Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Colin Stewart Mckay 01/05/2017 Stewart Martin Mckay Leanne Watt 14/04/2022 28 November 2024 The principal activity of the Company during the financial year was that of operating a furniture shop. SC057619 2024-02-29 SC057619 bus:Director1 2024-02-29 SC057619 bus:Director3 2024-02-29 SC057619 2023-02-28 SC057619 core:CurrentFinancialInstruments 2024-02-29 SC057619 core:CurrentFinancialInstruments 2023-02-28 SC057619 core:Non-currentFinancialInstruments 2024-02-29 SC057619 core:Non-currentFinancialInstruments 2023-02-28 SC057619 core:ShareCapital 2024-02-29 SC057619 core:ShareCapital 2023-02-28 SC057619 core:SharePremium 2024-02-29 SC057619 core:SharePremium 2023-02-28 SC057619 core:RevaluationReserve 2024-02-29 SC057619 core:RevaluationReserve 2023-02-28 SC057619 core:CapitalRedemptionReserve 2024-02-29 SC057619 core:CapitalRedemptionReserve 2023-02-28 SC057619 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC057619 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC057619 core:LandBuildings 2023-02-28 SC057619 core:OtherPropertyPlantEquipment 2023-02-28 SC057619 core:LandBuildings 2024-02-29 SC057619 core:OtherPropertyPlantEquipment 2024-02-29 SC057619 2022-02-28 SC057619 bus:OrdinaryShareClass1 2024-02-29 SC057619 2023-03-01 2024-02-29 SC057619 bus:FilletedAccounts 2023-03-01 2024-02-29 SC057619 bus:SmallEntities 2023-03-01 2024-02-29 SC057619 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC057619 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC057619 bus:Director1 2023-03-01 2024-02-29 SC057619 bus:Director2 2023-03-01 2024-02-29 SC057619 bus:Director3 2023-03-01 2024-02-29 SC057619 core:LandBuildings core:TopRangeValue 2023-03-01 2024-02-29 SC057619 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-03-01 2024-02-29 SC057619 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-03-01 2024-02-29 SC057619 2022-03-01 2023-02-28 SC057619 core:LandBuildings 2023-03-01 2024-02-29 SC057619 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 SC057619 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 SC057619 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 SC057619 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC057619 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC057619 (Scotland)

FRASERS HOUSE FURNISHERS (ELLON) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

FRASERS HOUSE FURNISHERS (ELLON) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

FRASERS HOUSE FURNISHERS (ELLON) LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
FRASERS HOUSE FURNISHERS (ELLON) LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 358,839 350,260
358,839 350,260
Current assets
Stocks 4 467,029 456,850
Debtors 5 473,069 227,437
Cash at bank and in hand 105,472 204,825
1,045,570 889,112
Creditors: amounts falling due within one year 6 ( 594,595) ( 476,080)
Net current assets 450,975 413,032
Total assets less current liabilities 809,814 763,292
Creditors: amounts falling due after more than one year 7 ( 114,144) ( 108,709)
Provision for liabilities 8 ( 33,217) ( 8,812)
Net assets 662,453 645,771
Capital and reserves
Called-up share capital 9 45,518 45,518
Share premium account 23,000 23,000
Revaluation reserve 145,535 146,957
Capital redemption reserve 24,482 24,482
Profit and loss account 423,918 405,814
Total shareholders' funds 662,453 645,771

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Frasers House Furnishers (Ellon) Limited (registered number: SC057619) were approved and authorised for issue by the Board of Directors on 28 November 2024. They were signed on its behalf by:

Colin Stewart Mckay
Director
FRASERS HOUSE FURNISHERS (ELLON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
FRASERS HOUSE FURNISHERS (ELLON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frasers House Furnishers (Ellon) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 16 Ythan Terrace, Ellon, Aberdeenshire, AB4 9LL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts received for the sale of furniture and flooring and is recognised at the fair value of consideration received or receivable for the goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 100 years straight line
Plant and machinery etc. 3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 31

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2023 225,000 364,478 589,478
Additions 0 82,175 82,175
Disposals 0 ( 64,876) ( 64,876)
At 29 February 2024 225,000 381,777 606,777
Accumulated depreciation
At 01 March 2023 29,250 209,968 239,218
Charge for the financial year 2,250 43,484 45,734
Disposals 0 ( 37,014) ( 37,014)
At 29 February 2024 31,500 216,438 247,938
Net book value
At 29 February 2024 193,500 165,339 358,839
At 28 February 2023 195,750 154,510 350,260

Land and Buildings were revalued during the year ended 28 February 2015 and is considered annually by the directors.

4. Stocks

2024 2023
£ £
Stocks 467,029 456,850

5. Debtors

2024 2023
£ £
Trade debtors 309,580 172,742
Other debtors 163,489 54,695
473,069 227,437

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,528 9,294
Trade creditors 275,437 182,564
Taxation and social security 109,467 100,081
Obligations under finance leases and hire purchase contracts 30,679 33,598
Other creditors 169,484 150,543
594,595 476,080

Obligations under hire purchase contracts are secured over the assets to which they relate.
The bank loans relate to government assistance arising from the COVID-19 pandemic.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,972 23,195
Obligations under finance leases and hire purchase contracts 101,172 85,514
114,144 108,709

Obligations under hire purchase contracts are secured over the assets to which they relate.
The bank loans relate to government assistance arising from the COVID-19 pandemic.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 8,812) 0
Charged to the Profit and Loss Account ( 24,405) ( 8,812)
At the end of financial year ( 33,217) ( 8,812)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
45,518 Ordinary shares of £ 1.00 each 45,518 45,518

10. Financial commitments

Other financial commitments

2024 2023
£ £
Financial commitment 52,500 0

At the year end, the company was committed to spend £52,500 in respect of advertising.

11. Related party transactions

Transactions with the entity's directors

At the start of the year the balance owed to the business by the directors was £14,810. During the year £31,667 was advanced to the directors. At 29 February 2024 the business was owed £46,477 by the directors. There was also a balance owed by another related party of £17,228.

The loans are interest free and there are no fixed repayment terms.