Company registration number SC273128 (Scotland)
MAPLE JOINERS (BARRHEAD) LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
MAPLE JOINERS (BARRHEAD) LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MAPLE JOINERS (BARRHEAD) LTD.
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
119,047
110,798
Current assets
Stocks
94,127
59,910
Debtors
5
158,157
136,868
Cash at bank and in hand
205,191
313,692
457,475
510,470
Creditors: amounts falling due within one year
6
(130,914)
(97,479)
Net current assets
326,561
412,991
Total assets less current liabilities
445,608
523,789
Creditors: amounts falling due after more than one year
7
(59,823)
(59,930)
Provisions for liabilities
(11,572)
(23,851)
Net assets
374,213
440,008
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
374,211
440,006
Total equity
374,213
440,008
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MAPLE JOINERS (BARRHEAD) LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
Mr C Welsh
Director
Company Registration No. SC273128
MAPLE JOINERS (BARRHEAD) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Maple Joiners (Barrhead) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 2 Barnes Street, Barrhead, Glasgow, G78 1QN.
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.
1.2
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.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is over 10 years.
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:
Freehold land and buildings
Nil
Plant and equipment
20% Reducing Balance
Fixtures and fittings
25% Reducing Balance
Computers
25% Reducing Balance
Motor vehicles
25% Reducing Balance
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
MAPLE JOINERS (BARRHEAD) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
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.
1.7
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.
1.8
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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MAPLE JOINERS (BARRHEAD) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
15,000
Amortisation and impairment
At 1 November 2023 and 31 October 2024
15,000
Carrying amount
At 31 October 2024
At 31 October 2023
MAPLE JOINERS (BARRHEAD) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
7,030
102
318
1,317
201,997
210,764
Additions
1,413
44,270
45,683
Disposals
(43,685)
(43,685)
At 31 October 2024
7,030
102
318
2,730
202,582
212,762
Depreciation and impairment
At 1 November 2023
102
318
1,317
98,229
99,966
Depreciation charged in the year
294
25,898
26,192
Eliminated in respect of disposals
(32,443)
(32,443)
At 31 October 2024
102
318
1,611
91,684
93,715
Carrying amount
At 31 October 2024
7,030
1,119
110,898
119,047
At 31 October 2023
7,030
103,768
110,798
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
152,666
136,868
Other debtors
5,491
158,157
136,868
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
62,870
51,842
Taxation and social security
31,227
18,822
Other creditors
36,817
26,815
130,914
97,479
MAPLE JOINERS (BARRHEAD) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
59,823
59,930
8
Secured debts
The Royal Bank of Scotland Plc holds a bond and floating charge over all assets of the company in respect of amounts advanced by the bank.
Hire purchase creditors are secured against the assets to which they related.
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
£
£
Amount due to related parties
1,839
1,839
The above loans are unsecured, interest free and have no fixed terms of repayment.