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Company registration number: SC508767
R & T Dalton Limited
Trading as Ardfern Village Store
Unaudited filleted financial statements
30 November 2023
R & T Dalton Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
R & T Dalton Limited
Directors and other information
Directors Miss R H Dalton
Mr T E Dalton
Company number SC508767
Registered office Ardfern
Lochgilphead
Argyll
PA31 8QN
Business address Ardfern
Lochgilphead
PA31 8QN
Accountants Simmers & Co
Albany Chambers
Albany Street
Oban
Argyll
PA34 4AL
Bankers Royal Bank of Scotland
26 George Street
Oban
PA34 5SB
Solicitors MacArthur Legal
Boswell House
Argyll Square
Oban
R & T Dalton Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of R & T Dalton Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R & T Dalton Limited for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of R & T Dalton Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of R & T Dalton Limited and state those matters that we have agreed to state to the board of directors of R & T Dalton Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R & T Dalton Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that R & T Dalton Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R & T Dalton Limited. You consider that R & T Dalton Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of R & T Dalton Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Simmers & Co
Chartered Accountants
Albany Chambers
Albany Street
Oban
Argyll
PA34 4AL
24 July 2024
R & T Dalton Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 8 - -
Tangible assets 9 310,658 312,999
_______ _______
310,658 312,999
Current assets
Stocks 22,944 23,951
Debtors 10 11,767 8,472
Cash at bank and in hand 25,150 11,890
_______ _______
59,861 44,313
Creditors: amounts falling due
within one year 11 ( 182,355) ( 182,929)
_______ _______
Net current liabilities ( 122,494) ( 138,616)
_______ _______
Total assets less current liabilities 188,164 174,383
Creditors: amounts falling due
after more than one year 12 ( 20,310) ( 50,946)
Provisions for liabilities ( 5,500) ( 4,875)
_______ _______
Net assets 162,354 118,562
_______ _______
Capital and reserves
Called up share capital 13 61 61
Profit and loss account 162,293 118,501
_______ _______
Shareholders funds 162,354 118,562
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 , and are signed on behalf of the board by:
Miss R H Dalton
Director
Company registration number: SC508767
R & T Dalton Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Ardfern Village Store, Ardfern, Lochgilphead, Argyll, PA31 8QN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the [EntityType] will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2023 2022
£ £
Rental income 6,300 6,000
Government grant income - 116
_______ _______
6,300 6,116
_______ _______
6. Operating profit
Operating profit is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 6,189 6,792
Impairment of trade debtors 262 -
Operating lease rentals 3,324 3,299
_______ _______
7. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 7 ).
by head count
8. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2022 and 30 November 2023 79,500 79,500
_______ _______
Amortisation
At 1 December 2022 and 30 November 2023 79,500 79,500
_______ _______
Carrying amount
At 30 November 2023 - -
_______ _______
At 30 November 2022 - -
_______ _______
9. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2022 286,053 51,440 337,493
Additions - 3,848 3,848
_______ _______ _______
At 30 November 2023 286,053 55,288 341,341
_______ _______ _______
Depreciation
At 1 December 2022 - 24,494 24,494
Charge for the year - 6,189 6,189
_______ _______ _______
At 30 November 2023 - 30,683 30,683
_______ _______ _______
Carrying amount
At 30 November 2023 286,053 24,605 310,658
_______ _______ _______
At 30 November 2022 286,053 26,946 312,999
_______ _______ _______
10. Debtors
2023 2022
£ £
Trade debtors 9,747 5,029
Other debtors 2,020 3,443
_______ _______
11,767 8,472
_______ _______
11. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 12,276 16,847
Corporation tax 12,340 1,438
Social security and other taxes 2,249 2,510
Other creditors 155,490 162,134
_______ _______
182,355 182,929
_______ _______
The Royal bank of Scotland have standard security charge over all the property owned by the Company.
12. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 20,310 50,946
_______ _______
The Royal bank of Scotland have standard security charge over all the property owned by the Company.
13. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 61 61 61 61
_______ _______ _______ _______
14. Controlling party
The company is controlled by it's directors.