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REGISTERED NUMBER: SC115377 (Scotland)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Shortbread House of Edinburgh Limited

Shortbread House of Edinburgh Limited (Registered number: SC115377)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Shortbread House of Edinburgh Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: A R Laing
Mrs F Laing
R A Laing
C H Laing





SECRETARY: Mrs F Laing





REGISTERED OFFICE: 25 Tennant Street
Edinburgh
EH6 5NA





REGISTERED NUMBER: SC115377 (Scotland)





ACCOUNTANTS: Douglas Home & Co Ltd
Chartered Accountants
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Shortbread House of Edinburgh Limited (Registered number: SC115377)

Statement of Financial Position
28 February 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 4,158,512 3,733,510
Investments 6 201 101
4,158,713 3,733,611

CURRENT ASSETS
Inventories 653,822 479,996
Debtors 7 943,633 424,956
Cash at bank and in hand 1,920,890 1,808,402
3,518,345 2,713,354
CREDITORS
Amounts falling due within one year 8 796,916 541,723
NET CURRENT ASSETS 2,721,429 2,171,631
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,880,142

5,905,242

CREDITORS
Amounts falling due after more than one
year

9

(556,625

)

(515,225

)

PROVISIONS FOR LIABILITIES (170,000 ) (127,000 )
NET ASSETS 6,153,517 5,263,017

CAPITAL AND RESERVES
Called up share capital 172,655 172,655
Share premium 369,700 369,700
Retained earnings 5,611,162 4,720,662
SHAREHOLDERS' FUNDS 6,153,517 5,263,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Shortbread House of Edinburgh Limited (Registered number: SC115377)

Statement of Financial Position - continued
28 February 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





A R Laing - Director


Shortbread House of Edinburgh Limited (Registered number: SC115377)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Shortbread House of Edinburgh 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.

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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Purchased goodwill represents the difference between the cost of an acquired business and the aggregate of the fair values of its identifiable assets and liabilities. Purchased goodwill is capitalised and amortised through the profit and loss account on a straight line basis over its useful economic life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Long leasehold - Straight line over 50 years
Leasehold improvements - Straight line over 5 years
Plant and machinery - at varying rates on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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

Derivative financial instruments
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate balance sheet heading.

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.


Shortbread House of Edinburgh Limited (Registered number: SC115377)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Pension costs and other post-retirement benefits
The Company operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable to the Company's pension schemes are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEE NUMBERS

The average number of employees during the year was 55 (2022 - 50 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 200,000
AMORTISATION
At 1 March 2022
and 28 February 2023 200,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

Shortbread House of Edinburgh Limited (Registered number: SC115377)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 3,742,157 1,302,157 5,044,314
Additions - 582,969 582,969
Reclassification/transfer (5,755 ) 5,755 -
At 28 February 2023 3,736,402 1,890,881 5,627,283
DEPRECIATION
At 1 March 2022 211,424 1,099,380 1,310,804
Charge for year 54,508 103,459 157,967
Reclassification/transfer (29 ) 29 -
At 28 February 2023 265,903 1,202,868 1,468,771
NET BOOK VALUE
At 28 February 2023 3,470,499 688,013 4,158,512
At 28 February 2022 3,530,733 202,777 3,733,510

Included in cost of land and buildings is freehold land of £ 1,000,000 (2022 - £ 1,000,000 ) which is not depreciated.

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2022 101
Additions 100
At 28 February 2023 201
NET BOOK VALUE
At 28 February 2023 201
At 28 February 2022 101

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors 604,304 281,409
Other debtors 339,329 143,547
943,633 424,956

Shortbread House of Edinburgh Limited (Registered number: SC115377)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade creditors 231,118 162,331
Taxation and social security 263,513 233,105
Other creditors 302,285 146,287
796,916 541,723

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£    £   
Other creditors 556,625 515,225

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances repayable >1 year from directors subsisted during the year as follows:

28/02/2328/02/22
££

Mr A R Laing256,625215,225
Mrs F Laing300,000300,000
556,625515,225

Mr A R Laing provided a loan to the company of £256,625, repayable on 31 May 2031. Interest may be charged at 3% above base rate and unless waived will be paid on the redemption of the loan. No interest has been charged on the loans to date.

Mrs F Laing provided a loan to the company of £300,000, repayable 30 July 2031. Interest may be charged at 2% above the base rate and unless waived will be paid on the redemption of the loan. No interest has been charged on the loan to date.