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Registration number: SC481107

Woolly Thistle Limited

trading as Floral Image Edinburgh

Annual Report and Unaudited Financial Statements

For The Year Ended 30 September 2023

 

Woolly Thistle Limited

trading as Floral Image Edinburgh

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Woolly Thistle Limited

trading as Floral Image Edinburgh

(Registration number: SC481107)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

4

 

9,000

 

10,000

Tangible assets

5

 

10,744

 

32,909

   

19,744

 

42,909

Current assets

   

 

Stocks

6

14,105

 

-

 

Debtors

7

16,859

 

5,516

 

Cash at bank and in hand

 

1,028

 

87,891

 

 

31,992

 

93,407

 

Creditors: Amounts falling due within one year

8

(14,877)

 

(6,610)

 

Net current assets

   

17,115

 

86,797

Total assets less current liabilities

   

36,859

 

129,706

Provisions for liabilities

 

(2,686)

 

-

Net assets

   

34,173

 

129,706

Capital and reserves

   

 

Called up share capital

9

1

 

1

 

Profit and loss account

34,172

 

129,705

 

Total equity

   

34,173

 

129,706

 

Woolly Thistle Limited

trading as Floral Image Edinburgh

(Registration number: SC481107)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 April 2024
 

.........................................
Mr O.D. Mynard
Director

 

Woolly Thistle Limited

trading as Floral Image Edinburgh

Notes to the Unaudited Financial Statements For The Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
19 Gateside Gardens
Greenock
PA16 7DQ
Scotland

These financial statements were authorised for issue by the director on 15 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Woolly Thistle Limited

trading as Floral Image Edinburgh

Notes to the Unaudited Financial Statements For The Year Ended 30 September 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Computer equipment

25% reducing balance

Plant and equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Woolly Thistle Limited

trading as Floral Image Edinburgh

Notes to the Unaudited Financial Statements For The Year Ended 30 September 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

10,000

10,000

At 30 September 2023

10,000

10,000

Amortisation

Amortisation charge

1,000

1,000

At 30 September 2023

1,000

1,000

Carrying amount

At 30 September 2023

9,000

9,000

At 30 September 2022

10,000

10,000

 

Woolly Thistle Limited

trading as Floral Image Edinburgh

Notes to the Unaudited Financial Statements For The Year Ended 30 September 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

1,916

23,444

97,328

122,688

Additions

507

-

-

507

Disposals

(792)

-

(97,328)

(98,120)

At 30 September 2023

1,631

23,444

-

25,075

Depreciation

At 1 October 2022

1,204

10,257

78,318

89,779

Charge for the year

285

3,297

-

3,582

Eliminated on disposal

(712)

-

(78,318)

(79,030)

At 30 September 2023

777

13,554

-

14,331

Carrying amount

At 30 September 2023

854

9,890

-

10,744

At 30 September 2022

712

13,187

19,010

32,909

6

Stocks

2023
£

2022
£

Other inventories

14,105

-

7

Debtors

Current

2023
£

2022
£

Trade debtors

16,632

5,212

Other debtors

227

304

 

16,859

5,516

 

Woolly Thistle Limited

trading as Floral Image Edinburgh

Notes to the Unaudited Financial Statements For The Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,467

-

Taxation and social security

7,347

4,835

Other creditors

3,063

1,775

14,877

6,610

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

10

Parent and ultimate parent undertaking

The company's immediate parent is Edinburgh Flower Rentals Ltd, incorporated in England and Wales.