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Company registration number: SC112430
Shadow Blinds Limited
Unaudited filleted abridged financial statements
29 February 2024
Shadow Blinds Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Shadow Blinds Limited
Directors and other information
Directors
June Nikolic
Sean Nikolic (Appointed 22 December 2023)
Secretary Mrs J Nikolic
Company number SC112430
Registered office Unit E
Eastfield Industrial Estate
Newark Road South
Glenrothes
KY7 4NS
Accountants Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Shadow Blinds Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Shadow Blinds Limited
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shadow Blinds Limited for the year ended 29 February 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Shadow Blinds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Shadow Blinds Limited and state those matters that we have agreed to state to the board of directors of Shadow Blinds Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shadow Blinds Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Shadow Blinds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shadow Blinds Limited. You consider that Shadow Blinds Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Shadow Blinds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
20 August 2024
Shadow Blinds Limited
Abridged statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 533,858 564,959
Investments 6 603,000 603,000
_______ _______
1,136,858 1,167,959
Current assets
Stocks 25,960 25,960
Debtors 50,030 89,907
Cash at bank and in hand 263,575 139,346
_______ _______
339,565 255,213
Creditors: amounts falling due
within one year 7 ( 135,153) ( 141,109)
_______ _______
Net current assets 204,412 114,104
_______ _______
Total assets less current liabilities 1,341,270 1,282,063
Creditors: amounts falling due
after more than one year 8 ( 271,757) ( 259,379)
Provisions for liabilities ( 11,304) ( 15,203)
_______ _______
Net assets 1,058,209 1,007,481
_______ _______
Capital and reserves
Called up share capital 9 2 2
Profit and loss account 1,058,207 1,007,479
_______ _______
Shareholders funds 1,058,209 1,007,481
_______ _______
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Sean Nikolic
Director
Company registration number: SC112430
Shadow Blinds Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit E, Eastfield Industrial Estate, Newark Road South, Glenrothes, KY7 4NS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis unless otherwise specified within these accounting policies.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2.00 % straight line
Property improvements - 2.00 % straight line
Plant and machinery - 25.00 % reducing balance
Fixtures and fittings - 15.00 % reducing balance
Motor vehicles - 20.00 % reducing balance
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 19 ).
5. Tangible assets
£
Cost
At 1 March 2023 1,037,609
Additions 1,182
Disposals ( 6,225)
_______
At 29 February 2024 1,032,566
_______
Depreciation
At 1 March 2023 472,650
Charge for the year 31,447
Disposals ( 5,389)
_______
At 29 February 2024 498,708
_______
Carrying amount
At 29 February 2024 533,858
_______
At 28 February 2023 564,959
_______
6. Investments
£
Cost
At 1 March 2023 and 29 February 2024 603,000
_______
Impairment
At 1 March 2023 and 29 February 2024 -
_______
Carrying amount
At 29 February 2024 603,000
_______
At 28 February 2023 603,000
_______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,219
Trade creditors 63,325 89,420
Corporation tax 23,275 10,333
Social security and other taxes 32,865 22,088
Other creditors 5,688 9,049
_______ _______
135,153 141,109
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 13,333 22,402
Amounts owed to group undertakings and undertakings in which the company has a participating interest 258,424 236,977
_______ _______
271,757 259,379
_______ _______
Included in creditors is an amount of £258,424 (2022: £236,977) due to Sign Systems (Scotland) Limited, a wholly owned subsidiary of Shadow Blinds Limited .
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
10. Related party transactions
Sign Systems (Scotland) Limited is a wholly owned subsidiary of Shadow Blinds Limited .