Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs K Fairlie 09/11/2018 18 September 2024 The principal activity of the Company during the financial year was that of running a restaurant within Gleneagles Hotel. SC215237 2024-03-31 SC215237 bus:Director1 2024-03-31 SC215237 2023-03-31 SC215237 core:CurrentFinancialInstruments 2024-03-31 SC215237 core:CurrentFinancialInstruments 2023-03-31 SC215237 core:Non-currentFinancialInstruments 2024-03-31 SC215237 core:Non-currentFinancialInstruments 2023-03-31 SC215237 core:ShareCapital 2024-03-31 SC215237 core:ShareCapital 2023-03-31 SC215237 core:RevaluationReserve 2024-03-31 SC215237 core:RevaluationReserve 2023-03-31 SC215237 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC215237 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC215237 core:LandBuildings 2023-03-31 SC215237 core:Vehicles 2023-03-31 SC215237 core:FurnitureFittings 2023-03-31 SC215237 core:OfficeEquipment 2023-03-31 SC215237 core:LandBuildings 2024-03-31 SC215237 core:Vehicles 2024-03-31 SC215237 core:FurnitureFittings 2024-03-31 SC215237 core:OfficeEquipment 2024-03-31 SC215237 2022-03-31 SC215237 bus:OrdinaryShareClass1 2024-03-31 SC215237 2023-04-01 2024-03-31 SC215237 bus:FilletedAccounts 2023-04-01 2024-03-31 SC215237 bus:SmallEntities 2023-04-01 2024-03-31 SC215237 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC215237 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC215237 bus:Director1 2023-04-01 2024-03-31 SC215237 core:Vehicles 2023-04-01 2024-03-31 SC215237 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 SC215237 core:OfficeEquipment 2023-04-01 2024-03-31 SC215237 2022-04-01 2023-03-31 SC215237 core:LandBuildings 2023-04-01 2024-03-31 SC215237 core:FurnitureFittings 2023-04-01 2024-03-31 SC215237 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC215237 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC215237 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC215237 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC215237 (Scotland)

ANDREW FAIRLIE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

ANDREW FAIRLIE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

ANDREW FAIRLIE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
ANDREW FAIRLIE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 126,560 142,691
Investment property 4 115,000 105,000
241,560 247,691
Current assets
Stocks 5 17,065 15,513
Debtors 6 14,562 10,961
Cash at bank and in hand 7 387,625 232,089
419,252 258,563
Creditors: amounts falling due within one year 8 ( 500,023) ( 431,151)
Net current liabilities (80,771) (172,588)
Total assets less current liabilities 160,789 75,103
Creditors: amounts falling due after more than one year 9 ( 14,880) ( 18,319)
Provision for liabilities 10, 11 ( 14,268) ( 13,125)
Net assets 131,641 43,659
Capital and reserves
Called-up share capital 12 1 1
Revaluation reserve 22,618 15,000
Profit and loss account 109,022 28,658
Total shareholder's funds 131,641 43,659

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Andrew Fairlie Limited (registered number: SC215237) were approved and authorised for issue by the Director on 18 September 2024. They were signed on its behalf by:

Mrs K Fairlie
Director
ANDREW FAIRLIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
ANDREW FAIRLIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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

Andrew Fairlie 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 Gleneagles Hotel, Auchterarder, PH3 1NF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for restaurant services net of VAT and trade discounts.

Revenue is recognised on a cash basis.

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
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.

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, 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:

Land and buildings not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 10 years straight line
Office equipment 25 % reducing balance

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
Assets held under finance leases, 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).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

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.

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.

Basic financial assets
Basic financial assets, which include debtors, 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 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.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 40 37

3. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 48,156 35,468 380,060 26,102 489,786
Additions 0 0 8,839 0 8,839
Disposals 0 0 ( 320,233) 0 ( 320,233)
At 31 March 2024 48,156 35,468 68,666 26,102 178,392
Accumulated depreciation
At 01 April 2023 0 15,203 329,757 2,135 347,095
Charge for the financial year 0 5,066 12,306 5,992 23,364
Disposals 0 0 ( 318,627) 0 ( 318,627)
At 31 March 2024 0 20,269 23,436 8,127 51,832
Net book value
At 31 March 2024 48,156 15,199 45,230 17,975 126,560
At 31 March 2023 48,156 20,265 50,303 23,967 142,691

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 105,000
Fair value movement 10,000
As at 31 March 2024 115,000

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Director on 31 March 2024.

5. Stocks

2024 2023
£ £
Stocks 17,065 15,513

6. Debtors

2024 2023
£ £
Trade debtors 11,416 0
Other debtors 3,146 10,961
14,562 10,961

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 387,625 232,089

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 77,670 85,213
Amounts owed to Group undertakings 8,298 13,802
Taxation and social security 154,548 73,889
Obligations under finance leases and hire purchase contracts 3,439 2,847
Other creditors 256,068 255,400
500,023 431,151

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 14,880 18,319

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

10. Provision for liabilities

2024 2023
£ £
Deferred tax 14,268 13,125

11. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 13,125) ( 19,250)
(Charged)/credited to the Profit and Loss Account ( 1,143) 6,125
At the end of financial year ( 14,268) ( 13,125)

12. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3 Ordinary shares of £ 0.3333 each 1 1

13. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amount owed by director 0 9,668
Amount owed to director 203 0

Advances

Advances totalling £334 have been made to the Director in this period and £10,205 has been repaid. This loan is unsecured, interest free and repayable on demand.