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REGISTERED NUMBER: SC678979 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

FIRST HORIZON SCOTLAND LTD

FIRST HORIZON SCOTLAND LTD (REGISTERED NUMBER: SC678979)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FIRST HORIZON SCOTLAND LTD

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTOR: J J Chen





REGISTERED OFFICE: Unit 9
Hayfield Place
Hayfield Industrial Estate
Kirkcaldy
Fife
KY2 5DH





REGISTERED NUMBER: SC678979 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

FIRST HORIZON SCOTLAND LTD (REGISTERED NUMBER: SC678979)

STATEMENT OF FINANCIAL POSITION
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,203 15,636

CURRENT ASSETS
Stocks 234,761 215,407
Debtors 5 49,251 25,616
Cash at bank and in hand 51,577 19,134
335,589 260,157
CREDITORS
Amounts falling due within one year 6 61,041 97,486
NET CURRENT ASSETS 274,548 162,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

286,751

178,307

CREDITORS
Amounts falling due after more than one
year

7

298,798

246,798
NET LIABILITIES (12,047 ) (68,491 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (12,147 ) (68,591 )
SHAREHOLDERS' FUNDS (12,047 ) (68,491 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FIRST HORIZON SCOTLAND LTD (REGISTERED NUMBER: SC678979)

STATEMENT OF FINANCIAL POSITION - continued
30 June 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 October 2024 and were signed by:





J J Chen - Director


FIRST HORIZON SCOTLAND LTD (REGISTERED NUMBER: SC678979)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

First Horizon Scotland Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

At 30 June 2024, the company had net liabilities of £12,047 (2023 - £68,491). The company relies on the continued support of the directors to finance its short term working capital requirements. The directors consider it appropriate to prepare the statements on a going concern basis as they expects that this support will continue for the foreseeable future.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes in relation to bathroom and kitchen tile sales.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% per annum reducing balance
Fixtures and fittings - 20% per annum reducing balance
Computer equipment - 33% per annum on cost

Tangible fixed assets are reviewed annually for impairment.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FIRST HORIZON SCOTLAND LTD (REGISTERED NUMBER: SC678979)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost 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.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT 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.

FIRST HORIZON SCOTLAND LTD (REGISTERED NUMBER: SC678979)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 11,270 10,206 1,462 22,938
DEPRECIATION
At 1 July 2023 3,577 3,149 576 7,302
Charge for year 1,539 1,412 482 3,433
At 30 June 2024 5,116 4,561 1,058 10,735
NET BOOK VALUE
At 30 June 2024 6,154 5,645 404 12,203
At 30 June 2023 7,693 7,057 886 15,636

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 32,653 25,616
Other debtors 16,598 -
49,251 25,616

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,679 6,501
Taxation and social security 23,315 27,518
Other creditors 31,047 63,467
61,041 97,486

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 298,798 246,798

8. RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £129,071 (2023 - £160,490) due to a director from the company. The loan is interest free and there are no fixed terms of repayment.