Ceiling To Floor Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC387648 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Ceiling To Floor Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C W Crombie

L B Crombie

REGISTERED OFFICE:

145 St. Vincent Street

Glasgow

G2 5JF

REGISTERED NUMBER:

SC387648 (Scotland)

ACCOUNTANTS:

McLay McAlister & McGibbon LLP

Chartered Accountants

145 St Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Tangible assets

4

540,474

541,079

CURRENT ASSETS

Stocks

1,281,844

1,397,270

Debtors

5

418,350

390,827

Cash at bank and in hand

831,467

110,398

2,531,661

1,898,495

CREDITORS

Amounts falling due within one year

6

(915,074

)

(582,835

)

NET CURRENT ASSETS

1,616,587

1,315,660

TOTAL ASSETS LESS CURRENT LIABILITIES

2,157,061

1,856,739

CREDITORS

Amounts falling due after more than one year

7

(171,700

)

(250,778

)

PROVISIONS FOR LIABILITIES

10

(110,100

)

(97,310

)

NET ASSETS

1,875,261

1,508,651

CAPITAL AND RESERVES

Called up share capital

11

4

4

Retained earnings

1,875,257

1,508,647

SHAREHOLDERS' FUNDS

1,875,261

1,508,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2024 and were signed on its behalf by:

L B Crombie - Director

1.	STATUTORY INFORMATION

Ceiling To Floor Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents invoiced sales of goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost, 25% on reducing balance and 10% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Debtors

Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand.

Creditors

Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 42 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2023

1,421,716

Additions

240,700

Disposals

(59,983

)

Transfer to ownership

17,099

At 31 December 2023

1,619,532

DEPRECIATION

At 1 January 2023

880,637

Charge for year

224,301

Eliminated on disposal

(42,977

)

Transfer to ownership

17,097

At 31 December 2023

1,079,058

NET BOOK VALUE

At 31 December 2023

540,474

At 31 December 2022

541,079

Included within the net book value above are assets held under hire purchase agreements of £307,597 (2022: £199,974).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

275,439

251,899

Other debtors

142,911

138,928

418,350

390,827

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans and overdrafts

63,698

57,603

Hire purchase contracts (see note 8)

113,543

81,771

Trade creditors

371,847

183,368

Taxation and social security

305,139

225,630

Other creditors

60,847

34,463

915,074

582,835

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans

89,229

152,927

Hire purchase contracts (see note 8)

82,471

97,851

171,700

250,778

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.23

31.12.22

£

£

Net obligations repayable:

Within one year

113,543

81,771

Between one and five years

82,471

97,851

196,014

179,622

Non-cancellable operating

leases

31.12.23

31.12.22

£

£

Within one year

310,717

304,377

Between one and five years

767,924

942,340

In more than five years

263,160

391,060

1,341,801

1,637,777

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.23

31.12.22

£

£

Bank loans

152,927

210,530

Hire purchase contracts

196,014

179,622

348,941

390,152

HSBC Bank Plc and HSBC Invoice Finance (UK) Ltd hold floating charges over all assets and undertaking.

Amounts owed on hire purchase agreements are secured over the asset to which they relate.

10.	PROVISIONS FOR LIABILITIES

31.12.23

31.12.22

£

£

Deferred tax

110,100

97,310

Deferred

tax

£

Balance at 1 January 2023

97,310

Provided during year

12,790

Balance at 31 December 2023

110,100

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

4

Ordinary

£1

4

4