Silverfin false false 31/12/2023 01/01/2023 31/12/2023 C Allsop 15/02/2021 D Carstairs 01/01/2001 18 September 2024 The principal activity of the Company during the financial year was design and production of floral goods. SC154830 2023-12-31 SC154830 bus:Director1 2023-12-31 SC154830 bus:Director2 2023-12-31 SC154830 2022-12-31 SC154830 core:CurrentFinancialInstruments 2023-12-31 SC154830 core:CurrentFinancialInstruments 2022-12-31 SC154830 core:ShareCapital 2023-12-31 SC154830 core:ShareCapital 2022-12-31 SC154830 core:SharePremium 2023-12-31 SC154830 core:SharePremium 2022-12-31 SC154830 core:CapitalRedemptionReserve 2023-12-31 SC154830 core:CapitalRedemptionReserve 2022-12-31 SC154830 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC154830 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC154830 2021-12-31 SC154830 core:Vehicles 2022-12-31 SC154830 core:FurnitureFittings 2022-12-31 SC154830 core:Vehicles 2023-12-31 SC154830 core:FurnitureFittings 2023-12-31 SC154830 core:CostValuation 2022-12-31 SC154830 core:CostValuation 2023-12-31 SC154830 bus:OrdinaryShareClass1 2023-12-31 SC154830 core:WithinOneYear 2023-12-31 SC154830 core:WithinOneYear 2022-12-31 SC154830 core:BetweenOneFiveYears 2023-12-31 SC154830 core:BetweenOneFiveYears 2022-12-31 SC154830 2023-01-01 2023-12-31 SC154830 bus:FilletedAccounts 2023-01-01 2023-12-31 SC154830 bus:SmallEntities 2023-01-01 2023-12-31 SC154830 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC154830 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC154830 bus:Director1 2023-01-01 2023-12-31 SC154830 bus:Director2 2023-01-01 2023-12-31 SC154830 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 SC154830 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 SC154830 2022-01-01 2022-12-31 SC154830 core:Vehicles 2023-01-01 2023-12-31 SC154830 core:FurnitureFittings 2023-01-01 2023-12-31 SC154830 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC154830 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC154830 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC154830 (Scotland)

SCOTTISH EVERLASTINGS LIMITED

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

SCOTTISH EVERLASTINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

SCOTTISH EVERLASTINGS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
SCOTTISH EVERLASTINGS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 3,202 3,214
Investments 5 634 634
3,836 3,848
Current assets
Stocks 1,582,655 2,212,611
Debtors 6 1,314,027 1,204,007
Cash at bank and in hand 925,831 108,180
3,822,513 3,524,798
Creditors: amounts falling due within one year 7 ( 354,892) ( 735,458)
Net current assets 3,467,621 2,789,340
Total assets less current liabilities 3,471,457 2,793,188
Net assets 3,471,457 2,793,188
Capital and reserves
Called-up share capital 8 64,825 64,825
Share premium account 7,528 7,528
Capital redemption reserve 66,336 66,336
Profit and loss account 3,332,768 2,654,499
Total shareholder's funds 3,471,457 2,793,188

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 Scottish Everlastings Limited (registered number: SC154830) were approved and authorised for issue by the Board of Directors on 18 September 2024. They were signed on its behalf by:

D Carstairs
Director
SCOTTISH EVERLASTINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SCOTTISH EVERLASTINGS 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

Scottish Everlastings 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 Selbrae House Muirhead, Midfield Rd Mitchelston Ind Est, Kirkcaldy, KY1 3PS, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the design and production of dried floral goods net of VAT and trade discounts.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer (usually on dispatch of goods).

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.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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 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:

Vehicles 4 years straight line
Fixtures and fittings 4 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 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 as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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 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.

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

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 at transaction price.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 23 22

3. Share-based payments

Equity-settled share-based payment schemes

The Company has a share option scheme within the ultimate parent for certain employees.

Options are exercisable at a price equal to the estimated fair value of the Company’s shares on the date of grant. The vesting date occurs on an Exit event subject to option holders still being employed by the company at that date. Options will expire on the first anniversary of the death of the Participant.

Details of the share options outstanding during the financial year are as follows:

2023 2022
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 0 0 0 0
Granted during the period 250 240.00 0 0
Outstanding at the end of the period 250 240.00 0 0
Exercisable at the end of the period 0 0 0 0

The fair value of the share options at the grant date was calculated by the directors using the Black Scholes model. This was deemed appropriate as there are no market performance related vesting conditions.

No adjustment has been made to the profit and loss account due to the amounts being immaterial.

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 January 2023 16,475 11,863 28,338
Additions 0 2,587 2,587
At 31 December 2023 16,475 14,450 30,925
Accumulated depreciation
At 01 January 2023 16,475 8,649 25,124
Charge for the financial year 0 2,599 2,599
At 31 December 2023 16,475 11,248 27,723
Net book value
At 31 December 2023 0 3,202 3,202
At 31 December 2022 0 3,214 3,214

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 634
At 31 December 2023 634
Carrying value at 31 December 2023 634
Carrying value at 31 December 2022 634

6. Debtors

2023 2022
£ £
Trade debtors 771,514 1,027,164
Deferred tax asset 2,691 0
Corporation tax 87,370 0
Other debtors 452,452 176,843
1,314,027 1,204,007

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 77,032
Trade creditors 129,621 134,348
Amounts owed to Group undertakings 0 210,199
Taxation and social security 149,518 231,439
Other creditors 75,753 82,440
354,892 735,458

A floating charge with Lloyds Bank Commercial Finance LTD has been registered for the CID account which is included in bank overdrafts.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
64,825 Ordinary shares of £ 1.00 each 64,825 64,825

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 56,100 46,750
between one and five years 46,750 0
102,850 46,750

10. Related party transactions

The company has taken advantage of the exemption available in FRS 102 from the requirement to disclose related party transactions with wholly owned group companies.