,500 ) (87,500 )
Total comprehensive income - 153,207 153,207
Balance at 31 March 2023 100 403,102 403,202

FIRST FLOORS (SCOTLAND) LTD (REGISTERED NUMBER: SC432042)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

First Floors (Scotland) 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 is measured at the fair value of the consideration received, net of VAT and represents the supply of services under contracts.

Turnover is recognised at the point at which the Company has fulfilled its contractual obligations to the customer, which can be reliably measured and it is probable that the economic benefit associated with the sale will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the term of the lease
Plant and machinery - 20% Reducing balance
Fixtures and fittings - 15% straight line
Motor vehicles - 25% straight line

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
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.

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.

FIRST FLOORS (SCOTLAND) LTD (REGISTERED NUMBER: SC432042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.

Debtors and creditors that fall due within one year
Debtors and creditors that fall due within one year are recorded in the financial statements at undiscounted transaction (invoice) price. Debtors are reviewed for impairment at each reporting date and any impairments are recorded within the profit and loss and shown within administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 8,820 9,371 62,322 1,500 82,013
Additions 1,150 1,783 6,036 9,500 18,469
Disposals - - - (1,500 ) (1,500 )
At 31 March 2023 9,970 11,154 68,358 9,500 98,982
DEPRECIATION
At 1 April 2022 6,922 7,038 56,005 348 70,313
Charge for year 457 539 6,609 1,464 9,069
Eliminated on disposal - - - (723 ) (723 )
At 31 March 2023 7,379 7,577 62,614 1,089 78,659
NET BOOK VALUE
At 31 March 2023 2,591 3,577 5,744 8,411 20,323
At 31 March 2022 1,898 2,333 6,317 1,152 11,700

5. STOCKS
2023 2022
£    £   
Stocks 25,000 15,000

FIRST FLOORS (SCOTLAND) LTD (REGISTERED NUMBER: SC432042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 172,119 143,273
Prepayments and accrued income 9,562 8,500
181,681 151,773

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,929 9,687
Trade creditors 60,581 78,486
Corporation tax 33,922 57,869
Social security and other taxes 8,652 6,455
VAT 48,954 47,235
Directors' loan accounts 13,597 306
Accruals and deferred income 2,085 -
177,720 200,038

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,183 9,930
Bank loans - 2-5 years 13,092 23,275
23,275 33,205

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 67,905 61,852
Between one and five years 250,000 114,447
In more than five years 72,500 130,500
390,405 306,799

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

FIRST FLOORS (SCOTLAND) LTD (REGISTERED NUMBER: SC432042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr D Samuel
Balance outstanding at start of year (306 ) (509 )
Amounts advanced 709 203
Amounts repaid (14,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (13,597 ) (306 )

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D Samuel.