Company No: SC194554 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	4	87,366		90,888
		87,366		90,888
Current assets
Stocks		12,900		13,150
Debtors	5	101,336		87,847
Cash at bank and in hand		5,477		5,190
		119,713		106,187
Creditors
Amounts falling due within one year	6	( 184,381)		( 130,068)
Net current liabilities		(64,668)		(23,881)
Total assets less current liabilities		22,698		67,007
Creditors
Amounts falling due after more than one year	7	( 39,313)		( 50,000)
Provision for liabilities	8	( 13,271)		( 16,114)
Net (liabilities)/assets		( 29,886)		893
Capital and reserves
Called-up share capital	9	50		50
Capital redemption reserve		50		50
Profit and loss account		( 29,986 )		793
Total shareholder's (deficit)/funds		( 29,886)		893

For the financial year ending 30 April 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Ensign Motifs Limited (registered number: SC194554) were approved and authorised for issue by the Director on 28 April 2023. They were signed on its behalf by:

Mr Daren A Page 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

Ensign Motifs 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 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term 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.

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

Taxation

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

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, other than investment property and freehold land, 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:

Land and buildings	50 years straight line
Plant and machinery	25 % reducing balance
Fixtures and fittings	25 % 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

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.

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.

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 creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments 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. Amounts 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	13		15

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 May 2021	200,000		200,000
At 30 April 2022	200,000		200,000
Accumulated amortisation
At 01 May 2021	200,000		200,000
At 30 April 2022	200,000		200,000
Net book value
At 30 April 2022	0		0
At 30 April 2021	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 May 2021	120,000		149,395		14,000		283,395
At 30 April 2022	120,000		149,395		14,000		283,395
Accumulated depreciation
At 01 May 2021	33,600		145,233		13,674		192,507
Charge for the financial year	2,400		1,040		82		3,522
At 30 April 2022	36,000		146,273		13,756		196,029
Net book value
At 30 April 2022	84,000		3,122		244		87,366
At 30 April 2021	86,400		4,162		326		90,888

5. Debtors

	2022		2021
	£		£
Trade debtors	91,215		79,744
Corporation tax	0		842
Other debtors	10,121		7,261
	101,336		87,847

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	78,793		51,819
Trade creditors	27,478		17,278
Corporation tax	26,293		26,451
Other taxation and social security	18,196		6,234
Other creditors	33,621		28,286
	184,381		130,068

The bank overdraft (£59,132) of the company is secured by a bond and floating charge over all company assets and a standard security over the business premises.

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

	2022		2021
	£		£
Bank loans	39,313		50,000

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

8. Deferred tax

	2022		2021
	£		£
At the beginning of financial year	( 16,114)		( 16,949)
Credited to the Profit and Loss Account	2,843		835
At the end of financial year	( 13,271)		( 16,114)

9. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
50 Ordinary shares of £ 1.00 each	50		50