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NORSCOT JOINERY LIMITED

Registered Number
SC090662
(Scotland)

Unaudited Financial Statements for the Year ended
30 June 2024

NORSCOT JOINERY LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

WANG, Tom Yuda

Registered Address

Bower Workshops
Bower
Wick
KW1 4TL

Registered Number

SC090662 (Scotland)
NORSCOT JOINERY LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3829,525851,447
829,525851,447
Current assets
Stocks4432,652428,503
Debtors5510,724509,858
Cash at bank and on hand241,523340,919
1,184,8991,279,280
Creditors amounts falling due within one year6(1,493,490)(1,385,992)
Net current assets (liabilities)(308,591)(106,712)
Total assets less current liabilities520,934744,735
Creditors amounts falling due after one year7(30,859)(41,025)
Provisions for liabilities9-(149,523)
Net assets490,075554,187
Capital and reserves
Called up share capital50,00050,000
Profit and loss account440,075504,187
Shareholders' funds490,075554,187
The financial statements were approved and authorised for issue by the Director on 28 March 2025, and are signed on its behalf by:
WANG, Tom Yuda
Director
Registered Company No. SC090662
NORSCOT JOINERY 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.
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 policy
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. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expense recognised that if is probable will be recovered.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-2
Plant and machinery15-
Fixtures and fittings15-
Vehicles25-
Office Equipment15-
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. Cost comprises of direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. 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.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year6060
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 July 23258,1231,078,090930,24089,350286,5602,642,363
Additions62,96118,95016,678-3,462102,051
At 30 June 24321,0841,097,040946,91889,350290,0222,744,414
Depreciation and impairment
At 01 July 238,954723,269721,79077,726259,1771,790,916
Charge for year6,20655,59255,9351,7434,497123,973
At 30 June 2415,160778,861777,72579,469263,6741,914,889
Net book value
At 30 June 24305,924318,179169,1939,88126,348829,525
At 30 June 23249,169354,821208,45011,62427,383851,447
4.Stocks

2024

2023

££
Work in progress26,62331,117
Finished goods406,029397,386
Total432,652428,503
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables188,571431,230
Amounts owed by group undertakings260,65539
Other debtors40,19564,012
Prepayments and accrued income21,30314,577
Total510,724509,858
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables565,439460,231
Bank borrowings and overdrafts138,720-
Taxation and social security356,031263,565
Finance lease and HP contracts34,57385,579
Other creditors385,128565,593
Accrued liabilities and deferred income13,59911,024
Total1,493,4901,385,992
7.Creditors: amounts due after one year

2024

2023

££
Other creditors30,85941,025
Total30,85941,025
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts30,85941,025
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)-149,523
Total-149,523
10.Related party transactions
Amounts owed by group undertakings of £260,655 (2023: £39) relates to 1st FSD Group Ltd and Norscot Joinery (Holdings) Ltd.