Company registration number SC149479 (Scotland)
VEITCHI INDUSTRIAL FLOORING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
VEITCHI INDUSTRIAL FLOORING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
VEITCHI INDUSTRIAL FLOORING LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,025
2,633
Current assets
Stocks
5
52,571
51,134
Debtors
6
877,570
907,705
Cash at bank and in hand
33,368
165,081
963,509
1,123,920
Creditors: amounts falling due within one year
7
(715,660)
(719,338)
Net current assets
247,849
404,582
Net assets
252,874
407,215
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
252,872
407,213
Total equity
252,874
407,215

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
J O Brown
Director
Company registration number SC149479 (Scotland)
VEITCHI INDUSTRIAL FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information

Veitchi Industrial Flooring Limited is a private company limited by shares incorporated in Scotland. The registered office is 8 Cambuslang Way, Gateway Glasgow, Glasgow, G32 8ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Veitchi Industrial Flooring Limited is a wholly owned subsidiary of Veitchi Flooring Limited, a company incorporated in Scotland. The ultimate parent company is Veitchi (Holdings) Limited, a company incorporated in Scotland, and the results of Veitchi Industrial Flooring Limited are included in the consolidated financial statements of Veitchi (Holdings) Limited which are available from 8 Cambuslang Way, Gateway Glasgow, Glasgow, G32 8ND.

1.2
Going concern

Atruet the time of approving the financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties, except in respect of long term contracts where turnover represents the sales value of work done in the year, including estimates in respect of amounts not invoiced. Turnover in respect of long term contracts is calculated based on the estimated stage of completion compared to the overall value of the contract. If the outcome of the contract is judged to be uncertain then turnover is calculated based on costs to date.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
4 years
Fixtures, fittings and equipment
5 years

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.

 

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in the circumstances indicate that the carrying value may not be recoverable.

VEITCHI INDUSTRIAL FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises 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.

 

Work in progress is valued at cost less payments on account. Cost comprises direct materials and direct labour.

1.6
Long term contracts

Profit on long term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Full provision is made for losses on all contracts at the time which they are first foreseen.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Creditors

Creditors with no stated interest rate payable within one year are recorded at transaction price.

 

All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable. After initial recognition they are measured at amortised cost.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

VEITCHI INDUSTRIAL FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The assets and liabilities of the group defined benefit pension scheme are disclosed in the financial statements of Veitchi (Holdings) Limited. The scheme was closed to new members on 1 December 2002. The scheme became paid up with effect from 20 November 2004.

 

Contributions payable to the group's defined contribution pension scheme are charged to the profit and loss account in the period to which they relate.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

VEITCHI INDUSTRIAL FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover and margin recognition

The company’s turnover policy, set out in note 1.3, requires projections to be made of the outcomes of construction contracts, based on their stage of completion. This requires both estimates and judgements to be made of both cost and income recognition on each contract.

In regards to contract income, judgements and estimates are made in the following areas:

In regards to contract costs, judgements and estimates are made in the following areas:

Work in progress valuation and recoverability

The company only recognises profit on construction contracts as the work is carried out if the final outcome can be assessed with reasonable certainty, in line with its long term contract policy set out in note 1.6. Judgement and estimates are made when calculating the stage of completion on a contract and its projected final outcome as noted above. When the final outcome of a contract is judged to be uncertain, it is recognised at sales equals costs and any anticipated losses are recognised immediately.

Judgements and estimates are reviewed on a monthly basis and throughout the contract life based on the latest available information and adjustments are made where necessary.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
VEITCHI INDUSTRIAL FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2023
7,518
Additions
5,645
At 30 November 2024
13,163
Depreciation and impairment
At 1 December 2023
4,885
Depreciation charged in the year
3,253
At 30 November 2024
8,138
Carrying amount
At 30 November 2024
5,025
At 30 November 2023
2,633
5
Stocks
2024
2023
£
£
Raw materials and consumables
49,568
47,133
Work in progress
3,003
4,001
52,571
51,134
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,915
96,473
Amounts owed by group undertakings
718,459
755,390
Other debtors
140,774
55,842
873,148
907,705
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
4,422
-
0
Total debtors
877,570
907,705
VEITCHI INDUSTRIAL FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,257
49,694
Corporation tax
42,361
25,000
Other taxation and social security
5,611
4,099
Other creditors
627,431
640,545
715,660
719,338
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Financial commitments, guarantees and contingent liabilities

Santander UK plc group bank facilities are secured by cross guarantees and floating charges between Veitchi (Holdings) Limited, Veitchi Flooring Limited, Veitchi Industrial Flooring Limited, Richardson & Starling (Northern) Limited, Property Repair Network Limited, Linotol Products Limited, Veitchi Homes Limited and Veitchi Interiors Limited.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
6,948
8,444
Between two and five years
16,652
7,828
23,600
16,272
11
Related party transactions

The company has taken advantage of the disclosure exemption available in FRS102 section 1A appendix C whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

VEITCHI INDUSTRIAL FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
12
Audit report information
(Continued)
- 8 -
Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Iain Binnie
Statutory Auditor:
MHA
Date of audit report:
28 March 2025
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