Company No: SC673784 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2021		31.12.2020
		£		£
Fixed assets
Tangible assets	3	595		0
		595		0
Current assets
Stocks	4	750		0
Debtors	5	17,643		0
Cash at bank and in hand	6	33,319		60
		51,712		60
Creditors
Amounts falling due within one year	7	( 39,906)		0
Net current assets		11,806		60
Total assets less current liabilities		12,401		60
Provision for liabilities	8, 9	( 124)		0
Net assets		12,277		60
Capital and reserves
Called-up share capital	10	60		60
Profit and loss account		12,217		0
Total shareholders' funds		12,277		60

For the financial year ending 31 December 2021 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 Profit and Loss Account has not been delivered.

The financial statements of James Barclay Flooring Ltd (registered number: SC673784) were approved and authorised for issue by the Director on 22 September 2022. They were signed on its behalf by:

Mr J Hodge 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 period, unless otherwise stated.

General information and basis of accounting

James Barclay Flooring Ltd (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 66 Tay Street, Perth, PH2 8RA, 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 £.

Reporting period length

On 01 September 2021, the company commenced trading. Prior to this the company had been dormant. The comparative figures are therefore not comparable.

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 Profit and Loss Account 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, 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 Profit and Loss Account 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, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. 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 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, cash and bank 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

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

	Year ended 31.12.2021		Period from 10.09.2020 to 31.12.2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		0

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2021	0		0
Additions	669		669
At 31 December 2021	669		669
Accumulated depreciation
At 01 January 2021	0		0
Charge for the financial year	74		74
At 31 December 2021	74		74
Net book value
At 31 December 2021	595		595
At 31 December 2020	0		0

4. Stocks

	31.12.2021		31.12.2020
	£		£
Stocks	750		0

5. Debtors

	31.12.2021		31.12.2020
	£		£
Trade debtors	17,643		0

6. Cash and cash equivalents

	31.12.2021		31.12.2020
	£		£
Cash at bank and in hand	33,319		60

7. Creditors: amounts falling due within one year

	31.12.2021		31.12.2020
	£		£
Trade creditors	8,470		0
Other creditors	18,209		0
Corporation tax	3,700		0
Other taxation and social security	9,527		0
	39,906		0

8. Provision for liabilities

	31.12.2021		31.12.2020
	£		£
Deferred tax	124		0

9. Deferred tax

	31.12.2021		31.12.2020
	£		£
At the beginning of financial year/period	0		0
Charged to the Profit and Loss Account	( 124)		0
At the end of financial year/period	( 124)		0

10. Called-up share capital

	31.12.2021		31.12.2020
	£		£
Allotted, called-up and fully-paid
50 A Ordinary shares of £ 1.00 each	50		50
10 B Ordinary shares of £ 1.00 each	10		10
	60		60

11. Related party transactions

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

Amounts owed to directors

	31.12.2021		31.12.2020
	£		£
Directors Loan Account	15,548		0

Advances totalling £366 were made in this period to the directors and £15,914 was repaid. This loan is unsecured, interest free and repayable on demand.