Silverfin false false 31/08/2023 01/09/2022 31/08/2023 A Burton 30/04/2023 01/10/2022 J A Docherty 29/11/2022 06/08/2020 A E Forlan 01/08/2023 B K MacMillan 11/11/2021 A W Marshall 06/08/2020 19 April 2024 The principal activity of the company is that of operating a street food hall and bar. SC670053 2023-08-31 SC670053 bus:Director1 2023-08-31 SC670053 bus:Director2 2023-08-31 SC670053 bus:Director3 2023-08-31 SC670053 bus:Director4 2023-08-31 SC670053 bus:Director5 2023-08-31 SC670053 2022-08-31 SC670053 core:CurrentFinancialInstruments 2023-08-31 SC670053 core:CurrentFinancialInstruments 2022-08-31 SC670053 core:Non-currentFinancialInstruments 2023-08-31 SC670053 core:Non-currentFinancialInstruments 2022-08-31 SC670053 core:ShareCapital 2023-08-31 SC670053 core:ShareCapital 2022-08-31 SC670053 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC670053 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC670053 core:LeaseholdImprovements 2022-08-31 SC670053 core:Vehicles 2022-08-31 SC670053 core:FurnitureFittings 2022-08-31 SC670053 core:OfficeEquipment 2022-08-31 SC670053 core:LeaseholdImprovements 2023-08-31 SC670053 core:Vehicles 2023-08-31 SC670053 core:FurnitureFittings 2023-08-31 SC670053 core:OfficeEquipment 2023-08-31 SC670053 bus:OrdinaryShareClass1 2023-08-31 SC670053 2022-09-01 2023-08-31 SC670053 bus:FilletedAccounts 2022-09-01 2023-08-31 SC670053 bus:SmallEntities 2022-09-01 2023-08-31 SC670053 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC670053 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC670053 bus:Director1 2022-09-01 2023-08-31 SC670053 bus:Director2 2022-09-01 2023-08-31 SC670053 bus:Director3 2022-09-01 2023-08-31 SC670053 bus:Director4 2022-09-01 2023-08-31 SC670053 bus:Director5 2022-09-01 2023-08-31 SC670053 core:LeaseholdImprovements core:TopRangeValue 2022-09-01 2023-08-31 SC670053 core:Vehicles core:TopRangeValue 2022-09-01 2023-08-31 SC670053 core:FurnitureFittings core:TopRangeValue 2022-09-01 2023-08-31 SC670053 core:OfficeEquipment core:TopRangeValue 2022-09-01 2023-08-31 SC670053 2021-09-01 2022-08-31 SC670053 core:LeaseholdImprovements 2022-09-01 2023-08-31 SC670053 core:Vehicles 2022-09-01 2023-08-31 SC670053 core:FurnitureFittings 2022-09-01 2023-08-31 SC670053 core:OfficeEquipment 2022-09-01 2023-08-31 SC670053 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 SC670053 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 SC670053 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC670053 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC670053 (Scotland)

EDINBURGH STREET FOOD LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH THE REGISTRAR

EDINBURGH STREET FOOD LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

EDINBURGH STREET FOOD LTD

BALANCE SHEET

AS AT 31 AUGUST 2023
EDINBURGH STREET FOOD LTD

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 1,754,533 328,725
1,754,533 328,725
Current assets
Stocks 69,677 0
Debtors 5 222,213 25,670
Cash at bank and in hand 35,653 2,071
327,543 27,741
Creditors: amounts falling due within one year 6 ( 1,325,463) ( 431,684)
Net current liabilities (997,920) (403,943)
Total assets less current liabilities 756,613 (75,218)
Creditors: amounts falling due after more than one year 7 ( 997,112) 0
Net liabilities ( 240,499) ( 75,218)
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 240,501 ) ( 75,220 )
Total shareholder's deficit ( 240,499) ( 75,218)

For the financial year ending 31 August 2023 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 Edinburgh Street Food Ltd (registered number: SC670053) were approved and authorised for issue by the Board of Directors on 19 April 2024. They were signed on its behalf by:

A W Marshall
Director
B K MacMillan
Director
EDINBURGH STREET FOOD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
EDINBURGH STREET FOOD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
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

Edinburgh Street Food Ltd (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 Hudson House, 8 Albany Street, Edinburgh, EH1 3QB, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 note that the business has net liabilities of £240,499. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met 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.

Prior year error

A restatement has been made in relation to the capitalisation of the leases for leasehold improvements and fixtures & fittings which were accounted for through the profit and loss in the year ended 31 August 2022 financial statements.

Turnover

Turnover is derived from a combination of fixed and variable income from vendors. Fixed income is received as a base commission fee, with additional variable income received based on the sales volume of each individual vendor. Both fixed and variable income 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.

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 Profit and Loss Account 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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Vehicles 20 years straight line
Fixtures and fittings 10 years straight line
Office equipment 3 years straight line

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 lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread 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 Profit and Loss Account.

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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 initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. 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. Trade creditors are recognised initially at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Prior year adjustment

A restatement has been made in relation to the capitalisation of the leases for leasehold improvements and fixtures & fittings which were accounted for through the profit and loss in the year ended 31 August 2022 financial statements.

As previously reported Adjustment As restated
Year ended 31 August 2022 £ £ £
Administrative expenses (75,093) 13,111 (61,982)
Interest payable and similar expenses 0 (13,238) (13,238)
Tangible assets 33,374 295,351 328,725
Debtors 59,922 (34,252) 25,670
Creditors: amounts falling due within one year (170,458) (261,226) (431,684)
Profit and loss account (75,093) (127) (75,220)

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 60 3

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 September 2022 330,166 0 0 0 330,166
Additions 1,151,489 18,955 302,533 8,394 1,481,371
At 31 August 2023 1,481,655 18,955 302,533 8,394 1,811,537
Accumulated depreciation
At 01 September 2022 1,441 0 0 0 1,441
Charge for the financial year 39,084 158 14,806 1,515 55,563
At 31 August 2023 40,525 158 14,806 1,515 57,004
Net book value
At 31 August 2023 1,441,130 18,797 287,727 6,879 1,754,533
At 31 August 2022 328,725 0 0 0 328,725

5. Debtors

2023 2022
£ £
Trade debtors 4,494 0
Other debtors 217,719 25,670
222,213 25,670

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 274,453 15,086
Amounts owed to Group undertakings 0 147,194
Other taxation and social security 192,010 0
Obligations under finance leases and hire purchase contracts 112,800 265,406
Other creditors 746,200 3,998
1,325,463 431,684

The loans in respect of the hire purchase agreements are secured against the asset to which the agreements relates to.

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

2023 2022
£ £
Amounts owed to Group undertakings 564,448 0
Obligations under finance leases and hire purchase contracts (secured) 81,664 0
Other creditors 351,000 0
997,112 0

The loans in respect of the hire purchase agreements are secured against the asset to which the agreements relates to.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 0.001 each 2 2

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 2,006,775 2,108,462

10. Ultimate controlling party

Parent Company:

Street Food Holdings Ltd
20-22 Wenlock Road, London, England, N1 7GU