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REGISTERED NUMBER: SC550920 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

IK SOFT FURNISHINGS LTD

IK SOFT FURNISHINGS LTD (REGISTERED NUMBER: SC550920)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IK SOFT FURNISHINGS LTD

COMPANY INFORMATION
for the year ended 30 November 2024







DIRECTORS: K Coalter
I Anderson





REGISTERED OFFICE: Unit 3 Block 4 Ward Street
Alloa
FK10 1ET





REGISTERED NUMBER: SC550920 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Wallace House
Maxwell Place
Stirling
FK8 1JU

IK SOFT FURNISHINGS LTD (REGISTERED NUMBER: SC550920)

BALANCE SHEET
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 209 209
Tangible assets 5 8,852 14,589
9,061 14,798

CURRENT ASSETS
Stocks 750 750
Debtors 6 9,792 8,653
Cash at bank and in hand 28,889 29,065
39,431 38,468
CREDITORS
Amounts falling due within one year 7 25,077 22,975
NET CURRENT ASSETS 14,354 15,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,415

30,291

PROVISIONS FOR LIABILITIES 8 1,682 2,772
NET ASSETS 21,733 27,519

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 21,633 27,419
21,733 27,519

IK SOFT FURNISHINGS LTD (REGISTERED NUMBER: SC550920)

BALANCE SHEET - continued
30 November 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:





I Anderson - Director


IK SOFT FURNISHINGS LTD (REGISTERED NUMBER: SC550920)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2024

1. STATUTORY INFORMATION

IK Soft Furnishings Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable for the manufacture of soft furnishings, excluding value added tax.

INTANGIBLE ASSETS
Amortisation is no longer charged on the personalised number plate as the residual value it is expected to be the same or more than its cost value.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% per annum on cost
Motor vehicles - 25% per annum on cost
Computer equipment - 33% per annum on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

IK SOFT FURNISHINGS LTD (REGISTERED NUMBER: SC550920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

IK SOFT FURNISHINGS LTD (REGISTERED NUMBER: SC550920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Personalised
number
plate
£   
COST
At 1 December 2023
and 30 November 2024 222
AMORTISATION
At 1 December 2023
and 30 November 2024 13
NET BOOK VALUE
At 30 November 2024 209
At 30 November 2023 209

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023
and 30 November 2024 3,017 19,500 783 23,300
DEPRECIATION
At 1 December 2023 698 7,733 280 8,711
Charge for year 604 4,875 258 5,737
At 30 November 2024 1,302 12,608 538 14,448
NET BOOK VALUE
At 30 November 2024 1,715 6,892 245 8,852
At 30 November 2023 2,319 11,767 503 14,589

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,806 6,667
Other debtors 1,986 1,986
9,792 8,653

IK SOFT FURNISHINGS LTD (REGISTERED NUMBER: SC550920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,435 5,431
Taxation and social security 5,438 2,800
Other creditors 16,204 14,744
25,077 22,975

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,682 2,772

Deferred
tax
£   
Balance at 1 December 2023 2,772
Credit to Statement of Income and Retained Earnings during year (1,090 )
Balance at 30 November 2024 1,682

9. RELATED PARTY DISCLOSURES

Included within "Other creditors" is a balance of £12,381 (2023: £12,348) due to the directors. The loan is interest free and is repayable on demand.

10. LEASING AGREEMENTS

As at the balance sheet date the total minimum lease payments due under non-cancellable operating leases amounted to £3,183 (2023: £3,002).