Silverfin false false 30/06/2024 01/07/2023 30/06/2024 J R Fraser 27/02/2003 L Fraser 27/02/2003 08 April 2025 The principal activity of the company continues to be that of retailers, designers, manufacturers, importers and agents for the sale of windows and doors. SC244761 2024-06-30 SC244761 bus:Director1 2024-06-30 SC244761 bus:Director2 2024-06-30 SC244761 2023-06-30 SC244761 core:CurrentFinancialInstruments 2024-06-30 SC244761 core:CurrentFinancialInstruments 2023-06-30 SC244761 core:Non-currentFinancialInstruments 2024-06-30 SC244761 core:Non-currentFinancialInstruments 2023-06-30 SC244761 core:ShareCapital 2024-06-30 SC244761 core:ShareCapital 2023-06-30 SC244761 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC244761 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC244761 core:LandBuildings 2023-06-30 SC244761 core:LeaseholdImprovements 2023-06-30 SC244761 core:PlantMachinery 2023-06-30 SC244761 core:Vehicles 2023-06-30 SC244761 core:OfficeEquipment 2023-06-30 SC244761 core:LandBuildings 2024-06-30 SC244761 core:LeaseholdImprovements 2024-06-30 SC244761 core:PlantMachinery 2024-06-30 SC244761 core:Vehicles 2024-06-30 SC244761 core:OfficeEquipment 2024-06-30 SC244761 bus:OrdinaryShareClass1 2024-06-30 SC244761 2023-07-01 2024-06-30 SC244761 bus:FilletedAccounts 2023-07-01 2024-06-30 SC244761 bus:SmallEntities 2023-07-01 2024-06-30 SC244761 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC244761 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC244761 bus:Director1 2023-07-01 2024-06-30 SC244761 bus:Director2 2023-07-01 2024-06-30 SC244761 1 2023-07-01 2024-06-30 SC244761 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 SC244761 core:LeaseholdImprovements core:TopRangeValue 2023-07-01 2024-06-30 SC244761 core:PlantMachinery 2023-07-01 2024-06-30 SC244761 core:Vehicles 2023-07-01 2024-06-30 SC244761 core:OfficeEquipment 2023-07-01 2024-06-30 SC244761 2022-07-01 2023-06-30 SC244761 core:LandBuildings 2023-07-01 2024-06-30 SC244761 core:LeaseholdImprovements 2023-07-01 2024-06-30 SC244761 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC244761 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 SC244761 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC244761 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 SC244761 1 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC244761 (Scotland)

L&JF LIMITED
(Formerly Cathedral Windows Limited)

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

L&JF LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

L&JF LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
L&JF LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 145,510 159,364
145,510 159,364
Current assets
Stocks 37,572 26,698
Debtors 4 22,823 ( 15,915)
Cash at bank and in hand 32,418 124,676
92,813 135,459
Creditors: amounts falling due within one year 5 ( 104,730) ( 150,155)
Net current liabilities (11,917) (14,696)
Total assets less current liabilities 133,593 144,668
Creditors: amounts falling due after more than one year 6 ( 13,091) 0
Provision for liabilities 7 ( 15,388) ( 18,657)
Net assets 105,114 126,011
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 105,014 125,911
Total shareholders' funds 105,114 126,011

For the financial year ending 30 June 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 L&JF Limited (registered number: SC244761) were approved and authorised for issue by the Board of Directors on 08 April 2025. They were signed on its behalf by:

J R Fraser
Director
L&JF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
L&JF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

Cathedral Windows 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 225 High Street, Elgin, IV30 1DJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, in accordance with 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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. 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 10

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £ £
Cost
At 01 July 2023 119,987 962 13,609 93,079 12,289 239,926
Additions 200 0 5,992 0 1,640 7,832
At 30 June 2024 120,187 962 19,601 93,079 13,929 247,758
Accumulated depreciation
At 01 July 2023 34,906 206 6,336 34,051 5,063 80,562
Charge for the financial year 2,401 88 2,439 14,757 2,001 21,686
At 30 June 2024 37,307 294 8,775 48,808 7,064 102,248
Net book value
At 30 June 2024 82,880 668 10,826 44,271 6,865 145,510
At 30 June 2023 85,081 756 7,273 59,028 7,226 159,364

4. Debtors

2024 2023
£ £
Trade debtors 52,243 18,821
Corporation tax 2,934 0
Other debtors ( 32,354) ( 34,736)
22,823 ( 15,915)

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,183 33,206
Trade creditors 54,117 46,587
Corporation tax 0 12,779
Other taxation and social security 24,118 23,385
Other creditors 16,312 34,198
104,730 150,155

The Coronavirus Bounce Back Loan is 100% backed by the UK Government with the liability secured over the assets of the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,091 0

The Coronavirus Bounce Back Loan is 100% backed by the UK Government with the liability secured over the assets of the company.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 15,388 18,657

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to key management personnel 37,370 39,782

The above loans are unsecured, interest free and have no fixed terms of repayment.

10. Events after the Balance Sheet date

On 31st January 2025, the company sold the trading assets to a third party.