Registered number
SC738254
Falkirk Carpets Ltd
Unaudited Filleted Accounts
31 December 2023
Falkirk Carpets Ltd
Registered number: SC738254
Balance Sheet
as at 31 December 2023
Notes 2023
£
Fixed assets
Intangible assets 3 78,570
Tangible assets 4 76,587
155,157
Current assets
Stocks 62,876
Debtors 5 34,168
Cash at bank and in hand 8,098
105,142
Creditors: amounts falling due within one year 6 (256,024)
Net current liabilities (150,882)
Total assets less current liabilities 4,275
Provisions for liabilities (1,422)
Net assets 2,853
Capital and reserves
Called up share capital 1,000
Profit and loss account 1,853
Shareholders' funds 2,853
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R W Reilly
Director
Approved by the board on 25 March 2024
Falkirk Carpets Ltd
Notes to the Accounts
for the period from 13 July 2022 to 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tenants Improvements over 10 years
Plant and machinery over 4 years
Portable plant over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023
Number
Average number of persons employed by the company 10
3 Intangible fixed assets £
Goodwill:
Cost
Additions 87,300
At 31 December 2023 87,300
Amortisation
Provided during the period 8,730
At 31 December 2023 8,730
Net book value
At 31 December 2023 78,570
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
Additions 8,548 72,943 9,870 91,361
At 31 December 2023 8,548 72,943 9,870 91,361
Depreciation
Charge for the period 477 12,704 1,593 14,774
At 31 December 2023 477 12,704 1,593 14,774
Net book value
At 31 December 2023 8,071 60,239 8,277 76,587
5 Debtors 2023
£
Trade debtors 27,950
Other debtors 6,218
34,168
6 Creditors: amounts falling due within one year 2023
£
Trade creditors 28,355
Taxation and social security costs 21,159
Other creditors 206,510
256,024
7 Other information
Falkirk Carpets Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
100 Thornhill Road
Falkirk
FK2 7AE
Falkirk Carpets Ltd SC738254 false 2022-07-13 2023-12-31 2023-12-31 VT Final Accounts October 2023 release 2 R W Reilly No description of principal activity SC738254 2022-07-13 2023-12-31 SC738254 bus:PrivateLimitedCompanyLtd 2022-07-13 2023-12-31 SC738254 bus:AuditExemptWithAccountantsReport 2022-07-13 2023-12-31 SC738254 bus:Director40 2022-07-13 2023-12-31 SC738254 1 2022-07-13 2023-12-31 SC738254 2 2022-07-13 2023-12-31 SC738254 core:Goodwill 2022-07-13 2023-12-31 SC738254 core:LandBuildings 2022-07-13 2023-12-31 SC738254 core:PlantMachinery 2022-07-13 2023-12-31 SC738254 core:Vehicles 2022-07-13 2023-12-31 SC738254 countries:Scotland 2022-07-13 2023-12-31 SC738254 bus:FRS102 2022-07-13 2023-12-31 SC738254 bus:FullAccounts 2022-07-13 2023-12-31 SC738254 2023-12-31 SC738254 core:WithinOneYear 2023-12-31 SC738254 core:ShareCapital 2023-12-31 SC738254 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC738254 core:Goodwill 2023-12-31 SC738254 core:LandBuildings 2023-12-31 SC738254 core:PlantMachinery 2023-12-31 SC738254 core:Vehicles 2023-12-31 SC738254 2022-07-12 iso4217:GBP xbrli:pure