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REGISTERED NUMBER: SC273942 (Scotland)










CHARLES PAISLEY & SONS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 4


CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 391,682 400,524

CURRENT ASSETS
Debtors 5 13,542 10,779
Cash at bank 99,164 110,223
112,706 121,002
CREDITORS
Amounts falling due within one year 6 8,003 11,012
NET CURRENT ASSETS 104,703 109,990
TOTAL ASSETS LESS CURRENT LIABILITIES 496,385 510,514

PROVISIONS FOR LIABILITIES 69,921 69,921
NET ASSETS 426,464 440,593

CAPITAL AND RESERVES
Called up share capital 7 125,000 125,000
Revaluation reserve 8 246,337 252,792
Retained earnings 55,127 62,801
SHAREHOLDERS' FUNDS 426,464 440,593

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22nd May 2024 and were signed by:





J K Boneham - Director


CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Charles Paisley & Sons Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC273942

Registered office: 2 Caroline Street
Langholm
Dumfriesshire
DG13 0AF

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT. The policy adopted for the recognition of turnover is when the outcome of a transaction can be estimated reliably, turnover from the letting of properties is recognised by reference to the period of rent charged at the balance sheet date.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land & buildings- 2% on cost
Plant & machinery etc- 25% reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 425,000 2,366 427,366
DEPRECIATION
At 1st January 2023 25,500 1,342 26,842
Charge for year 8,500 342 8,842
At 31st December 2023 34,000 1,684 35,684
NET BOOK VALUE
At 31st December 2023 391,000 682 391,682
At 31st December 2022 399,500 1,024 400,524

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 13,542 10,779

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,603 8,557
Other creditors 2,400 2,455
8,003 11,012

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
125,000 Ordinary £1 125,000 125,000

CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


8. RESERVES
Revaluation
reserve
£   
At 1st January 2023 252,792
Depreciation (6,455 )

At 31st December 2023 246,337

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stuart Adam FCA (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited

10. ULTIMATE CONTROLLING PARTY

The company's immediate parent is Marshall Farmer Limited, incorporated in England.

The ultimate parent is Longfeng Colomer Co. Limited, incorporated in China.