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FLOORS IN WOOD LIMITED

Registered Number
SC197461
(Scotland)

Unaudited Financial Statements for the Year ended
30 June 2024

FLOORS IN WOOD LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Rachael Anne Whyte

Company Secretary

Rachael Anne Whyte

Registered Address

Kiamara House Unit 19
Eastfield Business Park, Newark
Road South, Glenrothes
KY7 4NS

Registered Number

SC197461 (Scotland)
FLOORS IN WOOD LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets311,40714,762
11,40714,762
Current assets
Stocks14,52715,036
Debtors432,23621,577
Cash at bank and on hand40,54522,599
87,30859,212
Creditors amounts falling due within one year5(95,921)(67,922)
Net current assets (liabilities)(8,613)(8,710)
Total assets less current liabilities2,7946,052
Creditors amounts falling due after one year6(399)(2,697)
Provisions for liabilities(2,167)(2,805)
Net assets228550
Capital and reserves
Called up share capital33
Profit and loss account225547
Shareholders' funds228550
The financial statements were approved and authorised for issue by the Director on 2 October 2024, and are signed on its behalf by:
Rachael Anne Whyte
Director
Registered Company No. SC197461
FLOORS IN WOOD LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
Floors in Wood Limited 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.
Statement of compliance
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.
Going concern
The financial statements have been prepared on the going concern basis. The director finds it appropriate for the financial statements to be prepared on this basis despite the net current liability position of the company. The company is reliant upon the continued support of the director who has confirmed she will not withdraw her director loan account to the detriment of other creditors.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Employee 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.
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 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.
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 machinery15
Fixtures and fittings15
Vehicles25
Office Equipment15
Finance leases and hire purchase contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 July 233,2304,53119,67810,8751,82940,143
At 30 June 243,2304,53119,67810,8751,82940,143
Depreciation and impairment
At 01 July 233,2303,4578,2769,81660225,381
Charge for year-1612,8501591853,355
At 30 June 243,2303,61811,1269,97578728,736
Net book value
At 30 June 24-9138,5529001,04211,407
At 30 June 23-1,07411,4021,0591,22714,762
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables29,72018,741
Other debtors1,3071,307
Prepayments and accrued income1,2091,529
Total32,23621,577
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables53,30337,619
Taxation and social security9,5557,064
Finance lease and HP contracts2,2982,142
Other creditors28,66019,026
Accrued liabilities and deferred income2,1052,071
Total95,92167,922
6.Creditors: amounts due after one year

2024

2023

££
Other creditors3992,697
Total3992,697
7.Other commitments
Leasing Commitments per annum: Rent: £10,992 Vehicle Leasing: £2,699