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Registration number: SC630571

The Biscuit Factory (Edin) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

The Biscuit Factory (Edin) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

The Biscuit Factory (Edin) Ltd

Company Information

Directors

Miss F A Hamilton

Mr R Ure

Registered office

 

4 Anderson Place
Edinburgh
EH6 5NP

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Biscuit Factory (Edin) Ltd
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Biscuit Factory (Edin) Ltd for the year ended 31 May 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, 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 The Biscuit Factory (Edin) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Biscuit Factory (Edin) Ltd and state those matters that we have agreed to state to the Board of Directors of The Biscuit Factory (Edin) Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland 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 The Biscuit Factory (Edin) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Biscuit Factory (Edin) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Biscuit Factory (Edin) Ltd. You consider that The Biscuit Factory (Edin) Ltd 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 accounts of The Biscuit Factory (Edin) Ltd. 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 accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

3 October 2024

 

The Biscuit Factory (Edin) Ltd

(Registration number: SC630571)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

54,710

64,021

Current assets

 

Stocks

5

15,125

15,921

Debtors

6

50,177

54,210

Cash at bank and in hand

 

6,678

6,624

 

71,980

76,755

Creditors: Amounts falling due within one year

7

(169,621)

(125,718)

Net current liabilities

 

(97,641)

(48,963)

Total assets less current liabilities

 

(42,931)

15,058

Creditors: Amounts falling due after more than one year

7

(41,616)

(40,324)

Net liabilities

 

(84,547)

(25,266)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(84,548)

(25,267)

Shareholders' deficit

 

(84,547)

(25,266)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

The Biscuit Factory (Edin) Ltd

(Registration number: SC630571)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

.........................................
Miss F A Hamilton
Director

 

The Biscuit Factory (Edin) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
4 Anderson Place
Edinburgh
EH6 5NP

These financial statements were authorised for issue by the Board on 3 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been prepared on a going concern basis as the company is being supported by the bank loan.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of venue rental and event hosting. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

The Biscuit Factory (Edin) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10%, 20% and 25% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Biscuit Factory (Edin) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2022 - 7).

 

The Biscuit Factory (Edin) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

88,702

88,702

Additions

2,346

2,346

At 31 May 2023

91,048

91,048

Depreciation

At 1 June 2022

24,681

24,681

Charge for the year

11,657

11,657

At 31 May 2023

36,338

36,338

Carrying amount

At 31 May 2023

54,710

54,710

At 31 May 2022

64,021

64,021

5

Stocks

2023
£

2022
£

Stock

15,125

15,921

 

The Biscuit Factory (Edin) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

2023
£

2022
£

Trade debtors

7,013

26,765

Prepayments

457

530

Other debtors

42,707

26,915

50,177

54,210

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,479

9,511

Trade creditors

 

32,891

15,337

Taxation and social security

 

93,894

59,334

Accruals and deferred income

 

31,117

36,941

Other creditors

 

2,240

4,595

 

169,621

125,718

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

41,616

40,324

 

The Biscuit Factory (Edin) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

41,616

40,324

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,479

9,511

The bank loan is supported by a 100% guarantee from the UK Government.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Related party transactions

The company operates a loan account with the director, Miss F A Hamilton.
During the year, the company advanced loans totalling £12,969 to the director. At the year end, the balance due from the director was £31,989 (2022 - £19,021). This loan is unsecured, interest free and has no fixed repayment
terms.

 

 

The Biscuit Factory (Edin) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

11,233

13,480

Later than one year and not later than five years

-

33,699

11,233

47,179

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,233 (2022 - £11,432).