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Company registration number: SC415724
Scotia Bathroom & Tile Centre (Kinghorn) Limited
Unaudited filleted financial statements
31 January 2024
Scotia Bathroom & Tile Centre (Kinghorn) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Scotia Bathroom & Tile Centre (Kinghorn) Limited
Directors and other information
Directors Paul Skinner
Stephen Penman
Company number SC415724
Registered office St Leonards Mill
3 St Leonards Place
Kinghorn
Fife
KY3 9UL
Accountants Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers Barclays Bank
Leicester
LE87 2BB
Scotia Bathroom & Tile Centre (Kinghorn) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Scotia Bathroom & Tile Centre (Kinghorn) Limited
Year ended 31 January 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 Scotia Bathroom & Tile Centre (Kinghorn) Limited for the year ended 31 January 2024 which comprise the 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 Scotia Bathroom & Tile Centre (Kinghorn) 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 Scotia Bathroom & Tile Centre (Kinghorn) Limited and state those matters that we have agreed to state to the board of directors of Scotia Bathroom & Tile Centre (Kinghorn) 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 Scotia Bathroom & Tile Centre (Kinghorn) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Scotia Bathroom & Tile Centre (Kinghorn) 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 Scotia Bathroom & Tile Centre (Kinghorn) Limited. You consider that Scotia Bathroom & Tile Centre (Kinghorn) 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 Scotia Bathroom & Tile Centre (Kinghorn) 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
28 August 2024
Scotia Bathroom & Tile Centre (Kinghorn) Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 158,163 227,227
_______ _______
158,163 227,227
Current assets
Stocks 20,568 18,556
Debtors 6 600,431 360,453
Cash at bank and in hand 312,677 497,808
_______ _______
933,676 876,817
Creditors: amounts falling due
within one year 7 ( 337,767) ( 298,276)
_______ _______
Net current assets 595,909 578,541
_______ _______
Total assets less current liabilities 754,072 805,768
Creditors: amounts falling due
after more than one year 8 ( 2,406) ( 18,795)
Provisions for liabilities ( 12,920) ( 19,704)
_______ _______
Net assets 738,746 767,269
_______ _______
Capital and reserves
Called up share capital 9 20 20
Profit and loss account 738,726 767,249
_______ _______
Shareholders funds 738,746 767,269
_______ _______
For the year ending 31 January 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Paul Skinner
Director
Company registration number: SC415724
Scotia Bathroom & Tile Centre (Kinghorn) Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is St Leonards Mill, 3 St Leonards Place, Kinghorn, Fife, KY3 9UL.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Display stock - Straight line over three years
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - Straight line over three years
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 .
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 14 (2023: 16 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 February 2023 208,074 65,569 181,899 971 456,513
Additions 22,646 12,800 - - 35,446
Disposals ( 103,651) ( 65,070) ( 6,000) - ( 174,721)
_______ _______ _______ _______ _______
At 31 January 2024 127,069 13,299 175,899 971 317,238
_______ _______ _______ _______ _______
Depreciation
At 1 February 2023 90,887 41,832 95,596 971 229,286
Charge for the year 20,890 2,588 21,429 - 44,907
Disposals ( 68,274) ( 41,444) ( 5,400) - ( 115,118)
_______ _______ _______ _______ _______
At 31 January 2024 43,503 2,976 111,625 971 159,075
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 83,566 10,323 64,274 - 158,163
_______ _______ _______ _______ _______
At 31 January 2023 117,187 23,737 86,303 - 227,227
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 293,522 138,293
Other debtors 306,909 222,160
_______ _______
600,431 360,453
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 43,568 11,849
Trade creditors 148,898 68,591
Corporation tax 36,036 74,057
Social security and other taxes 13,389 -
Other creditors 95,876 143,779
_______ _______
337,767 298,276
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 2,406 18,795
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 20 20 20 20
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Paul Skinner ( 56,600) ( 32,500) 51,633 ( 37,467)
Stephen Penman ( 55,743) ( 32,500) 53,957 ( 34,286)
_______ _______ _______ _______
( 112,343) ( 65,000) 105,590 ( 71,753)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Paul Skinner ( 55,121) ( 3,000) 1,521 ( 56,600)
Stephen Penman ( 56,147) ( 3,000) 3,404 ( 55,743)
_______ _______ _______ _______
( 111,268) ( 6,000) 4,925 ( 112,343)
_______ _______ _______ _______
11. Related party transactions
For the whole of the financial year the company was under the control of its directors Paul Skinner and Stephen Penman .During the year the company rented an office owned by Paul Skinner and Stephen Penman for the sum of £30,000 (2023 : £6,000) and this transaction was conducted on an arms length basis.