Glenearn Flooring of Perth Limited SC151685 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is flooring retailers. Digita Accounts Production Advanced 6.30.9574.0 true true SC151685 2022-07-01 2023-06-30 SC151685 2023-06-30 SC151685 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-06-30 SC151685 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-06-30 SC151685 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2023-06-30 SC151685 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2023-06-30 SC151685 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 SC151685 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 SC151685 core:CurrentFinancialInstruments 2023-06-30 SC151685 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC151685 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 SC151685 core:FurnitureFittings 2023-06-30 SC151685 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 SC151685 core:MotorVehicles 2023-06-30 SC151685 core:OfficeEquipment 2023-06-30 SC151685 core:PlantMachinery 2023-06-30 SC151685 bus:SmallEntities 2022-07-01 2023-06-30 SC151685 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC151685 bus:FullAccounts 2022-07-01 2023-06-30 SC151685 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 SC151685 bus:RegisteredOffice 2022-07-01 2023-06-30 SC151685 bus:Director2 2022-07-01 2023-06-30 SC151685 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-07-01 2023-06-30 SC151685 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-07-01 2023-06-30 SC151685 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2022-07-01 2023-06-30 SC151685 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2022-07-01 2023-06-30 SC151685 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC151685 core:ComputerEquipment 2022-07-01 2023-06-30 SC151685 core:FurnitureFittings 2022-07-01 2023-06-30 SC151685 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 SC151685 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 SC151685 core:LeaseholdImprovements 2022-07-01 2023-06-30 SC151685 core:MotorVehicles 2022-07-01 2023-06-30 SC151685 core:OfficeEquipment 2022-07-01 2023-06-30 SC151685 core:PlantMachinery 2022-07-01 2023-06-30 SC151685 countries:Scotland 2022-07-01 2023-06-30 SC151685 2022-06-30 SC151685 core:FurnitureFittings 2022-06-30 SC151685 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 SC151685 core:MotorVehicles 2022-06-30 SC151685 core:OfficeEquipment 2022-06-30 SC151685 core:PlantMachinery 2022-06-30 SC151685 2021-07-01 2022-06-30 SC151685 2022-06-30 SC151685 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-06-30 SC151685 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-06-30 SC151685 bus:OrdinaryShareClass3 bus:Non-cumulativeShares 2022-06-30 SC151685 bus:OrdinaryShareClass4 bus:Non-cumulativeShares 2022-06-30 SC151685 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-06-30 SC151685 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-06-30 SC151685 core:CurrentFinancialInstruments 2022-06-30 SC151685 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 SC151685 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 SC151685 core:FurnitureFittings 2022-06-30 SC151685 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 SC151685 core:MotorVehicles 2022-06-30 SC151685 core:OfficeEquipment 2022-06-30 SC151685 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC151685

Glenearn Flooring of Perth Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Glenearn Flooring of Perth Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Glenearn Flooring of Perth Limited

(Registration number: SC151685)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

152,828

134,998

Current assets

 

Stocks

5

176,053

181,303

Debtors

6

15,670

16,855

Cash at bank and in hand

 

269,727

264,251

 

461,450

462,409

Creditors: Amounts falling due within one year

7

(356,653)

(344,956)

Net current assets

 

104,797

117,453

Total assets less current liabilities

 

257,625

252,451

Creditors: Amounts falling due after more than one year

7

(7,245)

(8,476)

Provisions for liabilities

(21,230)

(19,206)

Net assets

 

229,150

224,769

Capital and reserves

 

Called up share capital

8

73,000

73,000

Retained earnings

156,150

151,769

Shareholders' funds

 

229,150

224,769

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

 

Glenearn Flooring of Perth Limited

(Registration number: SC151685)
Statement of Financial Position as at 30 June 2023

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 

.........................................
Mrs Jane Ewing-Murray
Director

 

Glenearn Flooring of Perth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Glenearn Road
Perth
PH2 0NJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Glenearn Flooring of Perth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture & Fittings

15% reducing balance

Motor Vehicles

25% reducing balance

Office Equipment

15% reducing balance

Computer Equipment

40% reducing balance

Property Improvements

2% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Glenearn Flooring of Perth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Glenearn Flooring of Perth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

 

Glenearn Flooring of Perth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 13 (2022 - 13).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

35,155

123,249

23,895

34,330

93,949

310,578

Additions

8,588

30,847

4,500

1,173

-

45,108

At 30 June 2023

43,743

154,096

28,395

35,503

93,949

355,686

Depreciation

At 1 July 2022

3,979

89,001

16,555

27,834

38,211

175,580

Charge for the year

795

10,214

4,735

1,150

10,384

27,278

At 30 June 2023

4,774

99,215

21,290

28,984

48,595

202,858

Carrying amount

At 30 June 2023

38,969

54,881

7,105

6,519

45,354

152,828

At 30 June 2022

31,176

34,248

7,340

6,496

55,738

134,998

Included within the net book value of land and buildings above is £38,968 (2022 - £31,176) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

176,053

181,303

 

Glenearn Flooring of Perth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

(325)

417

Prepayments

14,667

14,667

Other debtors

1,328

1,771

 

15,670

16,855

 

Glenearn Flooring of Perth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

27,047

28,483

Trade creditors

 

131,075

107,817

Taxation and social security

 

51,750

60,468

Accruals and deferred income

 

5,484

5,546

Other creditors

 

141,297

142,642

 

356,653

344,956

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

7,245

8,476

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

18,250

18,250

18,250

18,250

Ordinary B of £1 each

18,250

18,250

18,250

18,250

Ordinary C of £1 each

18,250

18,250

18,250

18,250

Ordinary D of £1 each

18,250

18,250

18,250

18,250

 

73,000

73,000

73,000

73,000

 

Glenearn Flooring of Perth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

7,245

8,476

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,500

22,500

Hire purchase contracts

9,547

5,983

27,047

28,483