Select Soft Furnishings Limited
Registered number
SC507007
Filleted Accounts
31 May 2024
Select Soft Furnishings Limited
Registered number: SC507007
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 167,437 107,544
Current assets
Stocks 63,364 56,235
Debtors 4 142,142 93,210
Investments held as current assets 5 7,000 7,000
Cash at bank and in hand 138,755 137,218
351,261 293,663
Creditors: amounts falling due within one year 6 (244,696) (159,881)
Net current assets 106,565 133,782
Total assets less current liabilities 274,002 241,326
Creditors: amounts falling due after more than one year 7 (73,541) (30,000)
Net assets 200,461 211,326
Capital and reserves
Called up share capital 100 100
Profit and loss account 200,361 211,226
Shareholder's funds 200,461 211,326
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Derek Hill
Director
Approved by the board on 24 February 2025
Select Soft Furnishings Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% Reducing Balance
Fixtures, fittings, tools and equipment 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 33 33
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 39,837 175,527 215,364
Additions - 119,925 119,925
Disposals - (10,000) (10,000)
At 31 May 2024 39,837 285,452 325,289
Depreciation
At 1 June 2023 20,978 86,842 107,820
Charge for the year 4,715 52,153 56,868
On disposals - (6,836) (6,836)
At 31 May 2024 25,693 132,159 157,852
Net book value
At 31 May 2024 14,144 153,293 167,437
At 31 May 2023 18,859 88,685 107,544
4 Debtors 2024 2023
£ £
Trade debtors 124,701 82,710
Other debtors 17,441 10,500
142,142 93,210
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 7,000 7,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 16,821 -
Trade creditors 42,640 28,426
Amounts owed to group undertakings and undertakings in which the company has a participating interest 85,430 85,430
Taxation and social security costs 67,674 31,522
Other creditors 32,131 14,503
244,696 159,881
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,000 30,000
Obligations under finance lease and hire purchase contracts 53,541 -
73,541 30,000
8 Controlling party
The director, Derek hill, is the controlling party by way of his owning 100% of the issued share capital.
9 Other information
Select Soft Furnishings Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
3 Valentine Court
Dundee Business Park
Dundee
Angus
DD2 3QB
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