IRIS Accounts Production v24.3.0.553 SC613563 Board of Directors 1.12.22 30.11.23 30.11.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6135632022-11-30SC6135632023-11-30SC6135632022-12-012023-11-30SC6135632021-11-30SC6135632021-12-012022-11-30SC6135632022-11-30SC613563ns15:Scotland2022-12-012023-11-30SC613563ns14:PoundSterling2022-12-012023-11-30SC613563ns10:Director12022-12-012023-11-30SC613563ns10:PrivateLimitedCompanyLtd2022-12-012023-11-30SC613563ns10:SmallEntities2022-12-012023-11-30SC613563ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-30SC613563ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-30SC613563ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC613563ns10:FullAccounts2022-12-012023-11-30SC613563ns10:RegisteredOffice2022-12-012023-11-30SC613563ns5:CurrentFinancialInstruments2023-11-30SC613563ns5:CurrentFinancialInstruments2022-11-30SC613563ns5:Non-currentFinancialInstruments2023-11-30SC613563ns5:Non-currentFinancialInstruments2022-11-30SC613563ns5:ShareCapital2023-11-30SC613563ns5:ShareCapital2022-11-30SC613563ns5:RetainedEarningsAccumulatedLosses2023-11-30SC613563ns5:RetainedEarningsAccumulatedLosses2022-11-30SC613563ns5:PlantMachinery2022-12-012023-11-30SC613563ns5:PlantMachinery2022-11-30SC613563ns5:PlantMachinery2023-11-30SC613563ns5:PlantMachinery2022-11-30SC613563ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30SC613563ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30
REGISTERED NUMBER: SC613563 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Polished Finish Limited

Polished Finish Limited (Registered number: SC613563)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Polished Finish Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: K Mackay





REGISTERED OFFICE: 6 Market Square
Oldmeldrum
Aberdeenshire
AB51 0AA





REGISTERED NUMBER: SC613563 (Scotland)





ACCOUNTANTS: Add Accountancy Limited
6 Market Square
Oldmeldrum
Aberdeenshire
AB51 0AA

Polished Finish Limited (Registered number: SC613563)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,528 59,859

CURRENT ASSETS
Stocks 4,500 4,000
Debtors 5 8,632 19,594
Cash at bank 58,897 41,399
72,029 64,993
CREDITORS
Amounts falling due within one year 6 64,600 72,362
NET CURRENT ASSETS/(LIABILITIES) 7,429 (7,369 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,957

52,490

CREDITORS
Amounts falling due after more than one year 7 (25,000 ) (35,000 )

PROVISIONS FOR LIABILITIES (4,458 ) -
NET ASSETS 4,499 17,490

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 3,499 16,490
SHAREHOLDERS' FUNDS 4,499 17,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Polished Finish Limited (Registered number: SC613563)

Balance Sheet - continued
30 November 2023


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 Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





K Mackay - Director


Polished Finish Limited (Registered number: SC613563)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Polished Finish 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Polished Finish Limited (Registered number: SC613563)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 94,291
Additions 1,139
Disposals (38,999 )
At 30 November 2023 56,431
DEPRECIATION
At 1 December 2022 34,432
Charge for year 6,631
Eliminated on disposal (11,160 )
At 30 November 2023 29,903
NET BOOK VALUE
At 30 November 2023 26,528
At 30 November 2022 59,859

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 8,632 19,594

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 9,767 28,909
Trade creditors 2,071 11,805
Taxation and social security 25,922 10,683
Other creditors 26,840 20,965
64,600 72,362

Polished Finish Limited (Registered number: SC613563)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Other creditors 25,000 35,000