Registered number
SC477912
Upholstery Craft Training Centre Scotland Limited
Unaudited Filleted Accounts
31 July 2024
Upholstery Craft Training Centre Scotland Limited
Registered number: SC477912
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 1,007
Tangible assets 4 - 425
- 1,432
Current assets
Debtors 5 2,108 5,143
Cash at bank and in hand 13,280 45,321
15,388 50,464
Creditors: amounts falling due within one year 6 (5,250) (29,403)
Net current assets 10,138 21,061
Total assets less current liabilities 10,138 22,493
Provisions for liabilities - (81)
Net assets 10,138 22,412
Capital and reserves
Called up share capital 10 10
Profit and loss account 10,128 22,402
Shareholders' funds 10,138 22,412
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Keane
Director
Approved by the board on 12 September 2024
Upholstery Craft Training Centre Scotland Limited
Notes to the Accounts
for the period from 1 June 2023 to 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tenants' improvements over 4 years
Plant and machinery over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Going concern
The company ceased trading on 31 July 2024. The financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. No provisions have been made for future costs of terminating the business unless such costs were committed at the reporting date.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 20,138
At 31 July 2024 20,138
Amortisation
At 1 June 2023 19,131
Provided during the period 1,007
At 31 July 2024 20,138
Net book value
At 31 July 2024 -
At 31 May 2023 1,007
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 1,200 13,956 15,156
At 31 July 2024 1,200 13,956 15,156
Depreciation
At 1 June 2023 1,200 13,531 14,731
Charge for the period - 425 425
At 31 July 2024 1,200 13,956 15,156
Net book value
At 31 July 2024 - - -
At 31 May 2023 - 425 425
5 Debtors 2024 2023
£ £
Trade debtors - 1,677
Other debtors 2,108 3,466
2,108 5,143
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 431 -
Taxation and social security costs 2,539 11,120
Other creditors 2,280 18,283
5,250 29,403
7 Cessation of business
The business ceased trading on 31 July 2024. The current accounting period is for 14 months to 31 July 2024. Due to the extended current period the comparative figures are not entirely comparable.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 11,850
9 Related party transactions
A dividend of £10,000 (2023 - £7,500) was paid to the director during the year.
10 Other information
Upholstery Craft Training Centre Scotland Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
51 John Player Building
Stirling Enterprise Park
Stirling
FK7 7RP
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