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REGISTERED NUMBER: SC448939 (Scotland)















Financial Statements for the Year Ended 30 April 2023

for

PAPER FLOWER BY JAMES NESS LTD

PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939)

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










Page

Balance Sheet 1

Notes to the Financial Statements 2


PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939)

Balance Sheet
30 April 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 3,969 4,056
3,969 4,056

Current assets
Stocks 278,015 245,360
Debtors 6 10,458 8,220
Cash at bank and in hand 105,122 106,681
393,595 360,261
Creditors
Amounts falling due within one year 7 (55,458 ) (58,151 )
Net current assets 338,137 302,110
Total assets less current liabilities 342,106 306,166

Capital and reserves
Called up share capital 8 2 2
Retained earnings 342,104 306,164
Shareholders' funds 342,106 306,166

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 April 2024 and were signed by:





Mrs F M Ness - Director


PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939)

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


1. Statutory information

Paper Flower By James Ness Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC448939

Registered office: 37 High Street
North Berwick
EH39 4HH

The presentation currency of the financial statements is the Pound Sterling (£).


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 net of VAT and
trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods supplied and services provided is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and
amortised on a straight line basis over its useful life. The period chosen to write off goodwill is four years. Provision is made for any impairment.

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.
Fixtures, fittings & equipment - 25% on reducing balance

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939)

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


2. Accounting policies - continued
Taxation
Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation represents the future taxation consequences of transactions and events recognised in the
financial statements of current and previous periods. It is recognised in respect of all timing differences, with
certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits.

Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Pension costs and other post-retirement benefits
The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year.

Hire purchase and leases
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 payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Bank and cash
Cash at bank and in hand includes cash and short term highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3. Employees and directors

The average number of employees during the year was 8 (2022 - 6 ) .

PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939)

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


4. Intangible fixed assets
Goodwill
£   
Cost
At 1 May 2022
and 30 April 2023 5,140
Amortisation
At 1 May 2022
and 30 April 2023 5,140
Net book value
At 30 April 2023 -
At 30 April 2022 -

5. Tangible fixed assets
Fixtures,
fittings
& equipment
£   
Cost
At 1 May 2022 17,403
Additions 1,239
At 30 April 2023 18,642
Depreciation
At 1 May 2022 13,347
Charge for year 1,326
At 30 April 2023 14,673
Net book value
At 30 April 2023 3,969
At 30 April 2022 4,056

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors & prepayments 10,458 8,220

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 3,408 5,714
Taxation and social security 6,562 (834 )
Corporation tax 17,408 28,928
Other creditors & accruals 10,229 4,546
Director's loan account 17,851 19,797
55,458 58,151

The director's loan is unsecured, interest free and carries no schedule of repayment.

PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939)

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


8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2