Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mr R A Campbell 29/10/2024 Mr N D Carmichael 29/10/2024 16/09/1997 Mr A J Christie 29/10/2024 05 February 2025 The principal activity of the Company during the financial year was that of supply and installation of flooring. SC178799 2024-09-30 SC178799 bus:Director1 2024-09-30 SC178799 bus:Director2 2024-09-30 SC178799 bus:Director3 2024-09-30 SC178799 2023-09-30 SC178799 core:CurrentFinancialInstruments 2024-09-30 SC178799 core:CurrentFinancialInstruments 2023-09-30 SC178799 core:ShareCapital 2024-09-30 SC178799 core:ShareCapital 2023-09-30 SC178799 core:CapitalRedemptionReserve 2024-09-30 SC178799 core:CapitalRedemptionReserve 2023-09-30 SC178799 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC178799 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC178799 core:OtherPropertyPlantEquipment 2023-09-30 SC178799 core:OtherPropertyPlantEquipment 2024-09-30 SC178799 bus:OrdinaryShareClass1 2024-09-30 SC178799 bus:OrdinaryShareClass2 2024-09-30 SC178799 bus:OrdinaryShareClass3 2024-09-30 SC178799 2023-10-01 2024-09-30 SC178799 bus:FilletedAccounts 2023-10-01 2024-09-30 SC178799 bus:SmallEntities 2023-10-01 2024-09-30 SC178799 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC178799 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC178799 bus:Director1 2023-10-01 2024-09-30 SC178799 bus:Director2 2023-10-01 2024-09-30 SC178799 bus:Director3 2023-10-01 2024-09-30 SC178799 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 SC178799 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-10-01 2024-09-30 SC178799 2022-10-01 2023-09-30 SC178799 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC178799 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC178799 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 SC178799 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 SC178799 bus:OrdinaryShareClass3 2023-10-01 2024-09-30 SC178799 bus:OrdinaryShareClass3 2022-10-01 2023-09-30 SC178799 1 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC178799 (Scotland)

JACK CARMICHAEL (FLOORING) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

JACK CARMICHAEL (FLOORING) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

JACK CARMICHAEL (FLOORING) LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
JACK CARMICHAEL (FLOORING) LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 35,211 69,436
35,211 69,436
Current assets
Stocks 13,651 22,783
Debtors 4 94,952 74,950
Cash at bank and in hand 615,624 425,893
724,227 523,626
Creditors: amounts falling due within one year 5 ( 109,587) ( 68,536)
Net current assets 614,640 455,090
Total assets less current liabilities 649,851 524,526
Provision for liabilities ( 3,437) ( 12,508)
Net assets 646,414 512,018
Capital and reserves
Called-up share capital 6 7,700 7,700
Capital redemption reserve 2,500 2,500
Profit and loss account 636,214 501,818
Total shareholder's funds 646,414 512,018

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: SC178799) were approved and authorised for issue by the Board of Directors on 05 February 2025. They were signed on its behalf by:

Mr R A Campbell
Director
Mr A J Christie
Director
JACK CARMICHAEL (FLOORING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
JACK CARMICHAEL (FLOORING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

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
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 155,980 155,980
Additions 29,560 29,560
Disposals ( 93,216) ( 93,216)
At 30 September 2024 92,324 92,324
Accumulated depreciation
At 01 October 2023 86,544 86,544
Charge for the financial year 21,615 21,615
Disposals ( 51,046) ( 51,046)
At 30 September 2024 57,113 57,113
Net book value
At 30 September 2024 35,211 35,211
At 30 September 2023 69,436 69,436

4. Debtors

2024 2023
£ £
Trade debtors 94,952 74,950

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 19,390 21,111
Corporation tax 53,882 15,834
Other taxation and social security 25,243 13,670
Other creditors 11,072 17,921
109,587 68,536

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
7,500 Ordinary A shares of £ 1.00 each 7,500 7,500
100 Ordinary C shares of £ 1.00 each 100 100
100 Ordinary D shares of £ 1.00 each 100 100
7,700 7,700

7. Related party transactions

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.

8. Events after the Balance Sheet date

On 29th October 2024, 100% of the issued share capital was purchased by a third party.