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CLOCKHOUSE FURNITURE LIMITED

Registered Number
SC281686
(Scotland)

Unaudited Financial Statements for the Year ended
30 June 2024

CLOCKHOUSE FURNITURE LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

PARRY, Nicholas Philip
PARRY, Priscilla Mary
PARRY, Robert Edward
PARRY, Thomas Peter

Company Secretary

PARRY, Priscilla Mary

Registered Address

Drem Airfield
Fenton Barns
North Berwick
EH39 5AW

Registered Number

SC281686 (Scotland)
CLOCKHOUSE FURNITURE LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4811,721812,282
811,721812,282
Current assets
Stocks38,48036,373
Debtors517,52013,401
Cash at bank and on hand82,748156,070
138,748205,844
Creditors amounts falling due within one year6(266,720)(282,458)
Net current assets (liabilities)(127,972)(76,614)
Total assets less current liabilities683,749735,668
Creditors amounts falling due after one year7(347,223)(385,179)
Provisions for liabilities(12,012)(11,013)
Net assets324,514339,476
Capital and reserves
Called up share capital5,0005,000
Profit and loss account319,514334,476
Shareholders' funds324,514339,476
The financial statements were approved and authorised for issue by the Board of Directors on 21 March 2025, and are signed on its behalf by:
PARRY, Nicholas Philip
Director
Registered Company No. SC281686
CLOCKHOUSE FURNITURE LIMITED
Notes to the Financial Statements
for the year ended 30 June 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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Interest income
Interest income is recognised using the effective interest rate method.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
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:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery15-
Fixtures and fittings-3.3
Vehicles25-
Office Equipment25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
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.
2.Average number of employees

20242023
Average number of employees during the year1615
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 231,059,533
Additions28,712
Disposals(4,807)
At 30 June 241,083,438
Depreciation and impairment
At 01 July 23247,251
Charge for year27,957
On disposals(3,491)
At 30 June 24271,717
Net book value
At 30 June 24811,721
At 30 June 23812,282
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables9,6662,422
Prepayments and accrued income7,85410,979
Total17,52013,401
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables47,82560,406
Bank borrowings and overdrafts69,47959,380
Taxation and social security23,64266,535
Finance lease and HP contracts3,624-
Other creditors72,76693,337
Accrued liabilities and deferred income49,3842,800
Total266,720282,458
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts26,47785,179
Other creditors320,746300,000
Total347,223385,179
8.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
PARRY, Nicholas Philip386,155012,562373,593
386,155012,562373,593