2023-03-012024-02-292024-02-29falseSC498500BORTHWICK DECORATORS 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BORTHWICK DECORATORS LIMITED

Registered Number
SC498500
(Scotland)

Unaudited Financial Statements for the Year ended
29 February 2024

BORTHWICK DECORATORS LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

E Borthwick
DW Borthwick

Registered Address

Kelly Accounting Ltd
42 Comrie Street
Crieff
PH7 4AX

Registered Number

SC498500 (Scotland)
BORTHWICK DECORATORS LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3117,614214,760
117,614214,760
Current assets
Stocks454,09735,755
Debtors5549,378421,782
Cash at bank and on hand132,208176,331
735,683633,868
Creditors amounts falling due within one year6(288,008)(241,412)
Net current assets (liabilities)447,675392,456
Total assets less current liabilities565,289607,216
Creditors amounts falling due after one year7(37,485)(68,949)
Provisions for liabilities9(26,645)(47,165)
Net assets501,159491,102
Capital and reserves
Called up share capital1010
Profit and loss account501,149491,092
Shareholders' funds501,159491,102
The financial statements were approved and authorised for issue by the Board of Directors on 27 November 2024, and are signed on its behalf by:
DW Borthwick
Director
Registered Company No. SC498500
BORTHWICK DECORATORS LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the provisions of Section 1A 'Small Entities' (FRS102 section 1A) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Finance leases and hire purchase contracts
Assets held under finance leases (which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company) and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Payments under operating lease contracts are expensed through the profit and loss account in the period in which payments are made.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year1315
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 March 2314,37311,590359,33719,940405,240
Additions-1,205-2,4243,629
Disposals--(94,680)-(94,680)
At 29 February 2414,37312,795264,65722,364314,189
Depreciation and impairment
At 01 March 231,9026,667172,3419,570190,480
Charge for year1,4372,26071,3393,77678,812
On disposals--(72,717)-(72,717)
At 29 February 243,3398,927170,96313,346196,575
Net book value
At 29 February 2411,0343,86893,6949,018117,614
At 28 February 2312,4714,923186,99610,370214,760
4.Stocks

2024

2023

££
Work in progress54,09735,755
Total54,09735,755
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables23,81923,140
Amounts owed by group undertakings522,375391,273
Other debtors-2,660
Prepayments and accrued income3,1844,709
Total549,378421,782
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables28,46522,323
Bank borrowings and overdrafts15,83215,832
Taxation and social security151,541127,279
Payments received on account32,31140,673
Finance lease and HP contracts7,43928,753
Other creditors118104
Accrued liabilities and deferred income52,3026,448
Total288,008241,412
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts22,22038,052
Other creditors15,26530,897
Total37,48568,949
The bank borrowings comprise a Business Bounceback loan from Barclays Bank and a loan from The Energy Saving Trust. The Business Bounceback loan is guaranteed by the UK Government, and is unsecured. It bears interest at 2.5% and is repayable over a 5 year term. The loan from the Energy Saving Trust is unsecured, interest free and repayable over 5 years. Other long term creditors relate to hire purchase agreements which are secured over the relevant assets.
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts15,26530,897
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)26,64547,165
Total26,64547,165
10.Related party transactions
At the year end, the company was owed £522,375 (2023: £391,272) by its parent company, Truckee Holdings Limited.