2022-03-012023-02-282023-02-28falseSC498500BORTHWICK DECORATORS 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BORTHWICK DECORATORS LIMITED

Registered Number
SC498500
(Scotland)

Unaudited Financial Statements for the Year ended
28 February 2023

BORTHWICK DECORATORS LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

E Borthwick
DW Borthwick

Registered Address

Kelly Accounting Ltd
42 Comrie Street
Crieff
PH7 4AX

Registered Number

SC498500 (Scotland)
BORTHWICK DECORATORS LIMITED
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets8214,760155,703
214,760155,703
Current assets
Stocks1135,75517,746
Debtors12421,781142,574
Cash at bank and on hand176,33148,139
633,867208,459
Creditors amounts falling due within one year13(241,411)(143,603)
Net current assets (liabilities)392,45664,856
Total assets less current liabilities607,216220,559
Creditors amounts falling due after one year14(68,949)(83,391)
Provisions for liabilities15(47,165)(34,991)
Net assets491,102102,177
Capital and reserves
Called up share capital1010
Profit and loss account491,092102,167
Shareholders' funds491,102102,177
The financial statements were approved and authorised for issue by the Board of Directors on 23 November 2023, and are signed on its behalf by:
DW Borthwick
Director
Registered Company No. SC498500
BORTHWICK DECORATORS LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the provisions of Section 1A 'Small Entities' (FRS102 section 1A) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
3.First time adoption and other factors relevant to transition
The company has adopted FRS102 section 1A for the first time with previous accounts being prepared under FRS105 'The Financial Reporting Standard applicable to the Micro-entities regime'. The prior year financial statements were restated for material adjustments on adoption of the FRS102 section 1A in the current year.
4.Principal activities
The principal activity of the company is the provision of painting and decorating services.
5.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
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 machinery25
Vehicles25
Office Equipment25
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Assets held under finance leases (which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company) and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Payments under operating lease contracts are expensed through the profit and loss account in the period in which payments are made.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
6.Prior period and policy change adjustments
Following the adoption of FRS102 Section 1A the Profit and loss reserve balance as at 1 March 2021 was reduced by £33,471 to reflect the deferred tax provision. In addition, the Profit and Loss account for the year to 28 February 2022 was restated to reflect a deferred tax charge for the year of £1,520.
7.Employee information

20232022
Average number of employees during the year1510
8.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 March 2214,3738,479233,80612,317268,975
Additions-3,111143,5827,623154,316
Disposals--(18,051)-(18,051)
At 28 February 2314,37311,590359,33719,940405,240
Depreciation and impairment
At 01 March 224664,510101,9146,382113,272
Charge for year1,4362,15775,3723,18882,153
On disposals--(4,945)-(4,945)
At 28 February 231,9026,667172,3419,570190,480
Net book value
At 28 February 2312,4714,923186,99610,370214,760
At 28 February 2213,9073,969131,8925,935155,703
9.Description of nature of transactions and balances with related parties
At the year end, the company was owed £391,272 (2022: £107,902) by its parent company, Truckee Holdings Limited.
10.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
DW Borthwick1,7502,6601,7502,660
1,7502,6601,7502,660
11.Stocks

2023

2022

££
Work in progress35,75517,746
Total35,75517,746
12.Debtors

2023

2022

££
Trade debtors / trade receivables23,14032,009
Amounts owed by group undertakings391,273107,902
Other debtors2,6601,749
Prepayments and accrued income4,708914
Total421,781142,574
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables74,25833,033
Bank borrowings and overdrafts15,83215,832
Taxation and social security116,12054,990
Finance lease and HP contracts28,75328,958
Accrued liabilities and deferred income6,44810,790
Total241,411143,603
14.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts38,05253,884
Other creditors30,89729,507
Total68,94983,391
The bank borrowings comprise a Business Bounceback loan from Barclays Bank and a loan from The Energy Saving Trust. The Business Bounceback loan is guaranteed by the UK Government, and is unsecured. It bears interest at 2.5% and is repayable over a 5 year term. The loan from the Energy Saving Trust is unsecured, interest free and repayable over 5 years. Other long term creditors relate to hire purchase agreements which are secured over the relevant assets.
15.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)47,16534,991
Total47,16534,991