Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Andrew George Mackie 01/06/2020 Diane Margaret Mackie 29/03/2012 George Alexander Mackie 29/03/2012 31 January 2025 The principal activity of the Company during the financial year was growing and selling potatoes. SC420687 2024-05-31 SC420687 bus:Director1 2024-05-31 SC420687 bus:Director2 2024-05-31 SC420687 bus:Director3 2024-05-31 SC420687 2023-05-31 SC420687 core:CurrentFinancialInstruments 2024-05-31 SC420687 core:CurrentFinancialInstruments 2023-05-31 SC420687 core:ShareCapital 2024-05-31 SC420687 core:ShareCapital 2023-05-31 SC420687 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC420687 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC420687 core:PlantMachinery 2023-05-31 SC420687 core:PlantMachinery 2024-05-31 SC420687 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-05-31 SC420687 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-05-31 SC420687 2022-05-31 SC420687 bus:OrdinaryShareClass1 2024-05-31 SC420687 2023-06-01 2024-05-31 SC420687 bus:FilletedAccounts 2023-06-01 2024-05-31 SC420687 bus:SmallEntities 2023-06-01 2024-05-31 SC420687 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC420687 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC420687 bus:Director1 2023-06-01 2024-05-31 SC420687 bus:Director2 2023-06-01 2024-05-31 SC420687 bus:Director3 2023-06-01 2024-05-31 SC420687 core:PlantMachinery 2023-06-01 2024-05-31 SC420687 2022-06-01 2023-05-31 SC420687 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC420687 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC420687 (Scotland)

EJM POTATOES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

EJM POTATOES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

EJM POTATOES LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
EJM POTATOES LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 159,211 52,000
159,211 52,000
Current assets
Stocks 266,000 237,540
Debtors 5 286,677 156,622
Cash at bank and in hand 6 333,841 336,831
886,518 730,993
Creditors: amounts falling due within one year 7 ( 117,823) ( 202,885)
Net current assets 768,695 528,108
Total assets less current liabilities 927,906 580,108
Provision for liabilities 8 ( 39,803) ( 13,000)
Net assets 888,103 567,108
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 888,003 567,008
Total shareholders' funds 888,103 567,108

For the financial year ending 31 May 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 EJM Potatoes Limited (registered number: SC420687) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

George Alexander Mackie
Director
EJM POTATOES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
EJM POTATOES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

EJM Potatoes 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 Darnabo Farm, Fyvie, Turriff, AB53 8SL, United Kingdom.

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 £.

Change in accounting policies

In the current year, the Company transitioned from FRS 105 - micro entities, to FRS 102 Section 1A – small entities, and the following new and revised standards and interpretations have been adopted by the company and will have an effect on future periods.

Prior year adjustment

Due to the Company's transition from FRS 105 - micro entities to FRS 102 Section 1A - small entities, a prior year adjustment has been required to restate comparatives under the new reporting standard. Details can be found at Note 2 to the accounts.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) 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.

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, other than investment property and 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:

Plant and machinery 20 % 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at cost.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

Due to the Company's transition from FRS 105 - micro entities to FRS 102 Section 1A - small entities, a prior year adjustment has been required to restate comparatives under the new reporting standard. This has resulted in the following prior year adjustments:

As previously reported Adjustment As restated
Year ended 31 May 2023 £ £ £
Deferred tax liability 0 (13,000) (13,000)
Profit and loss account (580,008) 13,000 (567,008)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 June 2023 52,000 52,000
Additions 128,954 128,954
At 31 May 2024 180,954 180,954
Accumulated depreciation
At 01 June 2023 0 0
Charge for the financial year 21,743 21,743
At 31 May 2024 21,743 21,743
Net book value
At 31 May 2024 159,211 159,211
At 31 May 2023 52,000 52,000

5. Debtors

2024 2023
£ £
Trade debtors 52,256 106,272
Amounts owed by related parties 200,703 0
Other debtors 33,718 50,350
286,677 156,622

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 333,841 336,831

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,241 56,912
Amounts owed to related parties 0 72,000
Taxation and social security 81,117 43,022
Other creditors 23,465 30,951
117,823 202,885

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 13,000) 0
Charged to the Profit and Loss Account ( 26,803) ( 13,000)
At the end of financial year ( 39,803) ( 13,000)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary Share shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Firm of E & J Mackie - balances due to / (from) (200,703) 72,000

The loan is subject to interest at 2.25% per annum, and is repayable upon demand.