11 false false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 24,100 24,100 46,911 15,055 61,966 28,930 6,599 35,529 26,437 17,981 xbrli:pure xbrli:shares iso4217:GBP SC499608 2022-06-01 2023-05-31 SC499608 2023-05-31 SC499608 2022-05-31 SC499608 2021-06-01 2022-05-31 SC499608 2022-05-31 SC499608 2021-05-31 SC499608 core:PlantMachinery 2022-06-01 2023-05-31 SC499608 bus:LeadAgentIfApplicable 2022-06-01 2023-05-31 SC499608 bus:Director1 2022-06-01 2023-05-31 SC499608 core:NetGoodwill 2023-05-31 SC499608 core:PlantMachinery 2022-05-31 SC499608 core:PlantMachinery 2023-05-31 SC499608 core:WithinOneYear 2023-05-31 SC499608 core:WithinOneYear 2022-05-31 SC499608 core:AfterOneYear 2023-05-31 SC499608 core:AfterOneYear 2022-05-31 SC499608 core:ShareCapital 2023-05-31 SC499608 core:ShareCapital 2022-05-31 SC499608 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC499608 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC499608 core:PlantMachinery 2022-05-31 SC499608 bus:SmallEntities 2022-06-01 2023-05-31 SC499608 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC499608 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 SC499608 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC499608 bus:FullAccounts 2022-06-01 2023-05-31 SC499608 core:NetGoodwill 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: SC499608
Speyside Inn Catering Ltd
Filleted Unaudited Financial Statements
31 May 2023
Speyside Inn Catering Ltd
Financial Statements
Year ended 31 May 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Speyside Inn Catering Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Speyside Inn Catering Ltd
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Speyside Inn Catering Ltd for the year ended 31 May 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Speyside Inn Catering Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of Speyside Inn Catering Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Speyside Inn Catering Ltd and its director for our work or for this report.
It is your duty to ensure that Speyside Inn Catering Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Speyside Inn Catering Ltd. You consider that Speyside Inn Catering Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Speyside Inn Catering Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
14 December 2023
Speyside Inn Catering Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
26,437
17,981
Current assets
Stocks
12,842
13,548
Debtors
7
24,113
17,407
Cash at bank and in hand
35,083
128,133
--------
---------
72,038
159,088
Creditors: amounts falling due within one year
8
61,467
75,128
--------
---------
Net current assets
10,571
83,960
--------
---------
Total assets less current liabilities
37,008
101,941
Creditors: amounts falling due after more than one year
9
20,000
40,000
--------
---------
Net assets
17,008
61,941
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
16,908
61,841
--------
--------
Shareholders funds
17,008
61,941
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Speyside Inn Catering Ltd
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 14 December 2023 , and are signed on behalf of the board by:
Ms J E Redfern
Director
Company registration number: SC499608
Speyside Inn Catering Ltd
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
24,100
--------
Amortisation
At 1 June 2022 and 31 May 2023
24,100
--------
Carrying amount
At 31 May 2023
--------
At 31 May 2022
--------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 June 2022
46,911
46,911
Additions
15,055
15,055
--------
--------
At 31 May 2023
61,966
61,966
--------
--------
Depreciation
At 1 June 2022
28,930
28,930
Charge for the year
6,599
6,599
--------
--------
At 31 May 2023
35,529
35,529
--------
--------
Carrying amount
At 31 May 2023
26,437
26,437
--------
--------
At 31 May 2022
17,981
17,981
--------
--------
7. Debtors
2023
2022
£
£
Other debtors
24,113
17,407
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,388
Trade creditors
20,594
27,976
Corporation tax
18,324
Social security and other taxes
19,349
24,185
Other creditors
11,136
4,643
--------
--------
61,467
75,128
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,000
40,000
--------
--------
10. Director's advances, credits and guarantees
At the year end the company owed the director £149 (2022: £61).
11. Controlling party
The company was under the control of Ms J E Redfern throughout the current and previous period.