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Company registration number: SC427460
Carpet Master of Stirling Limited
Unaudited filleted financial statements
31 March 2023
Carpet Master of Stirling Limited
Contents
Statement of financial position
Notes to the financial statements
Carpet Master of Stirling Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 23,250 27,900
Tangible assets 6 55,255 76,253
Investments 7 25,000 25,000
_______ _______
103,505 129,153
Current assets
Stocks 20,000 13,500
Debtors 8 69,338 64,413
Cash at bank and in hand 143,639 130,809
_______ _______
232,977 208,722
Creditors: amounts falling due
within one year 9 ( 112,531) ( 76,278)
_______ _______
Net current assets 120,446 132,444
_______ _______
Total assets less current liabilities 223,951 261,597
Creditors: amounts falling due
after more than one year 10 ( 21,667) ( 31,667)
Provisions for liabilities ( 10,219) ( 14,147)
_______ _______
Net assets 192,065 215,783
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 191,965 215,683
_______ _______
Shareholders funds 192,065 215,783
_______ _______
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 June 2023 , and are signed on behalf of the board by:
Isobel McDiarmid
Director
Company registration number: SC427460
Carpet Master of Stirling Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 36 Weaver Row, St Ninians, Stirling, FK7 9AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 7.14 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25.00 % straight line
Motor vehicles - 25.00 % straight line
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short term highly liquid investments.
Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 8 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 65,100 65,100
_______ _______
Amortisation
At 1 April 2022 37,200 37,200
Charge for the year 4,650 4,650
_______ _______
At 31 March 2023 41,850 41,850
_______ _______
Carrying amount
At 31 March 2023 23,250 23,250
_______ _______
At 31 March 2022 27,900 27,900
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 April 2022 and 31 March 2023 26,731 116,804 2,138 145,673
_______ _______ _______ _______
Depreciation
At 1 April 2022 10,445 56,838 2,138 69,421
Charge for the year 5,429 15,568 - 20,997
_______ _______ _______ _______
At 31 March 2023 15,874 72,406 2,138 90,418
_______ _______ _______ _______
Carrying amount
At 31 March 2023 10,857 44,398 - 55,255
_______ _______ _______ _______
At 31 March 2022 16,286 59,966 - 76,252
_______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2022 and 31 March 2023 25,000 25,000
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 25,000 25,000
_______ _______
At 31 March 2022 25,000 25,000
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 68,953 64,028
Other debtors 385 385
_______ _______
69,338 64,413
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 41,346 33,000
Corporation tax 7,806 -
Social security and other taxes 49,223 25,363
Other creditors 4,156 7,915
_______ _______
112,531 76,278
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 21,667 31,667
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Isobel McDiarmid ( 518) 5,000 5,475 9,957
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Isobel McDiarmid 4,460 ( 39,136) 34,158 ( 518)
_______ _______ _______ _______
Loans from the director are interest free and repayable on demand.
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Carpet Master Binding Services Limited 7,607 - ( 289) -
_______ _______ _______ _______
The company provided services to Carpet Master Binding Services Limited, a company under the control of the director. These services have been provided under the normal commericial terms of both companies.