REGISTERED NUMBER: |
Abridged Financial Statements for the Year Ended 31 May 2023 |
for |
Supernature Oils Limited |
REGISTERED NUMBER: |
Abridged Financial Statements for the Year Ended 31 May 2023 |
for |
Supernature Oils Limited |
Supernature Oils Limited (Registered number: SC424639) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Supernature Oils Limited |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
14 Rutland Square |
Edinburgh |
Midlothian |
EH1 2BD |
Supernature Oils Limited (Registered number: SC424639) |
Abridged Statement of Financial Position |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 5 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Supernature Oils Limited (Registered number: SC424639) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Supernature Oils Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of the sale and marketing of hand-bottled cold pressed rapeseed oils. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
Improvements to property | 10% | Straight line |
Equipment | 25% | Reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Stocks |
Stock has been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and payables, loans from banks and other third |
parties. |
At the end of each reporting period, financial assets that are measured at cost are assessed for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the |
Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the |
impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount |
does not exceed what the carrying amount would have been had the impairment not previously been recognised. |
The impairment reversal is recognised in the Income Statement. |
Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire |
or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to |
another party, or (c) control of the asset has been transferred to another party. |
Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities |
are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, |
cancelled or expires. |
Supernature Oils Limited (Registered number: SC424639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | PROVISIONS FOR LIABILITIES |
31.5.23 | 31.5.22 |
£ | £ |
Deferred tax | 4,298 | 1,426 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Charge to Income Statement during year |
Balance at 31 May 2023 |
Supernature Oils Limited (Registered number: SC424639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022: |
31.5.23 | 31.5.22 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The directors' loan has no set repayment period. |
7. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £44,000 (2022 - £49,000) were paid to the directors . |
During the year the company traded with JC & H Wallace Mann, a farming business operated by CW Mann, director. At the year end there were no amounts outstanding either to or from JC & H Wallace Mann. |