2023-07-012024-06-302024-06-30falseSC305166FIFE CARPET MILL 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FIFE CARPET MILL LIMITED

Registered Number
SC305166
(Scotland)

Unaudited Financial Statements for the Year ended
30 June 2024

FIFE CARPET MILL LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Yvonne Peacock

Registered Address

5 Derran Drive
Cardenden
Lochgelly
KY5 0JG

Registered Number

SC305166 (Scotland)
FIFE CARPET MILL LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3282,997292,016
282,997292,016
Current assets
Stocks80,91790,962
Debtors418,97114,898
Cash at bank and on hand62,96153,180
162,849159,040
Creditors amounts falling due within one year5(158,989)(178,315)
Net current assets (liabilities)3,860(19,275)
Total assets less current liabilities286,857272,741
Creditors amounts falling due after one year6(34,598)(42,604)
Provisions for liabilities(875)(1,156)
Net assets251,384228,981
Capital and reserves
Called up share capital100100
Revaluation reserve83,19883,198
Profit and loss account168,086145,683
Shareholders' funds251,384228,981
The financial statements were approved and authorised for issue by the Director on 17 September 2024, and are signed on its behalf by:
Yvonne Peacock
Director
Registered Company No. SC305166
FIFE CARPET MILL LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
Fife Carpet Mill Limited is a private company, limited by shares, registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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 as modified by the revaluation of certain assets.
Turnover policy
Turnover represents net invoiced sales of goods and services, excluding value added tax.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery-4
Fixtures and fittings20-
Vehicles25-
Office Equipment33-
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises all direct expenditure incurred in bringing stock to its current condition and location.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 July 23331,90424,04633,55849,2433,459442,210
At 30 June 24331,90424,04633,55849,2433,459442,210
Depreciation and impairment
At 01 July 2351,90423,92430,90540,4183,043150,194
Charge for year6,410446631,7651379,019
At 30 June 2458,31423,96831,56842,1833,180159,213
Net book value
At 30 June 24273,590781,9907,060279282,997
At 30 June 23280,0001222,6538,825416292,016
The heritable property was revalued in August 2023 by Falconer Property Consultants, at an open market value of £280,000.
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables8,6203,052
Prepayments and accrued income10,35111,846
Total18,97114,898
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables46,86351,293
Bank borrowings and overdrafts7,6777,002
Taxation and social security16,23411,329
Other creditors84,022102,012
Accrued liabilities and deferred income4,1936,679
Total158,989178,315
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts34,59842,604
Total34,59842,604