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REGISTRAR OF COMPANIES

Registration number: SC619680

Oat Company Scotland Limited

Unaudited Financial Statements

31 January 2024

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Oat Company Scotland Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Oat Company Scotland Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Oat Company Scotland Limited for the year ended 31 January 2024 as set out on pages 2 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Oat Company Scotland Limited, as a body, in accordance with the terms of our engagement letter dated 27 November 2023. Our work has been undertaken solely to prepare for your approval the accounts of Oat Company Scotland Limited and state those matters that we have agreed to state to the Board of Directors of Oat Company Scotland Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oat Company Scotland Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Oat Company Scotland Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Oat Company Scotland Limited. You consider that Oat Company Scotland 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 accounts of Oat Company Scotland 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

22 October 2024

 

Oat Company Scotland Limited

(Registration number: SC619680)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,868,678

2,036,979

Current assets

 

Stocks

679,179

325,518

Debtors

5

66,236

27,630

 

745,415

353,148

Creditors: Amounts falling due within one year

6

(1,830,210)

(1,653,759)

Net current liabilities

 

(1,084,795)

(1,300,611)

Total assets less current liabilities

 

783,883

736,368

Creditors: Amounts falling due after more than one year

6

(1,581,789)

(1,682,059)

Net liabilities

 

(797,906)

(945,691)

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Profit and loss account

(797,908)

(945,693)

Total equity

 

(797,906)

(945,691)

 

Oat Company Scotland Limited

(Registration number: SC619680)
Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 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.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
C W Russell
Director

.........................................
D J Booth
Director

.........................................
J M Russell
Director

.........................................
A G Booth
Director

     
 

Oat Company Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Glenapp Manse
Glenapp Estate
Ballantrae
GIRVAN
KA26 0PG

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 Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net liabilities at 31 January 2024 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the directors and shareholders have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers and shareholders, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

Oat Company Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

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

Land and buildings

Land not depreciated, buildings 2% straight line

Plant and equipment

15% reducing balance

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Oat Company Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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 or Balance Sheet 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, or where relating to costs directly attributable to the construction of an asset the interest charge has been capitalised.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Oat Company Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 8).

 

Oat Company Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Land and buildings
 £

Plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

870,087

1,594,935

2,465,022

Additions

-

28,844

28,844

At 31 January 2024

870,087

1,623,779

2,493,866

Depreciation

At 1 February 2023

27,619

400,424

428,043

Charge for the year

13,902

183,243

197,145

At 31 January 2024

41,521

583,667

625,188

Carrying amount

At 31 January 2024

828,566

1,040,112

1,868,678

At 31 January 2023

842,468

1,194,511

2,036,979

5

Debtors

2024
£

2023
£

Trade debtors

66,236

27,630

66,236

27,630

 

Oat Company Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

379,072

377,050

Trade creditors

 

624,545

453,117

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

749,998

749,998

Taxation and social security

 

26,817

20,938

Other creditors

 

49,778

52,656

 

1,830,210

1,653,759

Due after one year

 

Loans and borrowings

7

1,241,713

1,350,958

Other creditors

 

340,076

331,101

 

1,581,789

1,682,059

2024
£

2023
£

After more than five years by instalments

486,944

250,750

486,944

250,750

 

Oat Company Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

97,903

64,456

Bank overdrafts

222,169

253,594

Finance lease liabilities

59,000

59,000

379,072

377,050

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

97,903

64,456

Bank overdrafts

222,169

253,594

Finance lease liabilities

59,000

59,000

379,072

377,050

Bank borrowings and overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

Oat Company Scotland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

813,963

864,208

Finance lease liabilities

427,750

486,750

1,241,713

1,350,958

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

813,963

864,208

Finance lease liabilities

427,750

486,750

1,241,713

1,350,958

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.