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Unaudited Financial Statements for the Year Ended 30 April 2024

for

Tapestry Audio Visual Ltd.

Tapestry Audio Visual Ltd. (Registered number: SC232692)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tapestry Audio Visual Ltd.

Company Information
for the Year Ended 30 April 2024







DIRECTORS: A R McLaren
Mrs L C McLaren





REGISTERED OFFICE: 2 Melville Street
Falkirk
FK1 1HZ





REGISTERED NUMBER: SC232692 (Scotland)





ACCOUNTANTS: Ian Macfarlane Limited
Chartered Accountants
2 Melville Street
Falkirk
FK1 1HZ

Tapestry Audio Visual Ltd. (Registered number: SC232692)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 145,437 169,678
Tangible assets 5 1,569,229 1,432,735
1,714,666 1,602,413

CURRENT ASSETS
Stocks 42,000 58,673
Debtors 6 662,432 724,885
Cash at bank and in hand 887,713 955,118
1,592,145 1,738,676
CREDITORS
Amounts falling due within one year 7 1,265,315 1,341,825
NET CURRENT ASSETS 326,830 396,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,041,496

1,999,264

CREDITORS
Amounts falling due after more than one year 8 (377,894 ) (472,665 )

PROVISIONS FOR LIABILITIES (250,080 ) (167,863 )
NET ASSETS 1,413,522 1,358,736

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 1,412,522 1,357,736
SHAREHOLDERS' FUNDS 1,413,522 1,358,736

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Tapestry Audio Visual Ltd. (Registered number: SC232692)

Balance Sheet - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:




A R McLaren - Director



Mrs L C McLaren - Director


Tapestry Audio Visual Ltd. (Registered number: SC232692)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Tapestry Audio Visual Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Tapestry Audio Visual Ltd. (Registered number: SC232692)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 606,015
AMORTISATION
At 1 May 2023 436,337
Charge for year 24,241
At 30 April 2024 460,578
NET BOOK VALUE
At 30 April 2024 145,437
At 30 April 2023 169,678

Tapestry Audio Visual Ltd. (Registered number: SC232692)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 548,035 2,390,299 2,938,334
Additions - 463,401 463,401
Disposals - (10,001 ) (10,001 )
At 30 April 2024 548,035 2,843,699 3,391,734
DEPRECIATION
At 1 May 2023 - 1,505,599 1,505,599
Charge for year - 319,406 319,406
Eliminated on disposal - (2,500 ) (2,500 )
At 30 April 2024 - 1,822,505 1,822,505
NET BOOK VALUE
At 30 April 2024 548,035 1,021,194 1,569,229
At 30 April 2023 548,035 884,700 1,432,735

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023 1,108,434
Additions 244,169
Transfer to ownership (371,078 )
At 30 April 2024 981,525
DEPRECIATION
At 1 May 2023 741,896
Charge for year 126,585
Transfer to ownership (307,668 )
At 30 April 2024 560,813
NET BOOK VALUE
At 30 April 2024 420,712
At 30 April 2023 366,538

Tapestry Audio Visual Ltd. (Registered number: SC232692)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 601,734 561,696
Other debtors 60,698 163,189
662,432 724,885

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 130,000 130,000
Hire purchase contracts 160,712 188,209
Trade creditors 107,432 91,531
Taxation and social security 77,834 45,316
Other creditors 789,337 886,769
1,265,315 1,341,825

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans 140,833 270,833
Hire purchase contracts 237,061 201,832
377,894 472,665

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 270,833 400,833
Hire purchase contracts 397,773 390,041
668,606 790,874

The bank loan is secured by a standard security over the business premises at Baltic House and there is also a bond and floating charge in favour of the bank over the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

Tapestry Audio Visual Ltd. (Registered number: SC232692)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. ULTIMATE CONTROLLING PARTY

The company is under the control of its directors.