Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Denise Miller 11/04/2002 Ian Miller 11/04/2002 17 April 2024 The principal activity of the Company during the financial year was that of a gift shop and residential property rental. SC230212 2024-02-29 SC230212 bus:Director1 2024-02-29 SC230212 bus:Director2 2024-02-29 SC230212 2023-02-28 SC230212 core:CurrentFinancialInstruments 2024-02-29 SC230212 core:CurrentFinancialInstruments 2023-02-28 SC230212 core:Non-currentFinancialInstruments 2024-02-29 SC230212 core:Non-currentFinancialInstruments 2023-02-28 SC230212 core:ShareCapital 2024-02-29 SC230212 core:ShareCapital 2023-02-28 SC230212 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC230212 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC230212 core:LandBuildings 2023-02-28 SC230212 core:FurnitureFittings 2023-02-28 SC230212 core:OfficeEquipment 2023-02-28 SC230212 core:OtherPropertyPlantEquipment 2023-02-28 SC230212 core:LandBuildings 2024-02-29 SC230212 core:FurnitureFittings 2024-02-29 SC230212 core:OfficeEquipment 2024-02-29 SC230212 core:OtherPropertyPlantEquipment 2024-02-29 SC230212 bus:OrdinaryShareClass1 2024-02-29 SC230212 2023-03-01 2024-02-29 SC230212 bus:FilletedAccounts 2023-03-01 2024-02-29 SC230212 bus:SmallEntities 2023-03-01 2024-02-29 SC230212 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC230212 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC230212 bus:Director1 2023-03-01 2024-02-29 SC230212 bus:Director2 2023-03-01 2024-02-29 SC230212 core:LandBuildings core:TopRangeValue 2023-03-01 2024-02-29 SC230212 core:FurnitureFittings core:TopRangeValue 2023-03-01 2024-02-29 SC230212 core:OfficeEquipment core:TopRangeValue 2023-03-01 2024-02-29 SC230212 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-03-01 2024-02-29 SC230212 2022-03-01 2023-02-28 SC230212 core:LandBuildings 2023-03-01 2024-02-29 SC230212 core:FurnitureFittings 2023-03-01 2024-02-29 SC230212 core:OfficeEquipment 2023-03-01 2024-02-29 SC230212 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 SC230212 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 SC230212 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 SC230212 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC230212 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC230212 (Scotland)

LOCH NESS GIFTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

LOCH NESS GIFTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

LOCH NESS GIFTS LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
LOCH NESS GIFTS LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 222,973 229,694
Investment property 4 79,800 79,800
302,773 309,494
Current assets
Stocks 127,415 114,866
Debtors 5 100,188 25,952
Cash at bank and in hand 136,993 134,687
364,596 275,505
Creditors: amounts falling due within one year 6 ( 68,159) ( 52,172)
Net current assets 296,437 223,333
Total assets less current liabilities 599,210 532,827
Creditors: amounts falling due after more than one year 7 ( 12,122) ( 22,375)
Provision for liabilities ( 16,870) ( 18,556)
Net assets 570,218 491,896
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 570,216 491,894
Total shareholders' funds 570,218 491,896

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Loch Ness Gifts Limited (registered number: SC230212) were approved and authorised for issue by the Board of Directors on 17 April 2024. They were signed on its behalf by:

Ian Miller
Director
LOCH NESS GIFTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
LOCH NESS GIFTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Loch Ness Gifts Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Loch Ness Gifts The Green, Drumnadrochit, Inverness, IV63 6TX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Fixtures and fittings 6.67 years straight line
Office equipment 4 years straight line
Other property, plant and equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Land and buildings Fixtures and fittings Office equipment Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 March 2023 325,060 35,523 3,515 5,350 369,448
Additions 0 0 874 0 874
Disposals 0 ( 30,000) ( 1,481) 0 ( 31,481)
At 29 February 2024 325,060 5,523 2,908 5,350 338,841
Accumulated depreciation
At 01 March 2023 98,792 35,129 2,953 2,880 139,754
Charge for the financial year 6,501 78 496 520 7,595
Disposals 0 ( 30,000) ( 1,481) 0 ( 31,481)
At 29 February 2024 105,293 5,207 1,968 3,400 115,868
Net book value
At 29 February 2024 219,767 316 940 1,950 222,973
At 28 February 2023 226,268 394 562 2,470 229,694

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 79,800
As at 29 February 2024 79,800

The investment property was valued at £79,800 by the directors on 29 February 2024 at an open market rate. The directors believe this to be a fair value as at 29 February 2024.

5. Debtors

2024 2023
£ £
Other debtors 100,188 25,952

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,378 10,126
Trade creditors 188 8,156
Accruals 2,641 2,399
Taxation and social security 53,336 30,688
Other creditors 1,616 803
68,159 52,172

Included in Bank Loans is a Coronavirus Bounce Back Loan of £10,378 (2023 £10,126) which is guaranteed by the UK Government.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,122 22,375

Included in Bank Loans is a Coronavirus Bounce Back Loan of £12,122 (2023 £22,375) which is guaranteed by the UK Government.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors 98,754 25,162

Advances

An advance of £25,162 was made to the directors in the previous financial year. During the current financial year, the directors were advanced £97,056 and repaid £25,200 to the company. Interest at 2.5%, totalling £1,736 has been charged. The year end balance has no fixed terms of repayment.