Houseproud of Morningside Limited SC418623 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is hardware retailer. Digita Accounts Production Advanced 6.30.9574.0 true SC418623 2023-04-01 2024-03-31 SC418623 2024-03-31 SC418623 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC418623 core:ShareCapital 2024-03-31 SC418623 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 SC418623 core:CurrentFinancialInstruments 2024-03-31 SC418623 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC418623 core:FurnitureFittingsToolsEquipment 2024-03-31 SC418623 core:MotorVehicles 2024-03-31 SC418623 bus:SmallEntities 2023-04-01 2024-03-31 SC418623 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC418623 bus:FilletedAccounts 2023-04-01 2024-03-31 SC418623 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC418623 bus:RegisteredOffice 2023-04-01 2024-03-31 SC418623 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 SC418623 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC418623 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC418623 core:MotorVehicles 2023-04-01 2024-03-31 SC418623 core:OfficeEquipment 2023-04-01 2024-03-31 SC418623 countries:Scotland 2023-04-01 2024-03-31 SC418623 2023-03-31 SC418623 core:FurnitureFittingsToolsEquipment 2023-03-31 SC418623 core:MotorVehicles 2023-03-31 SC418623 2022-04-01 2023-03-31 SC418623 2023-03-31 SC418623 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC418623 core:ShareCapital 2023-03-31 SC418623 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2023-03-31 SC418623 core:CurrentFinancialInstruments 2023-03-31 SC418623 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC418623 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-03-31 SC418623 core:FurnitureFittingsToolsEquipment 2023-03-31 SC418623 core:MotorVehicles 2023-03-31 SC418623 core:PreviouslyStatedAmount 2023-03-31 iso4217:GBP xbrli:pure

Registration number: SC418623

Houseproud of Morningside Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Houseproud of Morningside Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Houseproud of Morningside Limited

(Registration number: SC418623)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,655

14,137

Other financial assets

5

3,750

3,750

 

13,405

17,887

Current assets

 

Stocks

6

108,254

118,998

Debtors

7

122,853

117,804

Cash at bank and in hand

 

250,166

216,030

 

481,273

452,832

Creditors: Amounts falling due within one year

8

(133,474)

(131,473)

Net current assets

 

347,799

321,359

Total assets less current liabilities

 

361,204

339,246

Provisions for liabilities

(2,028)

(2,686)

Net assets

 

359,176

336,560

Capital and reserves

 

Called up share capital

100

100

Retained earnings

359,076

336,460

Shareholders' funds

 

359,176

336,560

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 September 2024
 

.........................................
A Ness
Company secretary and director

 

Houseproud of Morningside Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
169-173 Morningside Road
Edinburgh
EH10 4AX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Houseproud of Morningside Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Office equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Houseproud of Morningside Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 16).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

40,581

17,118

57,699

At 31 March 2024

40,581

17,118

57,699

Depreciation

At 1 April 2023

33,455

10,107

43,562

Charge for the year

3,080

1,402

4,482

At 31 March 2024

36,535

11,509

48,044

Carrying amount

At 31 March 2024

4,046

5,609

9,655

At 31 March 2023

7,126

7,011

14,137

5

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Other investments

3,750

3,750

 

Houseproud of Morningside Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

108,254

118,998

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,199

249

Prepayments

2,110

867

Other debtors

119,544

116,688

 

122,853

117,804

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

34,864

39,424

Directors loan

71,259

76,240

Taxation and social security

 

11,646

10,502

Other creditors

 

15,705

5,307

 

133,474

131,473