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REGISTERED NUMBER: SC279956 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

1st Supplies (Scotland) Ltd.

1st Supplies (Scotland) Ltd. (Registered number: SC279956)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


1st Supplies (Scotland) Ltd. (Registered number: SC279956)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Stocks 87,639 97,841
Debtors 4 81,096 128,574
Cash at bank and in hand 99,595 19,161
268,330 245,576
CREDITORS
Amounts falling due within one year 5 (163,458 ) (166,593 )
NET CURRENT ASSETS 104,872 78,983
TOTAL ASSETS LESS CURRENT
LIABILITIES

104,872

78,983

CAPITAL AND RESERVES
Called up share capital 2 2
Capital redemption reserve 2 2
Retained earnings 104,868 78,979
SHAREHOLDERS' FUNDS 104,872 78,983

1st Supplies (Scotland) Ltd. (Registered number: SC279956)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 26 March 2024 and were signed by:





Mr G S Matheson - Director


1st Supplies (Scotland) Ltd. (Registered number: SC279956)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

1st Supplies (Scotland) Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC279956. The registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, Stirlingshire, FK3 8WX.

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 represents net invoiced sales of goods and services in respect of plumbing and lead work, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

1st Supplies (Scotland) Ltd. (Registered number: SC279956)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 81,096 122,661
Other debtors - 5,913
81,096 128,574

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 84,444 77,277
Amounts owed to related parties 9,659 44,501
Taxation and social security 23,286 13,028
Other creditors 46,069 31,787
163,458 166,593

6. RELATED PARTY DISCLOSURES

The company rents premises jointly owned by the director and another family member. The annual rental charge paid by the company is £12,000 (2022 - £12,000).

Companies under common control

At the year end the company owed £9,659 (2022: £44,501) to a company with a common director and shareholders.

During the year, the company paid a management charge of £36,000 (2022 - £36,000).

Transactions between companies under common control were as below;

Sales - £109,072 (2022 - £69,113)
Purchases - £48,390 (2022 - £40,643)