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COMPANY REGISTRATION NUMBER:
SC281686
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Financial Statements |
|
Year ended 30 June 2021
|
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements |
1 |
|
|
|
Abridged statement of financial position |
2 |
|
|
|
Notes to the abridged financial statements |
4 |
|
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Clockhouse Furniture Ltd |
|
Year ended 30 June 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Clockhouse Furniture Ltd for the year ended 30 June 2021, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Clockhouse Furniture Ltd, as a body, in accordance with the terms of our engagement letter dated 1 April 2009. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Clockhouse Furniture Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clockhouse Furniture Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Clockhouse Furniture Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Clockhouse Furniture Ltd. You consider that Clockhouse Furniture Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Clockhouse Furniture Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
CAMERON & CO
Chartered accountants
48 Court Street
Haddington
East Lothian
EH41 3NP
15 December 2021
|
Abridged Statement of Financial Position |
|
30 June 2021
|
2021 |
2020 |
|
|
|
(restated) |
|
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
|
Tangible assets |
5 |
|
849,662 |
861,222 |
|
|
|
|
|
Current assets
|
Stocks |
103,284 |
|
142,395 |
|
Debtors |
15,576 |
|
50,920 |
|
Cash at bank and in hand |
188,139 |
|
76,265 |
|
--------- |
|
--------- |
|
306,999 |
|
269,580 |
|
|
|
|
|
Creditors: amounts falling due within one year |
353,956 |
|
313,531 |
|
--------- |
|
--------- |
|
Net current liabilities |
|
46,957 |
43,951 |
|
|
--------- |
--------- |
|
Total assets less current liabilities |
|
802,705 |
817,271 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
684,266 |
766,975 |
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
8,662 |
8,508 |
|
|
--------- |
--------- |
|
Net assets |
|
109,777 |
41,788 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
5,000 |
5,000 |
|
Profit and loss account |
|
104,777 |
36,788 |
|
|
--------- |
-------- |
|
Shareholders funds |
|
109,777 |
41,788 |
|
|
--------- |
-------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
|
30 June 2021
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 30 June 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
21 December 2021
, and are signed on behalf of the board by:
Company registration number:
SC281686
|
Notes to the Abridged Financial Statements |
|
Year ended 30 June 2021
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Drem Airfield, Fenton Barns, North Berwick, East Lothian, EH39 5AW.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating profit.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Land and Property |
- |
2% straight line |
|
Plant and Machinery |
- |
15% reducing balance |
|
Fixtures and Fittings |
- |
33% straight line |
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
|
Website |
- |
25% reducing balance |
|
|
|
|
Land is not depreciated in anticipation of rising value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2020:
14
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 July 2020 as restated |
1,045,843 |
|
Additions |
9,672 |
|
------------ |
|
At 30 June 2021 |
1,055,515 |
|
------------ |
|
Depreciation |
|
|
At 1 July 2020 |
184,621 |
|
Charge for the year |
21,232 |
|
------------ |
|
At 30 June 2021 |
205,853 |
|
------------ |
|
Carrying amount |
|
|
At 30 June 2021 |
849,662 |
|
------------ |
|
At 30 June 2020 |
861,222 |
|
------------ |
|
|
