Company Registration No. SC156285 (Scotland)
Anta Scotland Limited
Unaudited financial statements
for the year ended 30 April 2023
Pages for filing with the registrar
Anta Scotland Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Anta Scotland Limited
Statement of financial position
As at 30 April 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,064
5,110
Tangible assets
4
1,109,706
889,602
Investments
5
389,654
389,654
1,503,424
1,284,366
Current assets
Stocks
525,528
479,077
Debtors
6
112,973
120,676
Cash at bank and in hand
250,827
328,324
889,328
928,077
Creditors: amounts falling due within one year
7
(293,744)
(336,268)
Net current assets
595,584
591,809
Total assets less current liabilities
2,099,008
1,876,175
Creditors: amounts falling due after more than one year
8
(690,130)
(594,238)
Provisions for liabilities
(31,109)
(24,409)
Net assets
1,377,769
1,257,528
Capital and reserves
Called up share capital
9
84,600
84,600
Share premium account
162,400
162,400
Profit and loss reserves
1,130,769
1,010,528
Total equity
1,377,769
1,257,528
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Anta Scotland Limited
Statement of financial position (continued)
As at 30 April 2023
2
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Stella A Stewart
Director
Company Registration No. SC156285
Anta Scotland Limited
Notes to the financial statements
For the year ended 30 April 2023
3
1
Accounting policies
Company information
Anta Scotland Limited is a private company limited by shares incorporated in Scotland. The registered office is Anta, Fearn, Tain, Ross-shire, IV20 1XW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets include patents which are considered to have a useful life of 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
2% per annum straight line basis
Plant and machinery
10% - 25% per annum reducing balance basis
Motor vehicles
25% per annum reducing balance basis
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.
Anta Scotland Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
4
1.5
Fixed asset investments
Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
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.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors and bank loans, 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.
Anta Scotland Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
5
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee 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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Anta Scotland Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
6
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
13
Anta Scotland Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
7
3
Intangible fixed assets
Patents
£
Cost
At 1 May 2022 and 30 April 2023
10,463
Amortisation and impairment
At 1 May 2022
5,353
Amortisation charged for the year
1,046
At 30 April 2023
6,399
Carrying amount
At 30 April 2023
4,064
At 30 April 2022
5,110
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
935,120
269,255
1,204,375
Additions
245,133
30,074
275,207
At 30 April 2023
1,180,253
299,329
1,479,582
Depreciation and impairment
At 1 May 2022
175,141
139,632
314,773
Depreciation charged in the year
20,791
34,312
55,103
At 30 April 2023
195,932
173,944
369,876
Carrying amount
At 30 April 2023
984,321
125,385
1,109,706
At 30 April 2022
759,979
129,623
889,602
5
Fixed asset investments
2023
2022
£
£
Investments
389,654
389,654
Anta Scotland Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
5
Fixed asset investments (continued)
8
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2022 and 30 April 2023
389,654
Carrying amount
At 30 April 2023
389,654
At 30 April 2022
389,654
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
66,739
61,654
Corporation tax recoverable
16,304
16,304
Other debtors
29,930
42,718
112,973
120,676
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
116,463
108,991
Trade creditors
85,356
106,900
Corporation tax
12,331
29,003
Other taxation and social security
21,724
22,853
Other creditors
57,870
68,521
293,744
336,268
The bank borrowings are secured by a fixed charge over the premises at Fearn and a floating charge over all other assets.
Included in other creditors is the hire purchase creditor of £16,785. Hire purchase contracts are secured by retention of title over the assets to which the contract relates.
Anta Scotland Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
9
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
183,192
234,713
Other creditors
506,938
359,525
690,130
594,238
The bank borrowings are secured by a fixed charge over the premises at Fearn and a floating charge over all other assets.
Included in other creditors is the hire purchase creditor of £19,355. Hire purchase contracts are secured by retention of title over the assets to which the contract relates.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
72,000 ordinary A shares of £1 each
72,000
72,000
72,000
72,000
12,600 ordinary B shares of £1 each
12,600
12,600
12,600
12,600
84,600
84,600
84,600
84,600
10
Events after the reporting date
Anta Scotland Limited is a partner in Anta Design and at 30 April 2023 the investment was carried at £389,654. On 1 May 2023 the trade of Anta Design was transferred to Anta Scotland Limited and Anta Design ceased trading.