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COMPANY REGISTRATION NUMBER: SC469243
CMC Decorators Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
CMC Decorators Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Current assets
Stocks
450
3,500
Debtors
5
327
Cash at bank and in hand
1,633
11,188
-------
--------
2,410
14,688
Creditors: amounts falling due within one year
6
9,184
8,992
-------
--------
Net current (liabilities)/assets
( 6,774)
5,696
-------
-------
Total assets less current liabilities
( 6,774)
5,696
Creditors: amounts falling due after more than one year
7
14,482
16,769
--------
--------
Net liabilities
( 21,256)
( 11,073)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 21,356)
( 11,173)
--------
--------
Shareholders deficit
( 21,256)
( 11,073)
--------
--------
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.
For the year ending 28 February 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
C McCall
Director
Company registration number: SC469243
CMC Decorators Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Kittoch Street, East Kilbride, G74 4JW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The continuance of trading is dependant on the ongoing support of the company's director. These financial statements have been drawn up on a going concern basis which assumes that this support will continue.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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 stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Debtors
2023
2022
£
£
Trade debtors
327
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,000
2,000
Corporation tax
5,194
5,071
Other creditors
1,990
1,921
-------
-------
9,184
8,992
-------
-------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,482
16,769
--------
--------
8. Related party transactions
Control:- The company was under the control of C McCall throughout the period. C McCall is the sole director and shareholder. Transactions:- No transactions with related parties were undertaken such as are required to be disclosed under Section 1A of FRS 102.