Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs A Dixon 16/04/2024 09/05/2011 Mr N Dixon 16/04/2024 09/05/2011 Mr D R Laing 16/04/2024 07 November 2024 The principal activity of the company during the year was that of a foodservice business, supplying quality Scottish and International produce to pubs, restaurants and hotels. SC399047 2024-03-31 SC399047 bus:Director1 2024-03-31 SC399047 bus:Director2 2024-03-31 SC399047 bus:Director3 2024-03-31 SC399047 2023-03-31 SC399047 core:CurrentFinancialInstruments 2024-03-31 SC399047 core:CurrentFinancialInstruments 2023-03-31 SC399047 core:Non-currentFinancialInstruments 2024-03-31 SC399047 core:Non-currentFinancialInstruments 2023-03-31 SC399047 core:ShareCapital 2024-03-31 SC399047 core:ShareCapital 2023-03-31 SC399047 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC399047 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC399047 core:PlantMachinery 2023-03-31 SC399047 core:Vehicles 2023-03-31 SC399047 core:FurnitureFittings 2023-03-31 SC399047 core:PlantMachinery 2024-03-31 SC399047 core:Vehicles 2024-03-31 SC399047 core:FurnitureFittings 2024-03-31 SC399047 bus:OrdinaryShareClass1 2024-03-31 SC399047 2023-04-01 2024-03-31 SC399047 bus:FilletedAccounts 2023-04-01 2024-03-31 SC399047 bus:SmallEntities 2023-04-01 2024-03-31 SC399047 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC399047 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC399047 bus:Director1 2023-04-01 2024-03-31 SC399047 bus:Director2 2023-04-01 2024-03-31 SC399047 bus:Director3 2023-04-01 2024-03-31 SC399047 core:PlantMachinery 2023-04-01 2024-03-31 SC399047 core:Vehicles 2023-04-01 2024-03-31 SC399047 core:FurnitureFittings 2023-04-01 2024-03-31 SC399047 2022-04-01 2023-03-31 SC399047 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC399047 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC399047 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC399047 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC399047 (Scotland)

OCHIL FOODS LIMITED

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

OCHIL FOODS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

OCHIL FOODS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
OCHIL FOODS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 96,396 124,757
96,396 124,757
Current assets
Stocks 56,194 60,157
Debtors 4 255,152 255,904
Cash at bank and in hand 106,587 39,073
417,933 355,134
Creditors: amounts falling due within one year 5 ( 195,571) ( 207,840)
Net current assets 222,362 147,294
Total assets less current liabilities 318,758 272,051
Creditors: amounts falling due after more than one year 6 ( 19,167) ( 29,167)
Provision for liabilities ( 16,963) ( 22,964)
Net assets 282,628 219,920
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 282,626 219,918
Total shareholders' funds 282,628 219,920

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 Ochil Foods Limited (registered number: SC399047) were approved and authorised for issue by the Director on 07 November 2024. They were signed on its behalf by:

Mr D R Laing
Director
OCHIL FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
OCHIL FOODS 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

Ochil Foods 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 Hall Farm, Auchterader, Perth, PH3 1HD, 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 £.

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 is recognised at the fair value of the consideration received or receivable for food produce goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

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 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).

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. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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, 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.

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 initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially 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. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the directors 16 13

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 21,441 185,933 26,078 233,452
Additions 912 0 0 912
At 31 March 2024 22,353 185,933 26,078 234,364
Accumulated depreciation
At 01 April 2023 4,964 85,417 18,314 108,695
Charge for the financial year 2,591 25,129 1,553 29,273
At 31 March 2024 7,555 110,546 19,867 137,968
Net book value
At 31 March 2024 14,798 75,387 6,211 96,396
At 31 March 2023 16,477 100,516 7,764 124,757

4. Debtors

2024 2023
£ £
Trade debtors 227,772 212,138
Other debtors 27,380 43,766
255,152 255,904

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 13,803
Trade creditors 112,158 147,888
Taxation and social security 60,550 29,974
Other creditors 22,863 16,175
195,571 207,840

A loan of £29,167 is secured by a floating charge over the assets of the company of which £10,000 is due within one year and included in other creditors above.

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

2024 2023
£ £
Other creditors 19,167 29,167

A loan of £29,167 is secured by a floating charge over the assets of the company of which £19,167 is due within one year and disclosed above.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 0.01 each (2023: 2 shares of £ 1.00 each) 2 2

8. Financial commitments

Other financial commitments

2024 2023
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 34,060 49,780

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed by directors 16,066 22,578

Interest is charged on this balance at 2.25% and the loan is repaid in full post year end.