Silverfin false false 30/04/2024 01/05/2023 30/04/2024 R Arnott 01/10/2011 A Stone 29/04/2005 O Stone 01/05/2016 20 December 2024 The principal activity of the Company during the financial year was that of the sale and distribution of porridge based products. SC284033 2024-04-30 SC284033 bus:Director1 2024-04-30 SC284033 bus:Director2 2024-04-30 SC284033 bus:Director3 2024-04-30 SC284033 2023-04-30 SC284033 core:CurrentFinancialInstruments 2024-04-30 SC284033 core:CurrentFinancialInstruments 2023-04-30 SC284033 core:Non-currentFinancialInstruments 2024-04-30 SC284033 core:Non-currentFinancialInstruments 2023-04-30 SC284033 core:ShareCapital 2024-04-30 SC284033 core:ShareCapital 2023-04-30 SC284033 core:RevaluationReserve 2024-04-30 SC284033 core:RevaluationReserve 2023-04-30 SC284033 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC284033 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC284033 core:LandBuildings 2023-04-30 SC284033 core:PlantMachinery 2023-04-30 SC284033 core:Vehicles 2023-04-30 SC284033 core:FurnitureFittings 2023-04-30 SC284033 core:ToolsEquipment 2023-04-30 SC284033 core:LandBuildings 2024-04-30 SC284033 core:PlantMachinery 2024-04-30 SC284033 core:Vehicles 2024-04-30 SC284033 core:FurnitureFittings 2024-04-30 SC284033 core:ToolsEquipment 2024-04-30 SC284033 core:CurrentFinancialInstruments core:Secured 2024-04-30 SC284033 bus:OrdinaryShareClass1 2024-04-30 SC284033 2023-05-01 2024-04-30 SC284033 bus:FilletedAccounts 2023-05-01 2024-04-30 SC284033 bus:SmallEntities 2023-05-01 2024-04-30 SC284033 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC284033 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC284033 bus:Director1 2023-05-01 2024-04-30 SC284033 bus:Director2 2023-05-01 2024-04-30 SC284033 bus:Director3 2023-05-01 2024-04-30 SC284033 core:LandBuildings core:TopRangeValue 2023-05-01 2024-04-30 SC284033 core:PlantMachinery core:TopRangeValue 2023-05-01 2024-04-30 SC284033 core:Vehicles core:TopRangeValue 2023-05-01 2024-04-30 SC284033 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 SC284033 core:ToolsEquipment core:TopRangeValue 2023-05-01 2024-04-30 SC284033 2022-05-01 2023-04-30 SC284033 core:LandBuildings 2023-05-01 2024-04-30 SC284033 core:PlantMachinery 2023-05-01 2024-04-30 SC284033 core:Vehicles 2023-05-01 2024-04-30 SC284033 core:FurnitureFittings 2023-05-01 2024-04-30 SC284033 core:ToolsEquipment 2023-05-01 2024-04-30 SC284033 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 SC284033 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 SC284033 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC284033 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC284033 (Scotland)

STOATS PORRIDGE BARS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

STOATS PORRIDGE BARS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

STOATS PORRIDGE BARS LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
STOATS PORRIDGE BARS LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,096,357 2,188,753
2,096,357 2,188,753
Current assets
Stocks 752,848 702,354
Debtors 4 948,911 894,547
Cash at bank and in hand 137,215 106,786
1,838,974 1,703,687
Creditors: amounts falling due within one year 5 ( 1,492,094) ( 1,394,801)
Net current assets 346,880 308,886
Total assets less current liabilities 2,443,237 2,497,639
Creditors: amounts falling due after more than one year 6 ( 1,277,759) ( 1,724,939)
Provision for liabilities ( 201,820) ( 194,098)
Net assets 963,658 578,602
Capital and reserves
Called-up share capital 7 1 1
Revaluation reserve 81,697 77,064
Profit and loss account 881,960 501,537
Total shareholders' funds 963,658 578,602

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Stoats Porridge Bars Limited (registered number: SC284033) were approved and authorised for issue by the Board of Directors on 20 December 2024. They were signed on its behalf by:

A Stone
Director
STOATS PORRIDGE BARS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
STOATS PORRIDGE BARS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 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

Stoats Porridge Bars 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 36 Dryden Road, Edinburgh, EH20 9LZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 Company's forecasts and projections show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents amounts receivable for the sale and distribution of porridge based products.

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
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 except freehold land, 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:

Land and buildings 50 years straight line
Plant and machinery 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 3 years straight line
Tools and equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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, other than those measured at fair value, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials.

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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. 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 accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 48 48

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Tools and equipment Total
£ £ £ £ £ £
Cost
At 01 May 2023 1,400,000 1,356,829 13,143 41,562 63,047 2,874,581
Additions 0 44,344 0 34,384 11,369 90,097
Disposals 0 ( 29,000) 0 0 0 ( 29,000)
At 30 April 2024 1,400,000 1,372,173 13,143 75,946 74,416 2,935,678
Accumulated depreciation
At 01 May 2023 48,000 530,113 13,143 34,679 59,893 685,828
Charge for the financial year 24,000 131,381 0 5,591 3,154 164,126
Disposals 0 ( 10,633) 0 0 0 ( 10,633)
At 30 April 2024 72,000 650,861 13,143 40,270 63,047 839,321
Net book value
At 30 April 2024 1,328,000 721,312 0 35,676 11,369 2,096,357
At 30 April 2023 1,352,000 826,716 0 6,883 3,154 2,188,753

Revaluation of tangible assets

Freehold and leasehold land and buildings were professionally valued by J & E Shepherd , an independent valuer, to fair value of £1,400,000 at 11 March 2021. Had the asset not been revalued, the carrying value of this property is reflected below:

2024 2023
£ £
Historical cost 1,331,638 1,331,638
Accumulated depreciation (162,657) (140,024)
Carrying value 1,168,981 1,191,614

4. Debtors

2024 2023
£ £
Trade debtors 764,290 745,804
Corporation tax 0 35,086
Other debtors 184,621 113,657
948,911 894,547

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 423,294 397,428
Trade creditors 546,992 593,556
Taxation and social security 162,122 39,645
Obligations under finance leases and hire purchase contracts (secured) 115,586 154,171
Other creditors 244,100 210,001
1,492,094 1,394,801

The obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

Bank loans and overdrafts are secured by a floating charge over all company assets.

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

2024 2023
£ £
Bank loans (secured) 843,758 1,110,421
Obligations under finance leases and hire purchase contracts (secured) 21,204 110,020
Other creditors 412,797 504,498
1,277,759 1,724,939

The obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

Bank loans and overdrafts are secured by a floating charge over all company assets.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.0001 each 1 1

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to key management personnel 6,956 67,060
Amounts owed by key management personnel 5,172 0

The above loans are unsecured, interest free and are repayable on demand.