Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Mr A C Sawers 10/02/2012 Mrs V M Sawers 14/08/2021 22 February 2024 The principal activity of the company during the financial year continued to be the installation of custom built wardrobes. SC416739 2023-06-30 SC416739 bus:Director1 2023-06-30 SC416739 bus:Director2 2023-06-30 SC416739 2022-06-30 SC416739 core:CurrentFinancialInstruments 2023-06-30 SC416739 core:CurrentFinancialInstruments 2022-06-30 SC416739 core:Non-currentFinancialInstruments 2023-06-30 SC416739 core:Non-currentFinancialInstruments 2022-06-30 SC416739 core:ShareCapital 2023-06-30 SC416739 core:ShareCapital 2022-06-30 SC416739 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC416739 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC416739 core:LeaseholdImprovements 2022-06-30 SC416739 core:PlantMachinery 2022-06-30 SC416739 core:Vehicles 2022-06-30 SC416739 core:OfficeEquipment 2022-06-30 SC416739 core:LeaseholdImprovements 2023-06-30 SC416739 core:PlantMachinery 2023-06-30 SC416739 core:Vehicles 2023-06-30 SC416739 core:OfficeEquipment 2023-06-30 SC416739 bus:OrdinaryShareClass1 2023-06-30 SC416739 core:WithinOneYear 2023-06-30 SC416739 core:WithinOneYear 2022-06-30 SC416739 core:BetweenOneFiveYears 2023-06-30 SC416739 core:BetweenOneFiveYears 2022-06-30 SC416739 2022-07-01 2023-06-30 SC416739 bus:FilletedAccounts 2022-07-01 2023-06-30 SC416739 bus:SmallEntities 2022-07-01 2023-06-30 SC416739 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC416739 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC416739 bus:Director1 2022-07-01 2023-06-30 SC416739 bus:Director2 2022-07-01 2023-06-30 SC416739 core:LeaseholdImprovements core:TopRangeValue 2022-07-01 2023-06-30 SC416739 core:PlantMachinery 2022-07-01 2023-06-30 SC416739 core:Vehicles 2022-07-01 2023-06-30 SC416739 core:OfficeEquipment core:TopRangeValue 2022-07-01 2023-06-30 SC416739 2021-07-01 2022-06-30 SC416739 core:LeaseholdImprovements 2022-07-01 2023-06-30 SC416739 core:OfficeEquipment 2022-07-01 2023-06-30 SC416739 core:CurrentFinancialInstruments 2022-07-01 2023-06-30 SC416739 core:Non-currentFinancialInstruments 2022-07-01 2023-06-30 SC416739 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 SC416739 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC416739 (Scotland)

ALVIC SLIDING WARDROBES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH THE REGISTRAR

ALVIC SLIDING WARDROBES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

Contents

ALVIC SLIDING WARDROBES LIMITED

BALANCE SHEET

AS AT 30 JUNE 2023
ALVIC SLIDING WARDROBES LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 121,237 98,217
121,237 98,217
Current assets
Stocks 11,500 11,500
Debtors 4 33,302 70,841
Cash at bank and in hand 47,535 115,229
92,337 197,570
Creditors: amounts falling due within one year 5 ( 83,680) ( 131,082)
Net current assets 8,657 66,488
Total assets less current liabilities 129,894 164,705
Creditors: amounts falling due after more than one year 6 ( 74,427) ( 57,617)
Provision for liabilities 7 ( 16,529) ( 22,346)
Net assets 38,938 84,742
Capital and reserves
Called-up share capital 8 102 102
Profit and loss account 38,836 84,640
Total shareholders' funds 38,938 84,742

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 financial statements of Alvic Sliding Wardrobes Limited (registered number: SC416739) were approved and authorised for issue by the Director on 22 February 2024. They were signed on its behalf by:

Mr A C Sawers
Director
ALVIC SLIDING WARDROBES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
ALVIC SLIDING WARDROBES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Alvic Sliding Wardrobes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Suite 1 The Old Mill, Houston Road, Houston, PA6 7AW, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the installation of wardrobes, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 July 2022 10,600 45,985 64,117 24,497 145,199
Additions 0 5,010 56,448 0 61,458
At 30 June 2023 10,600 50,995 120,565 24,497 206,657
Accumulated depreciation
At 01 July 2022 1,767 3,333 28,000 13,882 46,982
Charge for the financial year 2,120 11,397 19,613 5,308 38,438
At 30 June 2023 3,887 14,730 47,613 19,190 85,420
Net book value
At 30 June 2023 6,713 36,265 72,952 5,307 121,237
At 30 June 2022 8,833 42,652 36,117 10,615 98,217

4. Debtors

2023 2022
£ £
Trade debtors 33,302 43,560
Other debtors 0 27,281
33,302 70,841

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,500 9,500
Trade creditors 19,228 26,365
Taxation and social security 28,241 48,320
Obligations under finance leases and hire purchase contracts (secured) 16,516 11,312
Other creditors 10,195 35,585
83,680 131,082

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 25,341 34,994
Obligations under finance leases and hire purchase contracts (secured) 49,086 22,623
74,427 57,617

Obligations under finance leases amd hire purchase contracts are secured against the assets to which they relate.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 16,529 22,346

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
102 Ordinary shares of £ 1.00 each 102 102

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 9,000 9,000
between one and five years 27,000 36,000
36,000 45,000

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by key management personnel 0 27,281
Amounts owed to key management personnel 199 0