Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Brenda Duff 02/08/2006 Gillian Duff 06/04/2024 02/08/2006 William John Duff 02/08/2006 07 August 2025 The principal activity of the Company during the financial year was that of garden furniture retailers. SC306261 2024-12-31 SC306261 bus:Director1 2024-12-31 SC306261 bus:Director2 2024-12-31 SC306261 bus:Director3 2024-12-31 SC306261 2023-12-31 SC306261 core:CurrentFinancialInstruments 2024-12-31 SC306261 core:CurrentFinancialInstruments 2023-12-31 SC306261 core:ShareCapital 2024-12-31 SC306261 core:ShareCapital 2023-12-31 SC306261 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC306261 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC306261 core:Goodwill 2023-12-31 SC306261 core:Goodwill 2024-12-31 SC306261 core:OtherPropertyPlantEquipment 2023-12-31 SC306261 core:OtherPropertyPlantEquipment 2024-12-31 SC306261 2022-12-31 SC306261 bus:OrdinaryShareClass1 2024-12-31 SC306261 core:KeyManagementPersonnel 2024-12-31 SC306261 core:KeyManagementPersonnel 2023-12-31 SC306261 2024-01-01 2024-12-31 SC306261 bus:FilletedAccounts 2024-01-01 2024-12-31 SC306261 bus:SmallEntities 2024-01-01 2024-12-31 SC306261 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC306261 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC306261 bus:Director1 2024-01-01 2024-12-31 SC306261 bus:Director2 2024-01-01 2024-12-31 SC306261 bus:Director3 2024-01-01 2024-12-31 SC306261 core:Goodwill core:TopRangeValue 2024-01-01 2024-12-31 SC306261 core:Goodwill 2024-01-01 2024-12-31 SC306261 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC306261 2023-01-01 2023-12-31 SC306261 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 SC306261 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC306261 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC306261 (Scotland)

GARDEN FURNITURE SCOTLAND LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

GARDEN FURNITURE SCOTLAND LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Contents

GARDEN FURNITURE SCOTLAND LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024
GARDEN FURNITURE SCOTLAND LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 6,676 8,902
6,676 8,902
Current assets
Stocks 590,642 772,092
Debtors 5 71,830 86,923
Cash at bank and in hand 1,907 2,113
664,379 861,128
Creditors: amounts falling due within one year 6 ( 206,558) ( 284,935)
Net current assets 457,821 576,193
Total assets less current liabilities 464,497 585,095
Provision for liabilities 7 ( 1,183) ( 1,328)
Net assets 463,314 583,767
Capital and reserves
Called-up share capital 8 999 999
Profit and loss account 462,315 582,768
Total shareholders' funds 463,314 583,767

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Garden Furniture Scotland Limited (registered number: SC306261) were approved and authorised for issue by the Board of Directors on 07 August 2025. They were signed on its behalf by:

William John Duff
Director
GARDEN FURNITURE SCOTLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
GARDEN FURNITURE SCOTLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Garden Furniture Scotland Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is West Craig Nurseries, Dundee, Road, Forfar, Angus, DD8 1XE, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover received for the sale of goods is recognised at fair value, net of VAT and other sales related taxes when the goods are received by the customer and control has been transferred.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 3 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 3 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash balances, are measured at transaction price including transaction costs .

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 15,000 15,000
At 31 December 2024 15,000 15,000
Accumulated amortisation
At 01 January 2024 15,000 15,000
At 31 December 2024 15,000 15,000
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2024 68,491 68,491
At 31 December 2024 68,491 68,491
Accumulated depreciation
At 01 January 2024 59,589 59,589
Charge for the financial year 2,226 2,226
At 31 December 2024 61,815 61,815
Net book value
At 31 December 2024 6,676 6,676
At 31 December 2023 8,902 8,902

5. Debtors

2024 2023
£ £
Trade debtors 93 991
Corporation tax 16,431 0
Other debtors 55,306 85,932
71,830 86,923

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 173,111 228,493
Trade creditors 21,707 23,372
Taxation and social security 526 18,044
Other creditors 11,214 15,026
206,558 284,935

Bank borrowings of £173,111 (2023 - £228,493) are secured by a floating charge over all property and assets of the company.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,328) ( 17,081)
Credited to the Statement of Income and Retained Earnings 145 15,753
At the end of financial year ( 1,183) ( 1,328)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
999 Ordinary shares of £ 1.00 each 999 999

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 3,333 43,333

10. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

2024 2023
£ £
Amounts Owed by Directors 2,159 20,362
. 0 0
2,159 20,362

Amounts owed to directors

2024 2023
£ £
Amounts Owed to Directors 240 614
. 0 0
240 614

Advances

Advances have been made in the year to the Directors totalling £50,912, with £31,840 being repaid. Interest of £628 has been charged at a rate of 2.25%. This loan is unsecured and has been repaid within nine months of the balance sheet date.