Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr D A Humphrey 17/09/2014 Mrs P Humphrey 27/07/2010 Mr P A Humphrey 27/07/2010 Mr C Loudon 27/07/2010 08 August 2024 The principal activity of the company during the financial year was that of catering. SC382683 2023-12-31 SC382683 bus:Director1 2023-12-31 SC382683 bus:Director2 2023-12-31 SC382683 bus:Director3 2023-12-31 SC382683 bus:Director4 2023-12-31 SC382683 2022-12-31 SC382683 core:CurrentFinancialInstruments 2023-12-31 SC382683 core:CurrentFinancialInstruments 2022-12-31 SC382683 core:Non-currentFinancialInstruments 2023-12-31 SC382683 core:Non-currentFinancialInstruments 2022-12-31 SC382683 core:ShareCapital 2023-12-31 SC382683 core:ShareCapital 2022-12-31 SC382683 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC382683 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC382683 core:LeaseholdImprovements 2022-12-31 SC382683 core:Vehicles 2022-12-31 SC382683 core:FurnitureFittings 2022-12-31 SC382683 core:ToolsEquipment 2022-12-31 SC382683 core:ComputerEquipment 2022-12-31 SC382683 core:LeaseholdImprovements 2023-12-31 SC382683 core:Vehicles 2023-12-31 SC382683 core:FurnitureFittings 2023-12-31 SC382683 core:ToolsEquipment 2023-12-31 SC382683 core:ComputerEquipment 2023-12-31 SC382683 2021-12-31 SC382683 bus:OrdinaryShareClass1 2023-12-31 SC382683 bus:OrdinaryShareClass2 2023-12-31 SC382683 bus:OrdinaryShareClass3 2023-12-31 SC382683 bus:OrdinaryShareClass4 2023-12-31 SC382683 bus:OrdinaryShareClass5 2023-12-31 SC382683 bus:OtherShareClass1 2023-12-31 SC382683 2023-01-01 2023-12-31 SC382683 bus:FilletedAccounts 2023-01-01 2023-12-31 SC382683 bus:SmallEntities 2023-01-01 2023-12-31 SC382683 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC382683 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC382683 bus:Director1 2023-01-01 2023-12-31 SC382683 bus:Director2 2023-01-01 2023-12-31 SC382683 bus:Director3 2023-01-01 2023-12-31 SC382683 bus:Director4 2023-01-01 2023-12-31 SC382683 core:LeaseholdImprovements 2023-01-01 2023-12-31 SC382683 core:Vehicles 2023-01-01 2023-12-31 SC382683 core:FurnitureFittings 2023-01-01 2023-12-31 SC382683 core:ToolsEquipment 2023-01-01 2023-12-31 SC382683 core:ComputerEquipment 2023-01-01 2023-12-31 SC382683 2022-01-01 2022-12-31 SC382683 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC382683 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC382683 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC382683 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC382683 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC382683 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 SC382683 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 SC382683 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 SC382683 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 SC382683 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 SC382683 bus:OrdinaryShareClass5 2023-01-01 2023-12-31 SC382683 bus:OrdinaryShareClass5 2022-01-01 2022-12-31 SC382683 bus:OtherShareClass1 2023-01-01 2023-12-31 SC382683 bus:OtherShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC382683 (Scotland)

LOUDONS LIMITED

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

LOUDONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

LOUDONS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
LOUDONS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 272,126 348,258
272,126 348,258
Current assets
Stocks 12,000 12,000
Debtors 4 71,428 40,594
Cash at bank and in hand 459,141 301,757
542,569 354,351
Creditors: amounts falling due within one year 5 ( 528,012) ( 400,665)
Net current assets/(liabilities) 14,557 (46,314)
Total assets less current liabilities 286,683 301,944
Creditors: amounts falling due after more than one year 6 ( 628) 0
Provision for liabilities 7 ( 2,437) ( 20,019)
Net assets 283,618 281,925
Capital and reserves
Called-up share capital 8 105 105
Profit and loss account 283,513 281,820
Total shareholders' funds 283,618 281,925

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 Loudons Limited (registered number: SC382683) were approved and authorised for issue by the Board of Directors on 08 August 2024. They were signed on its behalf by:

Mr C Loudon
Director
LOUDONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
LOUDONS 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

Loudons 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 11 Newlandrig, Gorebridge, EH23 4NS, 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 £.

Turnover

Turnover is recognised at the 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 value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised at the point of sale.

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
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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:

Leasehold improvements 6.74 - 10 % reducing balance
Vehicles 10 % reducing balance
Fixtures and fittings 25 % reducing balance
Tools and equipment 25 % reducing balance
Computer equipment 25 % reducing balance

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
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.

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 as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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 and 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 and deposits held at call with banks.

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.

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 , 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.

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. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 57 58

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Tools and equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 180,778 14,819 92,997 587,623 143,982 1,020,199
Additions 0 0 25,248 37,725 7,875 70,848
Disposals ( 110,101) 0 ( 20,862) ( 18,792) ( 9,015) ( 158,770)
At 31 December 2023 70,677 14,819 97,383 606,556 142,842 932,277
Accumulated depreciation
At 01 January 2023 68,712 370 75,010 409,379 118,470 671,941
Charge for the financial year 12,454 1,445 5,262 51,012 7,340 77,513
Disposals ( 47,489) 0 ( 19,294) ( 13,988) ( 8,532) ( 89,303)
At 31 December 2023 33,677 1,815 60,978 446,403 117,278 660,151
Net book value
At 31 December 2023 37,000 13,004 36,405 160,153 25,564 272,126
At 31 December 2022 112,066 14,449 17,987 178,244 25,512 348,258

4. Debtors

2023 2022
£ £
Trade debtors 784 0
Other debtors 70,644 40,594
71,428 40,594

Included within other debtors is a balance of £4,777 which was advanced to one of the directors. This balance is interest-free and was repaid in full in January 2024.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 127,425 96,852
Taxation and social security 164,766 144,170
Obligations under finance leases and hire purchase contracts 2,510 0
Other creditors 233,311 159,643
528,012 400,665

Assets under hire purchase contracts are secured over the asset to which they relate.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 628 0

Assets under hire purchase contracts are secured over the asset to which they relate.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 20,019) ( 31,096)
Credited to the Profit and Loss Account 17,582 11,077
At the end of financial year ( 2,437) ( 20,019)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
1 A Ordinary share of £ 1.00 1 1
1 B Ordinary share of £ 1.00 1 1
1 C Ordinary share of £ 1.00 1 1
1 D Ordinary share of £ 1.00 1 1
1 E Ordinary share of £ 1.00 1 1
105 105

9. Financial commitments

Other financial commitments

2023 2022
£ £
Total commitments under non-cancellable operating leases 1,822,500 1,867,656