Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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35,211 | 69,436 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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724,227 | 523,626 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 614,640 | 455,090 | ||
Total assets less current liabilities | 649,851 | 524,526 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Jack Carmichael (Flooring) Limited (registered number:
Mr R A Campbell
Director |
Mr A J Christie
Director |
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.
Jack Carmichael (Flooring) 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 10 Pinefield Parade, Elgin, IV30 6AG, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, 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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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 Statement of Income and Retained Earnings 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.
Current tax is provided at amounts expected to be paid 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.
Plant and machinery etc. |
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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 Statement of Income and Retained Earnings as described below.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
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 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.
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. If not, they are presented as non-current liabilities.
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.
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2023 |
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Additions |
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Disposals | (
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At 30 September 2024 |
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Accumulated depreciation | |||
At 01 October 2023 |
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Charge for the financial year |
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Disposals | (
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At 30 September 2024 |
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Net book value | |||
At 30 September 2024 |
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At 30 September 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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7,700 | 7,700 |
Transactions with owners holding a participating interest in the entity
2024 | 2023 | ||
£ | £ | ||
Entities with control, joint control or significant influence over the company. | 20,783 | 17,300 |
During the year, rent of £20,783 (2023 - £17,300) was paid to the parent company Carmichael Holdings (Scotland) Limited for the use of offices, unit and showroom.