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REGISTERED NUMBER: SC426042 (Scotland)




















Sinclairs Soft Furnishings Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023






Sinclairs Soft Furnishings Limited (Registered number: SC426042)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 9

Sinclairs Soft Furnishings Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: G H Sinclair



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC426042 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Starling Bank
7th Floor
Norfolk House
31 St James's Square
London
SW1Y 4JR

Sinclairs Soft Furnishings Limited (Registered number: SC426042)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 880 1,320
Tangible assets 5 3,018 3,518
3,898 4,838

CURRENT ASSETS
Stocks 7,500 7,500
Debtors 6 29,956 18,254
Cash at bank 70,647 29,771
108,103 55,525
CREDITORS
Amounts falling due within one year 7 86,919 26,477
NET CURRENT ASSETS 21,184 29,048
TOTAL ASSETS LESS CURRENT LIABILITIES 25,082 33,886

CREDITORS
Amounts falling due after more than one
year

8

(24,654

)

(28,754

)

PROVISIONS FOR LIABILITIES (279 ) (296 )
NET ASSETS 149 4,836

Sinclairs Soft Furnishings Limited (Registered number: SC426042)

Balance Sheet - continued
30 June 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 49 4,736
SHAREHOLDERS' FUNDS 149 4,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 4 March 2024 and were signed by:





G H Sinclair - Director


Sinclairs Soft Furnishings Limited (Registered number: SC426042)

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

1. STATUTORY INFORMATION

Sinclairs Soft Furnishings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 and revenue recognition
Turnover represents net invoiced sales of goods excluding value added tax. Revenue is recognised when the goods have been supplied to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Government grants
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Sinclairs Soft Furnishings Limited (Registered number: SC426042)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

Sinclairs Soft Furnishings Limited (Registered number: SC426042)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 75,000 2,200 77,200
AMORTISATION
At 1 July 2022 75,000 880 75,880
Charge for year - 440 440
At 30 June 2023 75,000 1,320 76,320
NET BOOK VALUE
At 30 June 2023 - 880 880
At 30 June 2022 - 1,320 1,320

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 10,899
Additions 1,113
At 30 June 2023 12,012
DEPRECIATION
At 1 July 2022 7,381
Charge for year 1,613
At 30 June 2023 8,994
NET BOOK VALUE
At 30 June 2023 3,018
At 30 June 2022 3,518

Sinclairs Soft Furnishings Limited (Registered number: SC426042)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 13,603 8,247
Other debtors 16,353 10,007
29,956 18,254

Included in other debtors is a loan to the director. The balance is unsecured and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,109 4,118
Trade creditors 3,573 8,518
Taxation and social security 16,024 11,756
Other creditors 63,213 2,085
86,919 26,477

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 24,654 28,754

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,218 12,283

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 24,041 24,041
Between one and five years 12,020 36,060
36,061 60,101

Sinclairs Soft Furnishings Limited (Registered number: SC426042)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
G H Sinclair
Balance outstanding at start of year (38 ) (5,289 )
Amounts advanced 33,667 27,835
Amounts repaid (26,828 ) (22,584 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,801 (38 )

Sinclairs Soft Furnishings Limited

Report of the Accountants to the Director of
Sinclairs Soft Furnishings Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 June 2023 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT


4 March 2024