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REGISTERED NUMBER: SC194678 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Firside Joinery Limited

Firside Joinery Limited (Registered number: SC194678)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Firside Joinery Limited (Registered number: SC194678)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 15,890 23,615

CURRENT ASSETS
Stocks 196,476 18,335
Debtors 5 196,443 265,565
Cash at bank and in hand 16,200 43,785
409,119 327,685
CREDITORS
Amounts falling due within one year 6 (226,548 ) (68,887 )
NET CURRENT ASSETS 182,571 258,798
TOTAL ASSETS LESS CURRENT
LIABILITIES

198,461

282,413

CREDITORS
Amounts falling due after more than one
year

7

(15,900

)

(26,025

)

PROVISIONS FOR LIABILITIES (2,227 ) (4,487 )
NET ASSETS 180,334 251,901

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 43 43
Retained earnings 180,191 251,758
180,334 251,901

Firside Joinery Limited (Registered number: SC194678)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 31 October 2024 and were signed on its behalf by:





Mr D J Walton - Director


Firside Joinery Limited (Registered number: SC194678)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Firside Joinery Limited is a private company, limited by shares, domiciled in Scotland, registration number SC194678. The registered office is 6 Castle Road, Bankside Industrial Estate, Falkirk, Scotland, FK2 7UY.

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 represents net invoiced sales of goods and services in respect of joinery services, excluding value added tax. Sales are recognised at the point at which the goods are delivered and the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are represented by property development work in progress and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to its 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.

Firside Joinery Limited (Registered number: SC194678)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 42,405
Disposals (15,716 )
At 31 March 2024 26,689
DEPRECIATION
At 1 April 2023 18,790
Charge for year 5,634
Eliminated on disposal (13,625 )
At 31 March 2024 10,799
NET BOOK VALUE
At 31 March 2024 15,890
At 31 March 2023 23,615

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 3,020 16,521
Amounts owed by related parties 140,501 230,741
Other debtors 52,922 18,303
196,443 265,565

Firside Joinery Limited (Registered number: SC194678)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 9,879 9,633
Trade creditors 70,090 17,946
Taxation and social security 9,308 7,250
Other creditors 137,271 34,058
226,548 68,887

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 15,900 26,025

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 25,779 -

The company's bankers hold a bond and floating charge over the assets of the company. They also hold a standard security over the premises rented by the company for monies due by the company.

9. RELATED PARTY DISCLOSURES

Firside Joinery Limited was due £140,501 from a company with a common director and shareholder at 31st March 2024 (2023 - £230,741).