2023-03-012024-02-292024-02-29falseSC558561THE 51ST STATE (DUNOON) LIMITED2024-11-28iso4217:GBPxbrli:pureSC5585612023-03-01SC5585612024-02-29SC5585612023-03-012024-02-29SC5585612022-03-01SC5585612023-02-28SC5585612022-03-012023-02-28SC558561bus:SmallEntities2023-03-012024-02-29SC558561bus:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC558561bus:AbridgedAccounts2023-03-012024-02-29SC558561bus:PrivateLimitedCompanyLtd2023-03-012024-02-29SC558561core:WithinOneYear2024-02-29SC558561core:AfterOneYear2024-02-29SC558561core:WithinOneYear2023-02-28SC558561core:AfterOneYear2023-02-28SC558561core:ShareCapital2024-02-29SC558561core:SharePremium2024-02-29SC558561core:RevaluationReserve2024-02-29SC558561core:OtherReservesSubtotal2024-02-29SC558561core:RetainedEarningsAccumulatedLosses2024-02-29SC558561core:ShareCapital2023-02-28SC558561core:SharePremium2023-02-28SC558561core:RevaluationReserve2023-02-28SC558561core:OtherReservesSubtotal2023-02-28SC558561core:RetainedEarningsAccumulatedLosses2023-02-28SC558561core:LandBuildings2024-02-29SC558561core:PlantMachinery2024-02-29SC558561core:Vehicles2024-02-29SC558561core:FurnitureFittings2024-02-29SC558561core:OfficeEquipment2024-02-29SC558561core:NetGoodwill2024-02-29SC558561core:IntangibleAssetsOtherThanGoodwill2024-02-29SC558561core:ListedExchangeTraded2024-02-29SC558561core:UnlistedNon-exchangeTraded2024-02-29SC558561core:LandBuildings2023-02-28SC558561core:PlantMachinery2023-02-28SC558561core:Vehicles2023-02-28SC558561core:FurnitureFittings2023-02-28SC558561core:OfficeEquipment2023-02-28SC558561core:NetGoodwill2023-02-28SC558561core:IntangibleAssetsOtherThanGoodwill2023-02-28SC558561core:ListedExchangeTraded2023-02-28SC558561core:UnlistedNon-exchangeTraded2023-02-28SC558561core:LandBuildings2023-03-012024-02-29SC558561core:PlantMachinery2023-03-012024-02-29SC558561core:Vehicles2023-03-012024-02-29SC558561core:FurnitureFittings2023-03-012024-02-29SC558561core:OfficeEquipment2023-03-012024-02-29SC558561core:NetGoodwill2023-03-012024-02-29SC558561core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-29SC558561core:ListedExchangeTraded2023-03-012024-02-29SC558561core:UnlistedNon-exchangeTraded2023-03-012024-02-29SC558561core:MoreThanFiveYears2023-03-012024-02-29SC558561core:Non-currentFinancialInstruments2024-02-29SC558561core:Non-currentFinancialInstruments2023-02-28SC558561dpl:CostSales2023-03-012024-02-29SC558561dpl:DistributionCosts2023-03-012024-02-29SC558561core:LandBuildings2023-03-012024-02-29SC558561core:PlantMachinery2023-03-012024-02-29SC558561core:Vehicles2023-03-012024-02-29SC558561core:FurnitureFittings2023-03-012024-02-29SC558561core:OfficeEquipment2023-03-012024-02-29SC558561dpl:AdministrativeExpenses2023-03-012024-02-29SC558561core:NetGoodwill2023-03-012024-02-29SC558561core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-29SC558561dpl:GroupUndertakings2023-03-012024-02-29SC558561dpl:ParticipatingInterests2023-03-012024-02-29SC558561dpl:GroupUndertakingscore:ListedExchangeTraded2023-03-012024-02-29SC558561core:ListedExchangeTraded2023-03-012024-02-29SC558561dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-03-012024-02-29SC558561core:UnlistedNon-exchangeTraded2023-03-012024-02-29SC558561dpl:CostSales2022-03-012023-02-28SC558561dpl:DistributionCosts2022-03-012023-02-28SC558561core:LandBuildings2022-03-012023-02-28SC558561core:PlantMachinery2022-03-012023-02-28SC558561core:Vehicles2022-03-012023-02-28SC558561core:FurnitureFittings2022-03-012023-02-28SC558561core:OfficeEquipment2022-03-012023-02-28SC558561dpl:AdministrativeExpenses2022-03-012023-02-28SC558561core:NetGoodwill2022-03-012023-02-28SC558561core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-28SC558561dpl:GroupUndertakings2022-03-012023-02-28SC558561dpl:ParticipatingInterests2022-03-012023-02-28SC558561dpl:GroupUndertakingscore:ListedExchangeTraded2022-03-012023-02-28SC558561core:ListedExchangeTraded2022-03-012023-02-28SC558561dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-03-012023-02-28SC558561core:UnlistedNon-exchangeTraded2022-03-012023-02-28SC558561core:NetGoodwill2024-02-29SC558561core:IntangibleAssetsOtherThanGoodwill2024-02-29SC558561core:LandBuildings2024-02-29SC558561core:PlantMachinery2024-02-29SC558561core:Vehicles2024-02-29SC558561core:FurnitureFittings2024-02-29SC558561core:OfficeEquipment2024-02-29SC558561core:AfterOneYear2024-02-29SC558561core:WithinOneYear2024-02-29SC558561core:ListedExchangeTraded2024-02-29SC558561core:UnlistedNon-exchangeTraded2024-02-29SC558561core:ShareCapital2024-02-29SC558561core:SharePremium2024-02-29SC558561core:RevaluationReserve2024-02-29SC558561core:OtherReservesSubtotal2024-02-29SC558561core:RetainedEarningsAccumulatedLosses2024-02-29SC558561core:NetGoodwill2023-02-28SC558561core:IntangibleAssetsOtherThanGoodwill2023-02-28SC558561core:LandBuildings2023-02-28SC558561core:PlantMachinery2023-02-28SC558561core:Vehicles2023-02-28SC558561core:FurnitureFittings2023-02-28SC558561core:OfficeEquipment2023-02-28SC558561core:AfterOneYear2023-02-28SC558561core:WithinOneYear2023-02-28SC558561core:Listed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THE 51ST STATE (DUNOON) LIMITED

Registered Number
SC558561
(Scotland)

Unaudited Financial Statements for the Year ended
29 February 2024

THE 51ST STATE (DUNOON) LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

COLQUHOUN, Paul
COLQUHOUN, Paula

Registered Address

200 Argyll Street
Dunoon
PA23 7HA

Registered Number

SC558561 (Scotland)
THE 51ST STATE (DUNOON) LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3295,152309,253
295,152309,253
Current assets
Stocks420,00013,000
Debtors531,48815,988
Cash at bank and on hand5,31025,447
56,79854,435
Creditors amounts falling due within one year6(83,151)(69,938)
Net current assets (liabilities)(26,353)(15,503)
Total assets less current liabilities268,799293,750
Creditors amounts falling due after one year7(258,492)(295,951)
Provisions for liabilities(5,510)(7,247)
Net assets4,797(9,448)
Capital and reserves
Called up share capital100100
Profit and loss account4,697(9,548)
Shareholders' funds4,797(9,448)
The financial statements were approved and authorised for issue by the Board of Directors on 28 November 2024, and are signed on its behalf by:
COLQUHOUN, Paul
Director
Registered Company No. SC558561
THE 51ST STATE (DUNOON) LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. The useful economic life of the land and buildings have been reviewed considering the care and maintenance of the building. The directors have decided to extend the useful life to 50 years rather than 25 years. The remaining book value will be depreciated at 2% straight line from this year onwards. The effect of this is the carrying value of the land and property is higher by £6,589 than it would be otherwise and the associated deprecation charge is lower by the same amount.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery15-
Fixtures and fittings15-
Vehicles25-
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year1922
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 March 23416,122
Additions471
At 29 February 24416,593
Depreciation and impairment
At 01 March 23106,869
Charge for year14,572
At 29 February 24121,442
Net book value
At 29 February 24295,152
At 28 February 23309,253
4.Stocks

2024

2023

££
Raw materials and consumables20,00013,000
Total20,00013,000
5.Debtors: amounts due within one year

2024

2023

££
Other debtors31,48815,115
Prepayments and accrued income-873
Total31,48815,988
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables18,32012,826
Taxation and social security35,36342,510
Other creditors4,0813,006
Accrued liabilities and deferred income25,38711,596
Total83,15169,938
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts250,825260,574
Other creditors7,66735,377
Total258,492295,951
8.Creditors: amounts due after 5 years
An amount of £175,061 is due to be paid in over 5 years by instalments.
9.Secured creditors
The bank loan is secured by way of a bond and floating charge over the property and the whole assets of the company. Net obligations under hire purchase contracts are secured over the respective assets.
10.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-23,710
11.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
COLQUHOUN, Paul019,765019,765
019,765019,765
Interest was charged on the loan at 2.25% and the loan has been repaid in full since the year end.