Company registration number SC567732 (Scotland)
CALEDONIAN FUNERAL SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CALEDONIAN FUNERAL SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CALEDONIAN FUNERAL SUPPLIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,500
30,000
Tangible assets
4
31,509
5,017
54,009
35,017
Current assets
Stocks
66,333
61,046
Debtors
5
46,671
47,926
Cash at bank and in hand
99,718
94,834
212,722
203,806
Creditors: amounts falling due within one year
6
(147,692)
(159,490)
Net current assets
65,030
44,316
Total assets less current liabilities
119,039
79,333
Provisions for liabilities
(7,877)
(1,254)
Net assets
111,162
78,079
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
111,062
77,979
Total equity
111,162
78,079
CALEDONIAN FUNERAL SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
MR G J HENSHELWOOD
Mr G J Henshelwood
Director
Company Registration No. SC567732
CALEDONIAN FUNERAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Caledonian Funeral Supplies Limited is a private company limited by shares incorporated in Scotland. The registered office is 70 Bogmoor Place, Shieldhall, Glasgow, G51 4SN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Prior period error
The accounts presented to 31 March 2023 have been restated to include an adjustment to reduce overstated dividends. The impact to the opening profit and loss reserves for the period to 31 March 2023 was an increase of £16,620. There was no impact on the profit and loss for the period ending 31 March 2023.
1.3
Going concern
Atruet 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.
1.4
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover is recognised when an invoice is raised. Invoices are raised when the company has delivered the funeral supplies.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery etc
10%, 20% and 33% straight line, 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CALEDONIAN FUNERAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and cash held at the bank.
1.9
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 debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
CALEDONIAN FUNERAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
75,000
Amortisation and impairment
At 1 April 2023
45,000
Amortisation charged for the year
7,500
At 31 March 2024
52,500
Carrying amount
At 31 March 2024
22,500
At 31 March 2023
30,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
9,115
Additions
27,781
At 31 March 2024
36,896
Depreciation and impairment
At 1 April 2023
4,098
Depreciation charged in the year
1,289
At 31 March 2024
5,387
Carrying amount
At 31 March 2024
31,509
At 31 March 2023
5,017
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
35,250
38,704
Other debtors
11,421
9,222
46,671
47,926
CALEDONIAN FUNERAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
37,857
37,895
Taxation and social security
14,957
19,503
Other creditors
94,878
102,092
147,692
159,490
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £19,015 (2023 - £28,937).
8
Related party transactions
At the year end, the amount due to the company from James Cockburn Limited, a company under common control, was £11,421 (2023 - £9,222).
During the year, the company made advances to the directors of £29,913 and received credits of £20,842 resulting in a balance due to the directors at the year end of £89,923 (2023 - £98,994).
There are no set repayment terms, nor is interest charged on the outstanding balances due.