Company Registration No. SC232447 (Scotland)
SWEETZONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
SWEETZONE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
439,079
466,675
Current assets
Stocks
1,217,102
1,547,253
Debtors
5
1,210,251
827,507
Cash at bank and in hand
1,622,561
1,144,251
4,049,914
3,519,011
Creditors: amounts falling due within one year
6
(1,573,463)
(1,874,694)
Net current assets
2,476,451
1,644,317
Total assets less current liabilities
2,915,530
2,110,992
Provisions for liabilities
7
(75,289)
(76,927)
Net assets
2,840,241
2,034,065
Capital and reserves
Called up share capital
8
200
200
Revaluation reserve
213,479
220,301
Profit and loss reserves
2,626,562
1,813,564
Total equity
2,840,241
2,034,065

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr Y Okhai
Director
Company Registration No. SC232447
SWEETZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Sweetzone Limited is a private company limited by shares incorporated in Scotland. The registered office is Block 2 Unit 2, Pearce Avenue, West Pitkerro Industrial Estate, Dundee, DD5 3RX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the invoiced value of goods sold by the company, net of Value Added Tax and trade discounts.

 

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
100% in year of purchase
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computer equipment
30% reducing balance
Motor vehicles
20% 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.

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 less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 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.

SWEETZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

1.6
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

1.7
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Pensions

The company operates defined contribution pension schemes for its employees and directors, the pension charge represents the amounts paid by the company to the funds in respect of the year.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SWEETZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
15
3
Intangible fixed assets
Software
£
Cost
At 1 January 2023
-
0
Additions
8,400
At 31 December 2023
8,400
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
8,400
At 31 December 2023
8,400
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
SWEETZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
500,000
17,821
16,752
15,048
58,776
608,397
Additions
-
0
1,310
-
0
-
0
-
0
1,310
Disposals
-
0
-
0
-
0
-
0
(8,800)
(8,800)
At 31 December 2023
500,000
19,131
16,752
15,048
49,976
600,907
Depreciation and impairment
At 1 January 2023
92,500
17,821
7,317
15,048
9,036
141,722
Depreciation charged in the year
9,996
1,250
3,348
-
0
7,272
21,866
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(1,760)
(1,760)
At 31 December 2023
102,496
19,071
10,665
15,048
14,548
161,828
Carrying amount
At 31 December 2023
397,504
60
6,087
-
0
35,428
439,079
At 31 December 2022
407,500
-
0
9,435
-
0
49,740
466,675

Land and buildings were revalued at 31 December 2021 by the directors on an existing use open market value basis at £500,000.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2023
2022
£
£
Cost
158,910
158,910
Accumulated depreciation
(34,429)
(31,251)
Carrying value
124,481
127,659

Were the heritable property to be sold for its revalued amount, the potential capital gains tax liability on the revaluation would be £80,585.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,210,251
827,507
SWEETZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
676,492
1,054,800
Corporation tax
307,546
172,267
Other taxation and social security
281,782
294,492
Other creditors
307,643
353,135
1,573,463
1,874,694
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
75,289
76,927
8
Called up share capital
2023
2022
£
£
Ordinary share capital - issued and fully paid
200 Ordinary shares of £1 each
200
200
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
16,079
25,442
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