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REGISTERED NUMBER: SC100704 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

SCOTWOOD INTERIORS LTD.

SCOTWOOD INTERIORS LTD. (REGISTERED NUMBER: SC100704)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SCOTWOOD INTERIORS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: J A Scott
J Taylor
C Nugent



REGISTERED OFFICE: 48 Milton Road
East Kilbride
Glasgow
G74 5BU



REGISTERED NUMBER: SC100704 (Scotland)



AUDITORS: Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY



SOLICITORS: Harper Macleod
45 Gordon St.
Glasgow
G1 3PE

SCOTWOOD INTERIORS LTD. (REGISTERED NUMBER: SC100704)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 143,590 146,364

CURRENT ASSETS
Debtors 5 3,057,064 1,428,572
Cash at bank and in hand 636,035 2,150,229
3,693,099 3,578,801
CREDITORS
Amounts falling due within one year 6 933,078 1,332,679
NET CURRENT ASSETS 2,760,021 2,246,122
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,903,611

2,392,486

PROVISIONS FOR LIABILITIES 35,304 35,867
NET ASSETS 2,868,307 2,356,619

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Share premium 38,000 38,000
Capital redemption reserve 32,000 32,000
Retained earnings 2,793,307 2,281,619
SHAREHOLDERS' FUNDS 2,868,307 2,356,619

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 29 October 2024 and were signed on its behalf by:




C Nugent - Director



J A Scott - Director


SCOTWOOD INTERIORS LTD. (REGISTERED NUMBER: SC100704)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Scotwood Interiors 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost, 20% on reducing balance and 15% on reducing balance

SCOTWOOD INTERIORS LTD. (REGISTERED NUMBER: SC100704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.


SCOTWOOD INTERIORS LTD. (REGISTERED NUMBER: SC100704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
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.

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 37 (2023 - 40 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 513,878
Additions 51,762
Disposals (7,875 )
At 31 January 2024 557,765
DEPRECIATION
At 1 February 2023 367,514
Charge for year 54,536
Eliminated on disposal (7,875 )
At 31 January 2024 414,175
NET BOOK VALUE
At 31 January 2024 143,590
At 31 January 2023 146,364


SCOTWOOD INTERIORS LTD. (REGISTERED NUMBER: SC100704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 561,599 685,378
Amounts owed by group undertakings 2,015,798 -
Amounts recoverable on contracts 478,523 717,812
Other debtors 1,144 1,832
Directors' current accounts - 23,550
3,057,064 1,428,572

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 249,758 521,776
Tax 268,697 245,371
Other creditors 414,623 565,532
933,078 1,332,679

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

The Report of the Auditors was unqualified.

Douglas Paton BSc CA (Senior Statutory Auditor)
for and on behalf of Bannerman Johnstone Maclay

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
J A Scott
Balance outstanding at start of year 8,125 -
Amounts advanced - 8,125
Amounts repaid (8,125 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 8,125

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Scotwood Holdings Limited.