Company registration number SC668234 (Scotland)
ELITE CONTRACT FURNITURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
ELITE CONTRACT FURNITURE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ELITE CONTRACT FURNITURE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs B J Winston
Mr G J Winston
Company number
SC668234
Registered office
3 Spiersbridge Way
Thornliebank
Glasgow
Scotland
G46 8NG
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
ELITE CONTRACT FURNITURE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,667
9,667
Tangible assets
4
198,614
64,399
204,281
74,066
Current assets
Stocks
49,370
126,715
Debtors
5
259,082
187,768
Cash at bank and in hand
155,156
218,991
463,608
533,474
Creditors: amounts falling due within one year
6
(482,579)
(444,762)
Net current (liabilities)/assets
(18,971)
88,712
Total assets less current liabilities
185,310
162,778
Provisions for liabilities
7
(25,443)
(7,934)
Net assets
159,867
154,844
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
159,767
154,744
Total equity
159,867
154,844
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELITE CONTRACT FURNITURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 December 2024 and are signed on its behalf by:
Mrs B J Winston
Mr G J Winston
Director
Director
Company Registration No. SC668234
ELITE CONTRACT FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Elite Contract Furniture Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Spiersbridge Way, Thornliebank, Glasgow, Scotland, G46 8NG. The company's registration number is SC668234.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, such as obsolescence, have been transferred to the customer.
1.3
Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% straight line
Plant and equipment
25% straight line
Fixtures and equipment
25% straight line
Motor vehicles
25% reducing balance
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of 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). 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.
ELITE CONTRACT FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks 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 stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
ELITE CONTRACT FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
8
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
20,000
Amortisation and impairment
At 1 May 2023
10,333
Amortisation charged for the year
4,000
At 30 April 2024
14,333
Carrying amount
At 30 April 2024
5,667
At 30 April 2023
9,667
ELITE CONTRACT FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
5,311
37,206
47,096
89,613
Additions
48,630
82,761
14,673
46,490
192,554
Disposals
(12,500)
(12,500)
At 30 April 2024
48,630
88,072
51,879
81,086
269,667
Depreciation and impairment
At 1 May 2023
583
19,114
5,517
25,214
Depreciation charged in the year
4,880
15,851
11,492
17,523
49,746
Eliminated in respect of disposals
(3,907)
(3,907)
At 30 April 2024
4,880
16,434
30,606
19,133
71,053
Carrying amount
At 30 April 2024
43,750
71,638
21,273
61,953
198,614
At 30 April 2023
4,728
18,092
41,579
64,399
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
228,120
170,415
Other debtors
30,962
17,353
259,082
187,768
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
171,073
154,169
Amounts owed to group undertakings
164,987
90,000
Taxation and social security
28,368
69,011
Other creditors
118,151
131,582
482,579
444,762
ELITE CONTRACT FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
25,443
7,934
8
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
25,443
7,934
2024
Movements in the year:
£
Liability at 1 May 2023
7,934
Charge to profit or loss
17,509
Liability at 30 April 2024
25,443
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1
100
100
ELITE CONTRACT FURNITURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
10
Related party transactions
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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