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REGISTERED NUMBER: SC471833 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Lothian DIY & Building Supplies Ltd

Lothian DIY & Building Supplies Ltd (Registered number: SC471833)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Lothian DIY & Building Supplies Ltd (Registered number: SC471833)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 269,003 295,959

CURRENT ASSETS
Stocks 232,055 171,114
Debtors 5 302,606 340,112
Cash at bank and in hand 114,421 209,949
649,082 721,175
CREDITORS
Amounts falling due within one year 6 (425,890 ) (433,562 )
NET CURRENT ASSETS 223,192 287,613
TOTAL ASSETS LESS CURRENT
LIABILITIES

492,195

583,572

CREDITORS
Amounts falling due after more than one year 7 (59,896 ) (93,246 )

PROVISIONS FOR LIABILITIES (67,251 ) (56,232 )
NET ASSETS 365,048 434,094

CAPITAL AND RESERVES
Called up share capital 400 400
Retained earnings 364,648 433,694
365,048 434,094

Lothian DIY & Building Supplies Ltd (Registered number: SC471833)

Balance Sheet - continued
31 March 2023


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 directors acknowledge their 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 Board of Directors and authorised for issue on 9 October 2023 and were signed on its behalf by:




Mr G T Bryce - Director



Mr S W Morrison - Director


Lothian DIY & Building Supplies Ltd (Registered number: SC471833)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Lothian DIY & Building Supplies Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC471833. The registered office is Westwood House Five Sisters Business Park, Westwood, West Calder, EH55 8PN.

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 net invoiced sales of goods in respect of wholesale of wood, construction materials and sanitary equipment excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 20% on cost and 10% on cost

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

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.

Lothian DIY & Building Supplies Ltd (Registered number: SC471833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 391,180
Additions 54,640
At 31 March 2023 445,820
DEPRECIATION
At 1 April 2022 95,221
Charge for year 81,596
At 31 March 2023 176,817
NET BOOK VALUE
At 31 March 2023 269,003
At 31 March 2022 295,959

Lothian DIY & Building Supplies Ltd (Registered number: SC471833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 21,000
DEPRECIATION
At 1 April 2022 7,433
Charge for year 4,200
At 31 March 2023 11,633
NET BOOK VALUE
At 31 March 2023 9,367
At 31 March 2022 13,567

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 281,144 340,112
Other debtors 21,462 -
302,606 340,112

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 31,250 31,250
Hire purchase contracts 2,100 6,300
Trade creditors 373,605 303,721
Taxation and social security 8,773 83,890
Other creditors 10,162 8,401
425,890 433,562

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 59,896 91,146
Hire purchase contracts - 2,100
59,896 93,246

Lothian DIY & Building Supplies Ltd (Registered number: SC471833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 2,100 8,400

Hire purchase contracts are secured on the assets to which they relate.