Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs K Fairlie 09/11/2018 04 October 2023 The principal activity of the Company during the financial year was that of running a restaurant within Gleneagles Hotel. SC215237 2023-03-31 SC215237 bus:Director1 2023-03-31 SC215237 2022-03-31 SC215237 core:CurrentFinancialInstruments 2023-03-31 SC215237 core:CurrentFinancialInstruments 2022-03-31 SC215237 core:Non-currentFinancialInstruments 2023-03-31 SC215237 core:Non-currentFinancialInstruments 2022-03-31 SC215237 core:ShareCapital 2023-03-31 SC215237 core:ShareCapital 2022-03-31 SC215237 core:RevaluationReserve 2023-03-31 SC215237 core:RevaluationReserve 2022-03-31 SC215237 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC215237 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC215237 core:LandBuildings 2022-03-31 SC215237 core:Vehicles 2022-03-31 SC215237 core:FurnitureFittings 2022-03-31 SC215237 core:OfficeEquipment 2022-03-31 SC215237 core:LandBuildings 2023-03-31 SC215237 core:Vehicles 2023-03-31 SC215237 core:FurnitureFittings 2023-03-31 SC215237 core:OfficeEquipment 2023-03-31 SC215237 2021-03-31 SC215237 bus:OrdinaryShareClass1 2023-03-31 SC215237 2022-04-01 2023-03-31 SC215237 bus:FullAccounts 2022-04-01 2023-03-31 SC215237 bus:SmallEntities 2022-04-01 2023-03-31 SC215237 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC215237 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC215237 bus:Director1 2022-04-01 2023-03-31 SC215237 core:Vehicles 2022-04-01 2023-03-31 SC215237 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 SC215237 core:OfficeEquipment 2022-04-01 2023-03-31 SC215237 2021-04-01 2022-03-31 SC215237 core:LandBuildings 2022-04-01 2023-03-31 SC215237 core:FurnitureFittings 2022-04-01 2023-03-31 SC215237 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC215237 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC215237 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC215237 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC215237 (Scotland)

ANDREW FAIRLIE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

ANDREW FAIRLIE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

ANDREW FAIRLIE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
ANDREW FAIRLIE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 142,691 164,433
Investment property 4 105,000 105,000
247,691 269,433
Current assets
Stocks 5 15,513 14,103
Debtors 6 10,961 115,523
Cash at bank and in hand 7 232,089 216,048
258,563 345,674
Creditors: amounts falling due within one year 8 ( 431,151) ( 444,570)
Net current liabilities (172,588) (98,896)
Total assets less current liabilities 75,103 170,537
Creditors: amounts falling due after more than one year 9 ( 18,319) ( 21,167)
Provision for liabilities 10, 11 ( 13,125) ( 19,250)
Net assets 43,659 130,120
Capital and reserves
Called-up share capital 12 1 1
Revaluation reserve 15,000 15,000
Profit and loss account 28,658 115,119
Total shareholder's funds 43,659 130,120

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Andrew Fairlie Limited (registered number: SC215237) were approved and authorised for issue by the Director on 04 October 2023. They were signed on its behalf by:

Mrs K Fairlie
Director
ANDREW FAIRLIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
ANDREW FAIRLIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
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

Andrew Fairlie 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 Gleneagles Hotel, Auchterarder, PH3 1NF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties 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.

Change in accounting estimate

A change has been made to the basis of depreciation for fixtures and fittings to reflect the true consumption of the company's assets, from 15% reducing balance to straight line over 10 years. This has resulted in an increased depreciation expense of £23,544 in the current period.

Turnover

Turnover represents amounts receivable for restaurant services net of VAT and trade discounts.

Revenue is recognised on a cash basis.

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 Statement of Income and Retained Earnings 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, other than investment property, 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 not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 10 years straight line
Office equipment 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.

Leases

The Company as lessee
Assets held under finance leases, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings 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).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

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.

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 and loans from fellow group companies 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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 37 33

3. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 48,156 35,468 441,017 5,925 530,566
Additions 0 0 14,614 20,177 34,791
Disposals 0 0 ( 75,571) 0 ( 75,571)
At 31 March 2023 48,156 35,468 380,060 26,102 489,786
Accumulated depreciation
At 01 April 2022 0 8,448 357,009 676 366,133
Charge for the financial year 0 6,755 36,810 1,459 45,024
Disposals 0 0 ( 64,062) 0 ( 64,062)
At 31 March 2023 0 15,203 329,757 2,135 347,095
Net book value
At 31 March 2023 48,156 20,265 50,303 23,967 142,691
At 31 March 2022 48,156 27,020 84,008 5,249 164,433

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 105,000
As at 31 March 2023 105,000

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Director on 31 March 2023.

5. Stocks

2023 2022
£ £
Stocks 15,513 14,103

6. Debtors

2023 2022
£ £
Corporation tax 0 40,149
Other debtors 10,961 75,374
10,961 115,523

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 232,089 216,048

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 85,213 88,532
Amounts owed to Group undertakings 13,802 71,302
Other taxation and social security 73,889 33,881
Obligations under finance leases and hire purchase contracts 2,847 2,256
Other creditors 255,400 248,599
431,151 444,570

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 18,319 21,167

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

10. Provision for liabilities

2023 2022
£ £
Deferred tax 13,125 19,250

11. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 19,250) ( 12,101)
Credited/(charged) to the Statement of Income and Retained Earnings 6,125 ( 7,149)
At the end of financial year ( 13,125) ( 19,250)

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3 Ordinary shares of £ 0.3333 each 1 1

13. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed by director 9,668 0
Amounts owed to director 0 197

Advances

Advances have been made in the year to the Director totalling £11,325 and £1,460 has been repaid. This loan is unsecured, interest free and has been repaid within nine months of the balance sheet date.

Other related party transactions

2023 2022
£ £
Amounts owed to related parties 0 74,002

The above loan was unsecured, interest-free and was repaid in this period.