Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Grant Moray Higgins 17/08/2023 10/04/2003 Scott Cumming Higgins 17/08/2023 10/04/2003 Ben Steven Laing 02/04/2018 Neil Alistair Laing 17/08/2023 26 April 2024 The principal activity of the company continued to be that of running a garden centre and restaurant. SC247592 2023-12-31 SC247592 bus:Director1 2023-12-31 SC247592 bus:Director2 2023-12-31 SC247592 bus:Director3 2023-12-31 SC247592 bus:Director4 2023-12-31 SC247592 2022-12-31 SC247592 core:CurrentFinancialInstruments 2023-12-31 SC247592 core:CurrentFinancialInstruments 2022-12-31 SC247592 core:Non-currentFinancialInstruments 2023-12-31 SC247592 core:Non-currentFinancialInstruments 2022-12-31 SC247592 core:ShareCapital 2023-12-31 SC247592 core:ShareCapital 2022-12-31 SC247592 core:SharePremium 2023-12-31 SC247592 core:SharePremium 2022-12-31 SC247592 core:RevaluationReserve 2023-12-31 SC247592 core:RevaluationReserve 2022-12-31 SC247592 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC247592 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC247592 core:OtherResidualIntangibleAssets 2022-12-31 SC247592 core:OtherResidualIntangibleAssets 2023-12-31 SC247592 core:LandBuildings 2022-12-31 SC247592 core:OtherPropertyPlantEquipment 2022-12-31 SC247592 core:LandBuildings 2023-12-31 SC247592 core:OtherPropertyPlantEquipment 2023-12-31 SC247592 bus:OrdinaryShareClass1 2023-12-31 SC247592 2023-01-01 2023-12-31 SC247592 bus:FilletedAccounts 2023-01-01 2023-12-31 SC247592 bus:SmallEntities 2023-01-01 2023-12-31 SC247592 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC247592 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC247592 bus:Director1 2023-01-01 2023-12-31 SC247592 bus:Director2 2023-01-01 2023-12-31 SC247592 bus:Director3 2023-01-01 2023-12-31 SC247592 bus:Director4 2023-01-01 2023-12-31 SC247592 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 SC247592 core:Goodwill 2023-01-01 2023-12-31 SC247592 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 SC247592 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC247592 2022-01-01 2022-12-31 SC247592 core:LandBuildings 2023-01-01 2023-12-31 SC247592 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC247592 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC247592 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC247592 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC247592 (Scotland)

THREAPLANDS LIMITED

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

THREAPLANDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

THREAPLANDS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
THREAPLANDS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 150
Tangible assets 4 1,803,072 1,833,577
1,803,072 1,833,727
Current assets
Stocks 134,926 138,760
Debtors 5 2,509 15,535
Cash at bank and in hand 22,578 14,436
160,013 168,731
Creditors: amounts falling due within one year 6 ( 796,597) ( 1,014,521)
Net current liabilities (636,584) (845,790)
Total assets less current liabilities 1,166,488 987,937
Creditors: amounts falling due after more than one year 7 ( 803,225) ( 560,763)
Provision for liabilities ( 16,838) ( 31,472)
Net assets 346,425 395,702
Capital and reserves
Called-up share capital 8 1,280 1,280
Share premium account 298,760 298,760
Revaluation reserve 286,876 284,420
Profit and loss account ( 240,491 ) ( 188,758 )
Total shareholders' funds 346,425 395,702

For the financial year ending 31 December 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 Threaplands Limited (registered number: SC247592) were approved and authorised for issue by the Board of Directors on 26 April 2024. They were signed on its behalf by:

Ben Steven Laing
Director
THREAPLANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
THREAPLANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

Threaplands 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 Threaplands Garden Centre Threapland, Lhanbryde, Elgin, IV30 8LN, Scotland, 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

Although the financial statements have net current liabilities of £636,585 (2022 - £845,790) they have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due. Additionally the directors will not seek repayment for amounts due to them until there are sufficient cash resources to do so.

Turnover

Turnover is recognised at the fair value of the consideration received for restaurant services provided in the normal course of business, and is shown net of VAT.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

Other intangible assets

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.

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 not depreciated
Plant and machinery etc. 10 - 25 % reducing balance

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 as described below.

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. Cost is calculated using the FIFO (first-in, first-out) method. 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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 51 63

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 1,000 1,000
Disposals ( 1,000) ( 1,000)
At 31 December 2023 0 0
Accumulated amortisation
At 01 January 2023 850 850
Charge for the financial year 150 150
Disposals ( 1,000) ( 1,000)
At 31 December 2023 0 0
Net book value
At 31 December 2023 0 0
At 31 December 2022 150 150

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 1,700,000 426,254 2,126,254
Additions 0 7,330 7,330
Revaluations 2,456 0 2,456
Disposals ( 6,254) ( 216,081) ( 222,335)
Transfers 3,799 ( 3,799) 0
At 31 December 2023 1,700,000 213,704 1,913,704
Accumulated depreciation
At 01 January 2023 0 292,677 292,677
Charge for the financial year 0 30,850 30,850
Adjustments on revaluations 0 ( 34,655) ( 34,655)
Disposals 0 ( 178,240) ( 178,240)
At 31 December 2023 0 110,632 110,632
Net book value
At 31 December 2023 1,700,000 103,072 1,803,072
At 31 December 2022 1,700,000 133,577 1,833,577

Revaluation of tangible assets

Freehold land and buildings were professionally valued by an independent surveyor, to fair value at 31 December 2022. The Directors believe that this value was still true and fair at 31 December 2023.

If the land and buildings were to be held at historical cost this would be £1,413,125.

5. Debtors

2023 2022
£ £
Trade debtors 1,342 14,280
Other debtors 1,167 1,255
2,509 15,535

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 218,121 234,105
Trade creditors 82,587 111,795
Other taxation and social security 72,846 109,882
Obligations under finance leases and hire purchase contracts 5,371 9,102
Other creditors 417,672 549,637
796,597 1,014,521

Bank loans and overdrafts are secured by a floating charge over the assets of the company as well as standard security over the property of the company.

Amounts owed under hire purchase £5,371 (2022 - £9,102), are secured over the asset to which the agreement relates to.

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

2023 2022
£ £
Bank loans 504,987 553,154
Obligations under finance leases and hire purchase contracts 2,238 7,609
Other creditors 296,000 0
803,225 560,763

Bank loans are secured by a floating charge over the assets of the company as well as standard security over the property of the company.

Amounts owed under hire purchase £2,238 (2022 - £7,609), are secured over the asset to which the agreement relates to.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,280 Ordinary shares of £ 1.00 each 1,280 1,280

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key Management Personnel 331,893 379,431

The above balances are unsecured, interest free and have no fixed terms of repayment.