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CEILING & PARTITION SERVICES LIMITED

Registered Number
SC132094
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2024

CEILING & PARTITION SERVICES LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

FORBES, Thomas

Company Secretary

FORBES, Thomas

Registered Address

4d Auchingramont Road
Hamilton
ML3 6JT

Place of Business

Unit 15 Andrew Court

Rothesay Business Park

Clydebank

Glasgow

G81 1PF


Registered Number

SC132094 (Scotland)
CEILING & PARTITION SERVICES LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets355
55
Current assets
Stocks47,3056,871
Debtors59,39710,310
Cash at bank and on hand38,27445,389
54,97662,570
Creditors amounts falling due within one year6(40,135)(37,137)
Net current assets (liabilities)14,84125,433
Total assets less current liabilities14,84625,438
Net assets14,84625,438
Capital and reserves
Called up share capital66
Profit and loss account14,84025,432
Shareholders' funds14,84625,438
The financial statements were approved and authorised for issue by the Director on 7 February 2025, and are signed on its behalf by:
FORBES, Thomas
Director
Registered Company No. SC132094
CEILING & PARTITION SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 May 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
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
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.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the service at the balance sheet date.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Vehicles4
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 June 2313,29730,87644,173
At 31 May 2413,29730,87644,173
Depreciation and impairment
At 01 June 2313,29430,87444,168
At 31 May 2413,29430,87444,168
Net book value
At 31 May 24325
At 31 May 23325
4.Stocks

2024

2023

££
Work in progress7,3056,871
Total7,3056,871
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables6,9527,406
Other debtors2,4452,904
Total9,39710,310
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables9,0355,855
Amounts owed to related parties25,43125,431
Taxation and social security1,2331,010
Accrued liabilities and deferred income4,4364,841
Total40,13537,137
7.Related party transactions
During the year, the company received an interest free loan from the director amounting to £25,431 (2023 : £25,431).