2022-12-012023-11-302023-11-30falseSC287206THISTLE PRODUCTS 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THISTLE PRODUCTS LIMITED

Registered Number
SC287206
(Scotland)

Unaudited Financial Statements for the Year ended
30 November 2023

THISTLE PRODUCTS LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

BROWN, Stephen
PARKINSON, Ernest John

Registered Address

51 Rae Street
Dumfries
DG1 1JD

Registered Number

SC287206 (Scotland)
THISTLE PRODUCTS LIMITED
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets733
Tangible assets84282,795
Investments92,0002,000
2,4314,798
Current assets
Stocks12291,561277,262
Debtors13249,595231,784
Cash at bank and on hand838,410522,076
1,379,5661,031,122
Creditors amounts falling due within one year14(179,278)(86,789)
Net current assets (liabilities)1,200,288944,333
Total assets less current liabilities1,202,719949,131
Creditors amounts falling due after one year15-(26,612)
Provisions for liabilities16(100)(688)
Net assets1,202,619921,831
Capital and reserves
Called up share capital22
Other reserves11
Profit and loss account1,202,616921,828
Shareholders' funds1,202,619921,831
The financial statements were approved and authorised for issue by the Board of Directors on 22 February 2024, and are signed on its behalf by:
PARKINSON, Ernest John
Director
Registered Company No. SC287206
THISTLE PRODUCTS LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Statutory information
The company is a private company limited by shares and incorporated in Scotland within the United Kingdom. The principal activity of the company is the production, importation and distribution of quality Scottish gifts, souvenirs and confectionery. The registered office address is 51 Rae Street, Dumfries, DG1 1JD and the principal place of business being Biggars Mill Business Park, Dalbeattie, DG5 4AZ.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Smallest group in which results are consolidated
As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone. This company's subsidiary undertaking is Glenisle Crafts Limited, a company registered in Scotland, company number SC154938
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-4
Plant and machinery-4
Office Equipment33-
Intangible assets policy
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life. Other intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Leases policy
Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
6.Employee information

20232022
Average number of employees during the year1010
7.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 December 22720,84072,221793,061
At 30 November 23720,84072,221793,061
Amortisation and impairment
At 01 December 22720,83872,220793,058
At 30 November 23720,83872,220793,058
Net book value
At 30 November 23213
At 30 November 22213
8.Property, plant and equipment

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 December 2283,82220,55218,658123,032
At 30 November 2383,82220,55218,658123,032
Depreciation and impairment
At 01 December 2283,79217,89818,547120,237
Charge for year-2,334332,367
At 30 November 2383,79220,23218,580122,604
Net book value
At 30 November 233032078428
At 30 November 22302,6541112,795
9.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 December 222,0002,000
At 30 November 232,0002,000
Net book value
At 30 November 232,0002,000
At 30 November 222,0002,000

Notes

1Investments in group undertakings and participating interests
10.Description of financial commitments other than capital commitments
At 30 November 2023 the company had the following future minimum lease payments under non-cancellable operating leases: Falling due in less than one year - £9,036 (2022 - £32,205) Falling due between one and five years - £Nil (2022 - £12,999)
11.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and at the year end there were outstanding amounts of £Nil (2022 - £78).
12.Stocks

2023

2022

££
Finished goods291,561277,262
Total291,561277,262
13.Debtors

2023

2022

££
Trade debtors / trade receivables126,746129,594
Prepayments and accrued income122,849102,190
Total249,595231,784
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
14.Creditors within one year

2023

2022

££
Trade creditors / trade payables28,36712,929
Bank borrowings and overdrafts-9,849
Amounts owed to related parties1,7942,716
Taxation and social security127,95639,523
Other creditors2,0321,830
Accrued liabilities and deferred income19,12919,942
Total179,27886,789
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
15.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts-26,612
Total-26,612
16.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)100688
Total100688