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REGISTERED NUMBER: 06443873 (England and Wales)















GRAEME SCOTT FURNITURE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






GRAEME SCOTT FURNITURE LIMITED (REGISTERED NUMBER: 06443873)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRAEME SCOTT FURNITURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: G Scott
D F Woodward





SECRETARY: G Scott





REGISTERED OFFICE: 37 Mill Street
Bideford
EX39 2JJ





REGISTERED NUMBER: 06443873 (England and Wales)





ACCOUNTANTS: Jane Maynard Limited
T/A Maynard Johns
37 Mill Street
Bideford
DEVON
EX39 2JJ

GRAEME SCOTT FURNITURE LIMITED (REGISTERED NUMBER: 06443873)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 9,703 13,511
9,703 13,511

CURRENT ASSETS
Stocks 10,000 24,000
Debtors 6 3,795 46,608
Cash at bank 9,962 18,216
23,757 88,824
CREDITORS
Amounts falling due within one year 7 (112,772 ) (109,967 )
NET CURRENT LIABILITIES (89,015 ) (21,143 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(79,312

)

(7,632

)

CREDITORS
Amounts falling due after more than one year 8 - (21,540 )
NET LIABILITIES (79,312 ) (29,172 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (79,412 ) (29,272 )
SHAREHOLDERS' FUNDS (79,312 ) (29,172 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

GRAEME SCOTT FURNITURE LIMITED (REGISTERED NUMBER: 06443873)

BALANCE SHEET - continued
31 JANUARY 2024


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 12 March 2024 and were signed on its behalf by:





G Scott - Director


GRAEME SCOTT FURNITURE LIMITED (REGISTERED NUMBER: 06443873)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Graeme Scott Furniture Limited is a private company, limited by shares , registered in England and Wales. 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of five 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.

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 - 25% on reducing balance and 10% on reducing balance

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

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.

GRAEME SCOTT FURNITURE LIMITED (REGISTERED NUMBER: 06443873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

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.

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.

Amounts recoverable on contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amount received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Going concern
These financial statements have been prepared on a going concern basis as the directors have agreed to provide ongoing financial support via their directors' loan accounts.

The directors have assessed the company's financial position as well as considered the future sales expectation.

The company traded throughout the year, however, after the loss of key contracts the company will cease trading from 29th February 2024.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 30,000
AMORTISATION
At 1 February 2023
and 31 January 2024 30,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

GRAEME SCOTT FURNITURE LIMITED (REGISTERED NUMBER: 06443873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 52,706
Additions 333
Disposals (1,502 )
At 31 January 2024 51,537
DEPRECIATION
At 1 February 2023 39,195
Charge for year 3,044
Eliminated on disposal (405 )
At 31 January 2024 41,834
NET BOOK VALUE
At 31 January 2024 9,703
At 31 January 2023 13,511

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 330
Amounts recoverable on contract 1,929 40,500
VAT - 3,578
Prepayments and accrued income 1,866 2,200
3,795 46,608

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 23,102 9,000
Trade creditors 14,809 11,481
Social security and other taxes 2,797 7,575
VAT 907 -
Other creditors 956 2,184
Directors' current accounts 68,834 77,626
Accruals and deferred income 1,367 2,101
112,772 109,967

GRAEME SCOTT FURNITURE LIMITED (REGISTERED NUMBER: 06443873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 9,000
Bank loans - 2-5 years - 12,540
- 21,540

9. GOING CONCERN

These financial statements have been prepared on a going concern basis as the directors have agreed to provide ongoing financial support via their directors' loan accounts.

The directors have assessed the company's financial position as well as considered the future sales expectation.

The company traded throughout the year, however, after the loss of key contracts the company will cease trading from 29th February 2024.