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2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC518760
2022-11-01
2023-10-31
SC518760
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COMPANY REGISTRATION NUMBER:
SC518760
Timber Kits Scotland Limited |
|
Filleted Unaudited Financial Statements |
|
Timber Kits Scotland Limited |
|
Year ended 31 October 2023
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Timber Kits Scotland Limited |
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Timber Kits Scotland Limited |
|
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Timber Kits Scotland Limited for the year ended 31 October 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Timber Kits Scotland Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Timber Kits Scotland Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Timber Kits Scotland Limited and its director for our work or for this report.
It is your duty to ensure that Timber Kits Scotland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Timber Kits Scotland Limited. You consider that Timber Kits Scotland Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Timber Kits Scotland Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
23 October 2024
Timber Kits Scotland Limited |
|
Statement of Financial Position |
|
31 October 2023
Fixed assets
Tangible assets |
4 |
|
201,064 |
256,057 |
|
|
|
|
|
Current assets
Stocks |
33,500 |
|
– |
Debtors |
5 |
179,839 |
|
330,040 |
Cash at bank and in hand |
– |
|
49,923 |
|
--------- |
|
--------- |
|
213,339 |
|
379,963 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
178,816 |
|
321,882 |
|
--------- |
|
--------- |
Net current assets |
|
34,523 |
58,081 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
235,587 |
314,138 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
85,633 |
112,983 |
|
|
|
|
|
Provisions |
|
1,453 |
1,453 |
|
|
--------- |
--------- |
Net assets |
|
148,501 |
199,702 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
148,500 |
199,701 |
|
|
--------- |
--------- |
Shareholders funds |
|
148,501 |
199,702 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 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 financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Timber Kits Scotland Limited |
|
Statement of Financial Position (continued) |
|
31 October 2023
These financial statements were approved by the
board of directors
and authorised for issue on
23 October 2024
, and are signed on behalf of the board by:
Company registration number:
SC518760
Timber Kits Scotland Limited |
|
Notes to the Financial Statements |
|
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
20% straight line |
|
Fixtures and fittings |
- |
25% straight line |
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 November 2022 and 31 October 2023 |
261,652 |
13,285 |
274,937 |
|
--------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 November 2022 |
9,941 |
8,939 |
18,880 |
Charge for the year |
52,331 |
2,662 |
54,993 |
|
--------- |
-------- |
--------- |
At 31 October 2023 |
62,272 |
11,601 |
73,873 |
|
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31 October 2023 |
199,380 |
1,684 |
201,064 |
|
--------- |
-------- |
--------- |
At 31 October 2022 |
251,711 |
4,346 |
256,057 |
|
--------- |
-------- |
--------- |
|
|
|
|
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
28,001 |
154,242 |
Other debtors |
151,838 |
175,798 |
|
--------- |
--------- |
|
179,839 |
330,040 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
29,960 |
29,856 |
Trade creditors |
79,626 |
239,507 |
Other creditors |
69,230 |
52,519 |
|
--------- |
--------- |
|
178,816 |
321,882 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
85,633 |
112,983 |
|
-------- |
--------- |
|
|
|
8.
Director's advances, credits and guarantees
As at 31st October 2023, the company owed the Director,
Mr S Blake
, £ 15,500
. (2022: £1,500)