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REGISTERED NUMBER: SC747662















CUSTOM BUILT SOFAS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 18 OCTOBER 2022 TO 31 OCTOBER 2023






CUSTOM BUILT SOFAS LTD (REGISTERED NUMBER: SC747662)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 18 OCTOBER 2022 TO 31 OCTOBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


CUSTOM BUILT SOFAS LTD (REGISTERED NUMBER: SC747662)

BALANCE SHEET
31 OCTOBER 2023

Notes £   
CURRENT ASSETS
Stocks 1,000
Debtors 4 4,919
Cash at bank 7,694
13,613
CREDITORS
Amounts falling due within one year 5 46,852
NET CURRENT LIABILITIES (33,239 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(33,239

)

CAPITAL AND RESERVES
Called up share capital 1
Retained earnings (33,240 )
(33,239 )

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 August 2024 and were signed by:





H K Orr - Director


CUSTOM BUILT SOFAS LTD (REGISTERED NUMBER: SC747662)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 18 OCTOBER 2022 TO 31 OCTOBER 2023

1. STATUTORY INFORMATION

Custom Built Sofas Ltd is a private company, limited by shares, registered in Scotland. The address of the registered office is A Brown (Chair Frames) Ltd, 37 Garturk Street, Glasgow, Scotland, G42 8JG.

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.

There were no material departures from that standard.

The financial statements are presented in Sterling (£).

Going concern
The financial statements have been prepared on a going concern basis. At the balance sheet date, the company has net liabilities and its ability to continue to trade is therefore dependent on the continued financial support of its director and other creditors. However, after assessing all potential impacts and future commitments, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore, the company continues to adopt the going concern basis in preparing its financial statements.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.


CUSTOM BUILT SOFAS LTD (REGISTERED NUMBER: SC747662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 OCTOBER 2022 TO 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 1,740
Other debtors 3,179
4,919

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 1,409
Taxation and social security 18,433
Other creditors 27,010
46,852

6. RELATED PARTY DISCLOSURES

As at 31 October 2023, the company owes the director £25,083. This loan is unsecured, interest free and is repayable on demand.