Company registration number SC268101 (Scotland)
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
COMPANY INFORMATION
Directors
Mr G Roy
Mrs L Ferris
Secretary
Mr G Roy
Company number
SC268101
Registered office
127 High Street
Cowdenbeath
Fife
KY4 9QE
Accountants
French Duncan LLP trading as AAB
10th Floor
133 Finnieston Street
Glasgow
United Kingdom
G3 8HB
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
83,779
98,203
Investment properties
6
58,800
58,800
142,579
157,003
Current assets
Stocks
23,311
25,820
Debtors
7
17,146
7,490
Cash at bank and in hand
210,867
164,401
251,324
197,711
Creditors: amounts falling due within one year
8
(145,787)
(145,663)
Net current assets
105,537
52,048
Total assets less current liabilities
248,116
209,051
Creditors: amounts falling due after more than one year
9
(11,190)
(21,594)
Provisions for liabilities
(12,120)
(12,224)
Net assets
224,806
175,233
Capital and reserves
Called up share capital
10
3
3
Profit and loss reserves
224,803
175,230
Total equity
224,806
175,233
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr G Roy
Director
Company Registration No. SC268101
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Slora Limited is a private company limited by shares incorporated in Scotland. The registered office is 127 High Street, Cowdenbeath, Fife, KY4 9QE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
1.3
Intangible fixed assets - goodwill
Amortisation is calculated so as to write off an asset, less its estimated residual value, over the useful economic life of that asset.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
- 10% straight line
Fixtures & fittings
- 25% reducing balance
Equipment
- 25% reducing balance
Motor vehicles
- 25% reducing balance
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Retirement benefits
The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
12
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
300,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
300,000
Carrying amount
At 30 April 2024
At 30 April 2023
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Tangible fixed assets
Leasehold improvements
Fixtures & fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
73,730
144,223
65,495
15,238
298,686
Additions
3,623
566
4,189
At 30 April 2024
73,730
147,846
66,061
15,238
302,875
Depreciation and impairment
At 1 May 2023
17,611
115,848
54,596
12,428
200,483
Depreciation charged in the year
7,373
7,766
2,771
703
18,613
At 30 April 2024
24,984
123,614
57,367
13,131
219,096
Carrying amount
At 30 April 2024
48,746
24,232
8,694
2,107
83,779
At 30 April 2023
56,119
28,375
10,899
2,810
98,203
6
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
58,800
Investment property comprises of one property. This property is stated at cost. The directors of the company do not consider this to be significantly different to the market value.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
17,146
7,490
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,225
9,973
Trade creditors
34,550
39,292
Taxation and social security
54,567
41,411
Other creditors
46,445
54,987
145,787
145,663
SLORA LIMITED
(FORMERLY SLORACH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,190
21,594
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
3
3
3
3
11
Directors' transactions
The following director's loan account balance was repaid in full after the year end.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
4,137
36,366
(33,138)
7,365
4,137
36,366
(33,138)
7,365