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REGISTERED NUMBER: SC273942 (Scotland)










CHARLES PAISLEY & SONS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 5


CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 382,840 391,682

CURRENT ASSETS
Debtors 5 9,164 13,542
Cash at bank 112,634 99,164
121,798 112,706
CREDITORS
Amounts falling due within one year 6 11,808 8,003
NET CURRENT ASSETS 109,990 104,703
TOTAL ASSETS LESS CURRENT LIABILITIES 492,830 496,385

PROVISIONS FOR LIABILITIES 69,921 69,921
NET ASSETS 422,909 426,464

CAPITAL AND RESERVES
Called up share capital 8 125,000 125,000
Revaluation reserve 9 239,883 246,337
Retained earnings 58,026 55,127
SHAREHOLDERS' FUNDS 422,909 426,464

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 April 2025 and were signed by:





J K Boneham - Director


CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Charles Paisley & Sons Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC273942

Registered office: 2 Caroline Street
Langholm
Dumfriesshire
United Kingdom
DG13 0AF

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

At the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT. The policy adopted for the recognition of turnover is when the outcome of a transaction can be estimated reliably, turnover from the letting of properties is recognised by reference to the period of rent charged at the balance sheet date.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land & buildings- 2% on cost
Plant & machinery etc- 25% reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
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.

Unrelieved tax losses and other 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.

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported 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.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 425,000 2,366 427,366
DEPRECIATION
At 1 January 2024 34,000 1,684 35,684
Charge for year 8,500 342 8,842
At 31 December 2024 42,500 2,026 44,526
NET BOOK VALUE
At 31 December 2024 382,500 340 382,840
At 31 December 2023 391,000 682 391,682

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 9,164 13,542

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,580 5,603
Amounts owed to group undertakings 3,228 -
Other creditors 3,000 2,400
11,808 8,003

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 7,736 -
Between one and five years 29,010 -
36,746 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
125,000 Ordinary £1 125,000 125,000

CHARLES PAISLEY & SONS LIMITED (REGISTERED NUMBER: SC273942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. RESERVES
Revaluation
reserve
£   
At 1 January 2024 246,337
Depreciation (6,454 )

At 31 December 2024 239,883

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stuart Adam FCA (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited

11. ULTIMATE CONTROLLING PARTY

The company's immediate parent is Marshall Farmer Limited, incorporated in England.

The ultimate parent is Longfeng Colomer Co. Limited, incorporated in China.