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Registration number: SC197034

Ian Dye Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Ian Dye Limited

Contents

Director's Report

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Ian Dye Limited

Director's Report for the Year Ended 30 June 2024

The Director presents his report and the financial statements for the year ended 30 June 2024.

Directors of the Company

The Directors who held office during the year were as follows:

Mr Ian Dye

Mr J Dye (ceased 1 June 2024)

Principal activity

The principal activity of the company is a Butcher Shop.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 27 November 2024
 

.........................................
Mr Ian Dye
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ian Dye Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ian Dye Limited for the year ended 30 June 2024 as set out on pages 3 to 10 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 www.icas.com/ accountspreparationguidance.

This report is made solely to the Board of Directors of Ian Dye Limited, 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 Ian Dye Limited and state those matters that we have agreed to state to the Board of Directors of Ian Dye Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants for Scotland as detailed at www.icas.com/ accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ian Dye Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ian Dye 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 Ian Dye Limited. You consider that Ian Dye 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 Ian Dye 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.

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

Walker Dunnett & Co
29 Commercial Street
Dundee
DD1 3DG

27 November 2024

 

Ian Dye Limited

(Registration number: SC197034)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

27,180

29,430

Current assets

 

Stocks

6

2,858

3,312

Debtors

7

2,256

1,838

Cash at bank and in hand

 

6,535

6,101

 

11,649

11,251

Creditors: Amounts falling due within one year

8

(36,434)

(38,557)

Net current liabilities

 

(24,785)

(27,306)

Total assets less current liabilities

 

2,395

2,124

Provisions for liabilities

(1,502)

(1,855)

Net assets

 

893

269

Capital and Reserves

 

Called up share capital

2

2

Retained Earnings

891

267

Shareholders' funds

 

893

269

For the financial year ending 30 June 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 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 Director acknowledges his 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 Income Statement.

 

Ian Dye Limited

(Registration number: SC197034)
Statement of Financial Position as at 30 June 2024

Approved and authorised by the director on 27 November 2024
 

.........................................
Mr Ian Dye
Director

 

Ian Dye Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
31 Caird Avenue
DUNDEE
DD3 8AS

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

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.

Tax

The tax expense for the period comprises current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Ian Dye Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 statement of financial position 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

Property

Reducing Balance 2%

Equipment

Reducing Balance 15%

Motor Vehicles

Reducing Balance 25%

Fixtures & Fittings

Reducing Balance 15%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight Line 10%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Ian Dye Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold 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.

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. Accounts payable 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.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Ian Dye Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either 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.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 4 (2023 - 4).

 

Ian Dye Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

20,000

20,000

At 30 June 2024

20,000

20,000

Amortisation

At 1 July 2023

20,000

20,000

At 30 June 2024

20,000

20,000

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

22,654

13,145

14,584

13,881

64,264

At 30 June 2024

22,654

13,145

14,584

13,881

64,264

Depreciation

At 1 July 2023

2,987

10,465

11,391

9,991

34,834

Charge for the year

393

405

480

972

2,250

At 30 June 2024

3,380

10,870

11,871

10,963

37,084

Carrying amount

At 30 June 2024

19,274

2,275

2,713

2,918

27,180

At 30 June 2023

19,667

2,680

3,193

3,890

29,430

Included within the net book value of land and buildings above is £19,274 (2023 - £19,667) in respect of freehold land and buildings.
 

 

Ian Dye Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Other inventories

2,858

3,312

7

Debtors

Current

2024
£

2023
£

Prepayments

71

661

Other debtors

2,185

1,177

 

2,256

1,838

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

3,218

2,106

Accruals and deferred income

1,955

1,750

Other creditors

31,261

34,701

36,434

38,557