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REGISTERED NUMBER: SC368541 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Factory Direct Kitchens (Inverurie) Ltd

Factory Direct Kitchens (Inverurie) Ltd (Registered number: SC368541)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Factory Direct Kitchens (Inverurie) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Miss F M Donald
Mr C I Donald
Mrs S M Donald





REGISTERED OFFICE: 41 High Street
Inverurie
Aberdeenshire
AB51 3QA





REGISTERED NUMBER: SC368541 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Factory Direct Kitchens (Inverurie) Ltd (Registered number: SC368541)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 132,575 163,800

CURRENT ASSETS
Stocks 56,650 46,928
Debtors 5 81,886 20,815
Cash at bank 27,566 90,717
166,102 158,460
CREDITORS
Amounts falling due within one year 6 178,475 123,609
NET CURRENT (LIABILITIES)/ASSETS (12,373 ) 34,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,202

198,651

CREDITORS
Amounts falling due after more than one
year

7

(61,790

)

(75,796

)

PROVISIONS FOR LIABILITIES - (4,248 )
NET ASSETS 58,412 118,607

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 57,412 117,607
SHAREHOLDERS' FUNDS 58,412 118,607

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 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.

Factory Direct Kitchens (Inverurie) Ltd (Registered number: SC368541)

Balance Sheet - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by:





Miss F M Donald - Director


Factory Direct Kitchens (Inverurie) Ltd (Registered number: SC368541)

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

1. STATUTORY INFORMATION

Factory Direct Kitchens (Inverurie) Ltd 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 25% on cost
Kitchen & Bathroom Displays - 33% on cost
Plant & Machinery - 25% on cost
Motor vehicles - 20% on cost

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

Hire purchase and leasing commitments
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 7 ) .

Factory Direct Kitchens (Inverurie) Ltd (Registered number: SC368541)

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

4. TANGIBLE FIXED ASSETS
Improvements Kitchen &
to Bathroom Plant & Motor
property Displays Machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 437 98,175 9,444 167,044 275,100
Additions - - - 68,515 68,515
Disposals - - - (51,509 ) (51,509 )
At 31 December 2023 437 98,175 9,444 184,050 292,106
DEPRECIATION
At 1 January 2023 437 60,377 7,847 42,639 111,300
Charge for year - 20,662 532 36,810 58,004
Eliminated on disposal - - - (9,773 ) (9,773 )
At 31 December 2023 437 81,039 8,379 69,676 159,531
NET BOOK VALUE
At 31 December 2023 - 17,136 1,065 114,374 132,575
At 31 December 2022 - 37,798 1,597 124,405 163,800

The net book value of other tangible fixed assets includes £91,974 (2022: £124,405) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £32,330 (2022: £33,409) for the year.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 69,644 8,420
Other debtors 12,242 12,395
81,886 20,815

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 18,889 18,889
Hire purchase contracts 23,905 26,475
Taxation and social security 61,655 70,634
Other creditors 74,026 7,611
178,475 123,609

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 7,870 26,759
Hire purchase contracts 53,920 49,037
61,790 75,796

Factory Direct Kitchens (Inverurie) Ltd (Registered number: SC368541)

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

8. LOAN FROM DIRECTOR

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Miss F M Donald
Balance outstanding at start of year - 497
Amounts advanced 805 -
Amounts repaid (29,500 ) (497 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (28,695 ) -

Mr C I Donald
Balance outstanding at start of year - -
Amounts repaid (36,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (36,500 ) -

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.