Company No: SC178799 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	76,086		35,211
		76,086		35,211
Current assets
Stocks		42,062		13,651
Debtors	4	45,064		94,952
Cash at bank and in hand		60,465		615,624
		147,591		724,227
Creditors: amounts falling due within one year	5	( 116,079)		( 109,587)
Net current assets		31,512		614,640
Total assets less current liabilities		107,598		649,851
Creditors: amounts falling due after more than one year	6	( 33,533)		0
Provision for liabilities		( 11,180)		( 3,437)
Net assets		62,885		646,414
Capital and reserves
Called-up share capital	7	7,700		7,700
Capital redemption reserve		2,500		2,500
Profit and loss account		52,685		636,214
Total shareholders' funds		62,885		646,414

For the financial year ending 30 September 2025 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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Jack Carmichael (Flooring) Limited (registered number: SC178799) were approved and authorised for issue by the Board of Directors on 23 April 2026. They were signed on its behalf by:

Mr R A Campbell Director

Mr A J Christie Director

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

Jack Carmichael (Flooring) 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 10 Pinefield Parade, Elgin, IV30 6AG, Scotland, 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. 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 straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.	25 % reducing balance
	5 years straight line

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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

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, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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 and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies 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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		9

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 October 2024	92,324		92,324
Additions	52,614		52,614
At 30 September 2025	144,938		144,938
Accumulated depreciation
At 01 October 2024	57,113		57,113
Charge for the financial year	11,739		11,739
At 30 September 2025	68,852		68,852
Net book value
At 30 September 2025	76,086		76,086
At 30 September 2024	35,211		35,211

4. Debtors

	2025		2024
	£		£
Trade debtors	42,652		94,952
Other debtors	2,412		0
	45,064		94,952

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	60,963		19,390
Corporation tax	4,010		53,882
Other taxation and social security	5,330		25,243
Obligations under finance leases and hire purchase contracts	8,444		0
Other creditors	37,332		11,072
	116,079		109,587

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	33,533		0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
7,500 Ordinary A shares of £ 1.00 each	7,500		7,500
100 Ordinary C shares of £ 1.00 each	100		100
100 Ordinary D shares of £ 1.00 each	100		100
	7,700		7,700

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Entities with control, joint control or significant influence over the company	1,600		20,783

During the year, the company was controlled by Carmichael Holdings (Scotland) Limited until 29 October 2024. Up until the date of sale, rent of £1,600 (2024 – £20,783) was paid to Carmichael Holdings (Scotland) Limited for the use of offices, unit and showroom.

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to key management personnel	16,054		0

This balance is interest free and has no fixed terms of repayment.