Edinburgh Butter Company Limited |
Registered number: |
11342494 |
Balance Sheet |
as at 31 May 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
255,272 |
|
|
356,534 |
|
Current assets |
Stocks |
|
|
10,957 |
|
|
6,658 |
Debtors |
4 |
|
121,959 |
|
|
106,125 |
Cash at bank and in hand |
|
|
223,470 |
|
|
22,290 |
|
|
|
356,386 |
|
|
135,073 |
|
Creditors: amounts falling due within one year |
5 |
|
(192,269) |
|
|
(192,847) |
|
Net current assets/(liabilities) |
|
|
|
164,117 |
|
|
(57,774) |
|
Total assets less current liabilities |
|
|
|
419,389 |
|
|
298,760 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(215,649) |
|
|
(220,988) |
|
Provisions for liabilities |
|
|
|
(6,718) |
|
|
- |
|
|
Net assets |
|
|
|
197,022 |
|
|
77,772 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
141 |
|
|
141 |
Profit and loss account |
|
|
|
196,881 |
|
|
77,631 |
|
Shareholders' funds |
|
|
|
197,022 |
|
|
77,772 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
N Sinclair |
Director |
Approved by the board on 23 October 2024 |
|
Edinburgh Butter Company Limited |
Notes to the Accounts |
for the year ended 31 May 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
|
|
Going Concern |
|
The financial statements have been prepared on the going concern basis. The directors have considered a period of twelve months from the date of signature of the accounts and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. It is therefore considered appropriate to continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold improvements |
10% straight line |
|
Plant and machinery - general |
15% reducing balance |
|
Plant and machinery - motor vehicles |
20% straight line |
|
Computer equipment |
33.3% straight line |
|
|
Cash and cash equivalents |
|
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
Taxation for the period comprises current and deferred 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. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
|
Deferred tax |
|
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
10 |
|
8 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Leasehold improvements |
|
Plant and machinery etc |
|
Computer Equipment |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 June 2023 |
104,706 |
|
308,156 |
|
3,419 |
|
416,281 |
|
Additions |
8,900 |
|
16,318 |
|
- |
|
25,218 |
|
Disposals |
- |
|
(99,542) |
|
- |
|
(99,542) |
|
At 31 May 2024 |
113,606 |
|
224,932 |
|
3,419 |
|
341,957 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2023 |
8,483 |
|
49,425 |
|
1,839 |
|
59,747 |
|
Charge for the year |
11,361 |
|
14,437 |
|
1,140 |
|
26,938 |
|
At 31 May 2024 |
19,844 |
|
63,862 |
|
2,979 |
|
86,685 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2024 |
93,762 |
|
161,070 |
|
440 |
|
255,272 |
|
At 31 May 2023 |
96,223 |
|
258,731 |
|
1,580 |
|
356,534 |
|
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements: Plant and Machinery £19,672 (2023: £25,411). |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
109,896 |
|
84,629 |
|
Other debtors |
12,063 |
|
21,496 |
|
|
|
|
|
|
121,959 |
|
106,125 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
513 |
|
8,719 |
|
Obligations under finance lease and hire purchase contracts |
5,338 |
|
4,806 |
|
Trade creditors |
90,880 |
|
54,771 |
|
Taxation and social security costs |
8,926 |
|
3,008 |
|
Other creditors |
86,612 |
|
121,543 |
|
|
|
|
|
|
192,269 |
|
192,847 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Non-equity preference shares |
200,001 |
|
200,001 |
|
Obligations under finance lease and hire purchase contracts |
15,648 |
|
20,987 |
|
|
|
|
|
|
215,649 |
|
220,988 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
200,001 |
|
200,001 |
|
|
|
|
|
|
|
|
|
|
8 |
Capital commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Amounts contracted for but not provided in the accounts |
36,936 |
|
148,565 |
|
|
|
|
|
|
|
|
|
|
9 |
Other financial commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
86,820 |
|
117,129 |
|
|
|
|
|
|
|
|
|
|
10 |
Loans from directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
|
Interest free loan from Directors |
100,012 |
|
1,768 |
|
(17,496) |
|
84,284 |
|
|
|
100,012 |
|
1,768 |
|
(17,496) |
|
84,284 |
|
|
|
|
|
|
|
|
|
|
An interest free loan of £84,284 repayable on demand is owed to the Directors at the year end. |
|
11 |
Other information |
|
|
Edinburgh Butter Company Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Ava Lodge, Castle Terrace |
|
Berwick Upon Tweed |
|
Northumberland |
|
England |
|
TD15 1NP |