Company registration number SC019950 (Scotland)
JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,718
12,148
Investment property
4
2,925,000
3,003,000
Investments
5
5,559,053
5,309,842
8,493,771
8,324,990
Current assets
Debtors
6
21,777
95,649
Cash at bank and in hand
114,272
112,799
136,049
208,448
Creditors: amounts falling due within one year
7
(905,377)
(963,907)
Net current liabilities
(769,328)
(755,459)
Total assets less current liabilities
7,724,443
7,569,531
Provisions for liabilities
8
(15,751)
-
0
Net assets
7,708,692
7,569,531
Capital and reserves
Called up share capital
9
165,000
165,000
Capital redemption reserve
10
207,602
207,602
Other reserves
10
2,597,006
2,124,667
Profit and loss reserves
10
4,739,084
5,072,262
Total equity
7,708,692
7,569,531

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 August 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.

JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
Mr B D Brown
Director
Company registration number SC019950 (Scotland)
JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
165,000
207,602
542,786
5,313,109
6,228,497
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
-
1,439,456
1,439,456
Dividends
-
-
-
(98,422)
(98,422)
Other movements
-
-
1,581,881
(1,581,881)
-
Balance at 31 August 2023
165,000
207,602
2,124,667
5,072,262
7,569,531
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
-
245,373
245,373
Dividends
-
-
-
(106,212)
(106,212)
Other movements
-
-
472,339
(472,339)
-
Balance at 31 August 2024
165,000
207,602
2,597,006
4,739,084
7,708,692
JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information

John Nairn & Son (House Furnishers) Limited is a private company limited by shares incorporated in Scotland. The registered office is Box 494, 145-149 Kilmarnock Road, Shawlands, Glasgow, Scotland, G41 3JA.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Rental income

Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.

1.3
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:

Fixtures and fittings
20% 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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in listed company shares are initially measured at cost and subsequently remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 

Investment in Bonds are measured at costs less impairment. The impairment loss is measured as difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. At the year end, Investment Bonds are translated using the closing rate.

JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Classification of financial liabilities

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.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.8
Taxation

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

JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
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.

 

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.

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.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the transaction date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
3
3
JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 September 2023 and 31 August 2024
29,524
Depreciation and impairment
At 1 September 2023
17,376
Depreciation charged in the year
2,430
At 31 August 2024
19,806
Carrying amount
At 31 August 2024
9,718
At 31 August 2023
12,148
4
Investment property
2024
£
Fair value
At 1 September 2023
3,003,000
Revaluations
(78,000)
At 31 August 2024
2,925,000

The fair value of the investment properties has been arrived at on the basis of a directors valuations based on their experience of the property market in which the properties are located.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
5,559,053
5,309,842
JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2023
5,309,842
Additions
158,339
Valuation changes
679,432
Foreign exchange movement
(88,794)
Disposals
(499,766)
At 31 August 2024
5,559,053
Carrying amount
At 31 August 2024
5,559,053
At 31 August 2023
5,309,842
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
21,777
18,803
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
76,846
Total debtors
21,777
95,649
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4
-
0
Trade creditors
24,605
-
0
Other creditors
880,768
963,907
905,377
963,907
JOHN NAIRN & SON (HOUSE FURNISHERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
15,751
-
0
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
165,000
165,000
165,000
165,000
10
Reserves
Capital redemption reserve

A non-distributable reserve into which amounts are transferred following the redemption or puchase of a company's own shares. The provisions relation to the capital redemption reserve are set out in Section 733 of the Companies Act 2006.

Other reserves

Other reserves comprise of revaluations relating to the investment properties and other investments net of deferred tax on the gain.

Profit and loss account

Profit and loss account comprises of the balance of profits accumulated over the life of the company.

 

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