TRANSITION INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Company registration number SC064051 (Scotland)
PAGES FOR FILING WITH REGISTRAR
TRANSITION INTERIORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TRANSITION INTERIORS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,238
31,359
Current assets
Stocks
71,698
41,934
Debtors
4
113,698
95,504
Cash at bank and in hand
36,669
20,296
222,065
157,734
Creditors: amounts falling due within one year
5
(187,173)
(204,039)
Net current assets/(liabilities)
34,892
(46,305)
Total assets less current liabilities
57,130
(14,946)
Creditors: amounts falling due after more than one year
6
-
0
(5,834)
Provisions for liabilities
(4,561)
(4,729)
Net assets/(liabilities)
52,569
(25,509)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
52,469
(25,609)
Total equity
52,569
(25,509)

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 March 2026 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.

T he member has 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.

TRANSITION INTERIORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
31 March 2026
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 May 2026 and are signed on its behalf by:
Mr David Leahy
Mr Kelvin Murray
Director
Director
Company Registration No. SC064051
TRANSITION INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
1
Accounting policies
Company information

Transition Interiors Limited is a private company limited by shares incorporated in Scotland. The registered office is Waverley House, 14/16 Lawson Street, Kilmarnock, Ayrshire, KA1 3JP.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amount derived from the provision of interior refurbishment, design and manufacturing joinery falling within the company's activities stated net of value added tax.

Revenue from interior refurbishment, design and manufacturing joinery is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Tenant's improvements
10% Straight Line
Plant and machinery
10% Straight Line
Fixtures, fittings & equipment
33% & 10% Straight Line
Motor vehicles
20% Straight Line

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
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TRANSITION INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Raw material stocks held are measured at the lower of cost and net realisable value.

Work in progress includes all production overheads and the attributable proportion of indirect overheads based on normal level of activity. Net realisable value is based on estimated selling price less the estimated costs of completion and disposal.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

Financial assets and liabilities are offset, with the net amounts presented 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TRANSITION INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

TRANSITION INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 6 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

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

2026
2025
Number
Number
Total
21
22
3
Tangible fixed assets
Tenant's Improvmnts
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2025
20,446
160,673
181,119
Additions
-
0
2,105
2,105
At 31 March 2026
20,446
162,778
183,224
Depreciation and impairment
At 1 April 2025
16,356
133,404
149,760
Depreciation charged in the year
2,045
9,181
11,226
At 31 March 2026
18,401
142,585
160,986
Carrying amount
At 31 March 2026
2,045
20,193
22,238
At 31 March 2025
4,089
27,270
31,359
4
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
64,636
74,886
Other debtors
44,664
16,316
Prepayments and accrued income
4,398
4,302
113,698
95,504
TRANSITION INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
5
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans
4,167
10,000
Trade creditors
87,827
99,830
Taxation and social security
49,960
70,443
Other creditors
45,219
23,766
187,173
204,039

'Other creditors' includes hire purchase liabilities of £1,667 which are secured over the assets concerned (2025 - £5,000).

6
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans and overdrafts
-
0
4,167
Other creditors
-
0
1,667
-
0
5,834

'Other creditors' represents hire purchase liabilities which are secured over the assets concerned.

7
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2026
2025
£
£
Total commitments
7,925
4,771
2026-03-31 2025-04-01 false false false 14 May 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity Mr Stephen Brownlow Mr David Leahy Mr Kelvin Murray SC064051 2025-04-01 2026-03-31 SC064051 2026-03-31 SC064051 2025-03-31 SC064051 core:LandBuildings 2026-03-31 SC064051 core:OtherPropertyPlantEquipment 2026-03-31 SC064051 core:LandBuildings 2025-03-31 SC064051 core:OtherPropertyPlantEquipment 2025-03-31 SC064051 core:CurrentFinancialInstruments core:WithinOneYear 2026-03-31 SC064051 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 SC064051 core:Non-currentFinancialInstruments core:AfterOneYear 2026-03-31 SC064051 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 SC064051 core:ShareCapital 2026-03-31 SC064051 core:ShareCapital 2025-03-31 SC064051 core:RetainedEarningsAccumulatedLosses 2026-03-31 SC064051 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC064051 bus:Director2 2025-04-01 2026-03-31 SC064051 bus:Director3 2025-04-01 2026-03-31 SC064051 core:LeaseholdImprovements 2025-04-01 2026-03-31 SC064051 core:PlantMachinery 2025-04-01 2026-03-31 SC064051 core:FurnitureFittings 2025-04-01 2026-03-31 SC064051 core:MotorVehicles 2025-04-01 2026-03-31 SC064051 2024-04-01 2025-03-31 SC064051 core:LandBuildings 2025-03-31 SC064051 core:OtherPropertyPlantEquipment 2025-03-31 SC064051 2025-03-31 SC064051 core:LandBuildings 2025-04-01 2026-03-31 SC064051 core:OtherPropertyPlantEquipment 2025-04-01 2026-03-31 SC064051 core:CurrentFinancialInstruments 2026-03-31 SC064051 core:CurrentFinancialInstruments 2025-03-31 SC064051 core:Non-currentFinancialInstruments 2026-03-31 SC064051 core:Non-currentFinancialInstruments 2025-03-31 SC064051 bus:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31 SC064051 bus:FRS102 2025-04-01 2026-03-31 SC064051 bus:AuditExemptWithAccountantsReport 2025-04-01 2026-03-31 SC064051 bus:Director1 2025-04-01 2026-03-31 SC064051 bus:SmallCompaniesRegimeForAccounts 2025-04-01 2026-03-31 SC064051 bus:FullAccounts 2025-04-01 2026-03-31 xbrli:pure xbrli:shares iso4217:GBP