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REGISTERED NUMBER: 03976584 (England and Wales)















Scorse Foods Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2024






Scorse Foods Ltd (Registered number: 03976584)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Scorse Foods Ltd

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr R C E Scorse
Mrs V V Scorse
Mr D R Scorse
Mr J O Lovelock
Mrs P V Lovelock



REGISTERED OFFICE: Water-Ma-Trout Industrial Estate
Helston
Cornwall
TR13 0LW



REGISTERED NUMBER: 03976584 (England and Wales)



ACCOUNTANTS: BK Plus Limited
Lakeside Offices
The Old Cattle Market
Coronation Park
Helston
Cornwall
TR13 0SR



BANKERS: Lloyds Bank
1 Market Place
Helston
Cornwall
TR13 8SU

Scorse Foods Ltd (Registered number: 03976584)

Balance Sheet
31 October 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 230,564 204,247
230,564 204,247

CURRENT ASSETS
Stocks 6 212,567 218,359
Debtors 7 193,119 197,320
Cash at bank and in hand 60,500 87,737
466,186 503,416
CREDITORS
Amounts falling due within one year 8 290,346 289,067
NET CURRENT ASSETS 175,840 214,349
TOTAL ASSETS LESS CURRENT LIABILITIES 406,404 418,596

CREDITORS
Amounts falling due after more than one
year

9

(31,029

)

(15,833

)

PROVISIONS FOR LIABILITIES 11 (46,495 ) (42,972 )

ACCRUALS AND DEFERRED INCOME (9,980 ) (11,228 )
NET ASSETS 318,900 348,563

CAPITAL AND RESERVES
Called up share capital 12 1,500 1,500
Retained earnings 317,400 347,063
SHAREHOLDERS' FUNDS 318,900 348,563

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Scorse Foods Ltd (Registered number: 03976584)

Balance Sheet - continued
31 October 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





Mr R C E Scorse - Director


Scorse Foods Ltd (Registered number: 03976584)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Scorse Foods Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - 5% on cost and 4% on cost
Personalised reg. numbers - 4% on cost
Plant and machinery - 15% on reducing balance, 5% on cost and 4% on cost
Office equipment - 25% on cost and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Scorse Foods Ltd (Registered number: 03976584)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Other forms of Government assistance from which the company has benefited are disclosed in the notes to the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 November 2023
and 31 October 2024 150,000
AMORTISATION
At 1 November 2023
and 31 October 2024 150,000
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

Scorse Foods Ltd (Registered number: 03976584)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. TANGIBLE FIXED ASSETS
Personalised
Long reg. Plant and Office
leasehold numbers machinery equipment Totals
£ £ £ £ £
COST
At 1 November 2023 88,487 2,334 572,623 25,165 688,609
Additions - - 56,644 2,215 58,859
At 31 October 2024 88,487 2,334 629,267 27,380 747,468
DEPRECIATION
At 1 November 2023 54,630 1,634 412,838 15,260 484,362
Charge for year 4,163 93 25,716 2,570 32,542
At 31 October 2024 58,793 1,727 438,554 17,830 516,904
NET BOOK VALUE
At 31 October 2024 29,694 607 190,713 9,550 230,564
At 31 October 2023 33,857 700 159,785 9,905 204,247

6. STOCKS
2024 2023
£ £
Stocks 212,567 218,359

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 141,729 162,456
Other debtors 51,390 34,864
193,119 197,320

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 10) 17,195 -
Trade creditors 206,735 227,348
Taxation and social security 25,899 19,028
Other creditors 30,517 32,691
290,346 289,067

Scorse Foods Ltd (Registered number: 03976584)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 5,833 15,833
Hire purchase contracts (see note 10) 25,196 -
31,029 15,833

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 17,195 -
Between one and five years 25,196 -
42,391 -

Non-cancellable
operating leases
2024 2023
£ £
Between one and five years 49,949 49,949

11. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 46,495 42,972

Deferred tax
£
Balance at 1 November 2023 42,972
Movement in the year 3,523
Balance at 31 October 2024 46,495

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000 Ordinary A £1 1,000 1,000
500 Ordinary B £1 500 500
1,500 1,500

Scorse Foods Ltd (Registered number: 03976584)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

13. RELATED PARTY DISCLOSURES

Mr RCE and Mrs VV Scorse own the freehold property from which the company trades. Rent was paid in the year to Mr and Mrs Scorse, totalling £32,500, on an arms length basis.


14. GOVERNMENT GRANTS

During 2020, the company took out a bank loan for which the Government have provided a 100% guarantee in respect of the outstanding balance. The balance outstanding at the Balance Sheet date is £15,833.