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Company No: SC767015 (Scotland)

SEVEN STILES TRADING LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 24 APRIL 2023 TO 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

SEVEN STILES TRADING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 24 APRIL 2023 TO 30 APRIL 2024

Contents

SEVEN STILES TRADING LTD

BALANCE SHEET

AS AT 30 APRIL 2024
SEVEN STILES TRADING LTD

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 30.04.2024
£
Fixed assets
Tangible assets 3 476,638
476,638
Current assets
Stocks 20,493
Debtors 4 632,401
Cash at bank and in hand 11,623
664,517
Creditors: amounts falling due within one year 5 ( 261,099)
Net current assets 403,418
Total assets less current liabilities 880,056
Creditors: amounts falling due after more than one year 6 ( 282,421)
Net assets 597,635
Capital and reserves
Called-up share capital 7 400,002
Profit and loss account 197,633
Total shareholder's funds 597,635

For the financial period 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Seven Stiles Trading Ltd (registered number: SC767015) were approved and authorised for issue by the Board of Directors on 24 January 2025. They were signed on its behalf by:

Darren Margach
Director
Ross Anderson
Director
SEVEN STILES TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 24 APRIL 2023 TO 30 APRIL 2024
SEVEN STILES TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 24 APRIL 2023 TO 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Seven Stiles Trading Ltd (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 2 Moycroft Industrial Estate, Elgin, IV30 1XZ, Scotland, United Kingdom. The principle place of business is Seven Stiles Avenue, Newport, NP19 4QR, Wales.

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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The reporting period covers a 13 month period due to this being the company's first financial period.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

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.

Taxation


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, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 50 years straight line
Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

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.

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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are 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.

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 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.

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

Period from
24.04.2023 to
30.04.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 30

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 24 April 2023 0 0 0 0 0
Additions 215,232 272,496 41,647 2,829 532,204
At 30 April 2024 215,232 272,496 41,647 2,829 532,204
Accumulated depreciation
At 24 April 2023 0 0 0 0 0
Charge for the financial period 3,946 46,044 5,046 530 55,566
At 30 April 2024 3,946 46,044 5,046 530 55,566
Net book value
At 30 April 2024 211,286 226,452 36,601 2,299 476,638

4. Debtors

30.04.2024
£
Amounts owed by Parent undertakings 110,614
Amounts owed by related parties 467,065
Other debtors 54,722
632,401

5. Creditors: amounts falling due within one year

30.04.2024
£
Bank loans (secured) 41,302
Trade creditors 59,209
Amounts owed to related parties 8,959
Other taxation and social security 134,186
Other creditors 17,443
261,099

The bank loan is secured by a floating charge over the company's assets.

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

30.04.2024
£
Bank loans 282,421

The bank loan is secured by a floating charge over the company's assets.

7. Called-up share capital

30.04.2024
£
Allotted, called-up and fully-paid
400,002 Ordinary shares of £ 1.00 each 400,002

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

30.04.2024
£
within one year 159,630
between one and five years 858,380
after five years 867,658
1,885,668

9. Related party transactions

Other related party transactions

30.04.2024
£
Amounts owed by other related parties 467,065
Amounts owed to other related parties 8,959

The company has taken advantage of the exemption with FRS 102 Section 33 paragraph 33.1A, not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary of the group to which it is party to the transactions.

10. Ultimate controlling party

The ultimate parent company is Active Parks Ltd, a company registered in Scotland which owns 100% of the issued ordinary share capital of Seven Stiles Trading Ltd. The registered office of Active Parks Ltd is 2 Moycroft Industrial Estate, Elgin, Moray, Scotland, IV30 1XZ.