Registration number: SC098166

IN-Style Upholstery Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

IN-Style Upholstery Limited

(Registration number: SC098166)
Statement of Financial Position as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	166,657	175,736
Current assets
Stocks		867,163	828,021
Debtors	5	553,893	699,533
Cash at bank and in hand		82,584	49,227
		1,503,640	1,576,781
Creditors: Amounts falling due within one year	6	(1,356,098)	(1,473,280)
Net current assets		147,542	103,501
Total assets less current liabilities		314,199	279,237
Creditors: Amounts falling due after more than one year	6	(128,075)	(111,920)
Net assets		186,124	167,317
Capital and reserves
Called up share capital		100,010	100,010
Retained earnings		86,114	67,307
Shareholders' funds		186,124	167,317

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

IN-Style Upholstery Limited

(Registration number: SC098166)
Statement of Financial Position as at 30 September 2024

......................................... Mr A McRobbie Director

IN-Style Upholstery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1	General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
In-Style Upholstery Limited
Unit B Rannoch Road
Birkenshaw Industrial Estate
Uddingston
Glasgow
G71 5PR

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

IN-Style Upholstery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	10% straight line
Product/Website development	20% straight line
Fixtures and fittings	20% reducing balance
Motor vehicles	25% reducing balance
Computer equipment	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

IN-Style Upholstery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 15 (2023 - 20).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Product/ Website development £	Office equip £	Total £
Cost or valuation
At 1 October 2023	11,397	21,195	784,958	958	818,508
Additions	3,500	-	36,800	-	40,300
At 30 September 2024	14,897	21,195	821,758	958	858,808
Depreciation
At 1 October 2023	7,980	12,037	621,797	958	642,772
Charge for the year	1,140	1,832	46,407	-	49,379
At 30 September 2024	9,120	13,869	668,204	958	692,151
Carrying amount
At 30 September 2024	5,777	7,326	153,554	-	166,657
At 30 September 2023	3,417	9,158	163,161	-	175,736

5

Debtors

Current	2024 £	2023 £
Trade debtors	450,401	239,043
Prepayments	60,608	48,672
Other debtors	42,884	411,818
	553,893	699,533

IN-Style Upholstery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	7	256,422	136,783
Trade creditors		222,526	374,986
Taxation and social security		52,869	117,819
Accruals and deferred income		539,333	589,511
Other creditors		284,948	254,181
		1,356,098	1,473,280

Creditors: amounts falling due after more than one year

7	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	4,067	14,667
Other borrowings	124,008	97,253
	128,075	111,920

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,600	10,600
Other borrowings	245,822	126,183
	256,422	136,783

IN-Style Upholstery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Dividends

Final dividends paid

		2024 £		2023 £
Final dividend of £3.33 per each Ordinary C		30,000		30,000
Final dividend of £30.00 per each Ordinary B		30,000		30,000
		60,000		60,000