Silverfin false false 31/08/2024 01/09/2023 31/08/2024 A E Forlan 01/08/2023 B K Macmillan 11/11/2021 A W Marshall 06/08/2020 04 February 2025 The principal activity of the Company continued to be that of operating a street food hall and bar. SC670053 2024-08-31 SC670053 bus:Director1 2024-08-31 SC670053 bus:Director2 2024-08-31 SC670053 bus:Director3 2024-08-31 SC670053 2023-08-31 SC670053 core:CurrentFinancialInstruments 2024-08-31 SC670053 core:CurrentFinancialInstruments 2023-08-31 SC670053 core:Non-currentFinancialInstruments 2024-08-31 SC670053 core:Non-currentFinancialInstruments 2023-08-31 SC670053 core:ShareCapital 2024-08-31 SC670053 core:ShareCapital 2023-08-31 SC670053 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC670053 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC670053 core:LeaseholdImprovements 2023-08-31 SC670053 core:Vehicles 2023-08-31 SC670053 core:FurnitureFittings 2023-08-31 SC670053 core:OfficeEquipment 2023-08-31 SC670053 core:LeaseholdImprovements 2024-08-31 SC670053 core:Vehicles 2024-08-31 SC670053 core:FurnitureFittings 2024-08-31 SC670053 core:OfficeEquipment 2024-08-31 SC670053 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2024-08-31 SC670053 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-08-31 SC670053 bus:OrdinaryShareClass1 2024-08-31 SC670053 2023-09-01 2024-08-31 SC670053 bus:FilletedAccounts 2023-09-01 2024-08-31 SC670053 bus:SmallEntities 2023-09-01 2024-08-31 SC670053 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC670053 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC670053 bus:Director1 2023-09-01 2024-08-31 SC670053 bus:Director2 2023-09-01 2024-08-31 SC670053 bus:Director3 2023-09-01 2024-08-31 SC670053 core:LeaseholdImprovements core:TopRangeValue 2023-09-01 2024-08-31 SC670053 core:Vehicles core:TopRangeValue 2023-09-01 2024-08-31 SC670053 core:FurnitureFittings core:TopRangeValue 2023-09-01 2024-08-31 SC670053 core:OfficeEquipment core:TopRangeValue 2023-09-01 2024-08-31 SC670053 2022-09-01 2023-08-31 SC670053 core:LeaseholdImprovements 2023-09-01 2024-08-31 SC670053 core:Vehicles 2023-09-01 2024-08-31 SC670053 core:FurnitureFittings 2023-09-01 2024-08-31 SC670053 core:OfficeEquipment 2023-09-01 2024-08-31 SC670053 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 SC670053 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 SC670053 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 SC670053 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC670053 (Scotland)

EDINBURGH STREET FOOD LTD

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

EDINBURGH STREET FOOD LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

EDINBURGH STREET FOOD LTD

BALANCE SHEET

AS AT 31 AUGUST 2024
EDINBURGH STREET FOOD LTD

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,747,298 1,754,533
1,747,298 1,754,533
Current assets
Stocks 46,999 69,677
Debtors 4 288,441 222,213
Cash at bank and in hand 20,757 35,653
356,197 327,543
Creditors: amounts falling due within one year 5 ( 1,452,441) ( 1,325,463)
Net current liabilities (1,096,244) (997,920)
Total assets less current liabilities 651,054 756,613
Creditors: amounts falling due after more than one year 6 ( 1,202,637) ( 997,112)
Net liabilities ( 551,583) ( 240,499)
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account ( 551,585 ) ( 240,501 )
Total shareholder's deficit ( 551,583) ( 240,499)

For the financial year ending 31 August 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 Edinburgh Street Food Ltd (registered number: SC670053) were approved and authorised for issue by the Board of Directors on 04 February 2025. They were signed on its behalf by:

B K Macmillan
Director
A W Marshall
Director
EDINBURGH STREET FOOD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
EDINBURGH STREET FOOD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 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

Edinburgh Street Food 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 Hudson House, 8 Albany Street, Edinburgh, EH1 3QB, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £551,583. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met 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.

Change in accounting policies

The company has changed its accounting policy for management salaries and music and entertainment costs. The previous accounting policy was to present these as cost of sales. The new accounting policy is to present these as administrative expenses. In the opinion of the directors, the new policy provides reliable information and is a more relevant policy because it better reflects the nature of the expenditure.

The change in accounting policy has been applied retrospectively, and comparative information has been restated accordingly. The effect of the change is to reduce cost of sales for 2023 by £267,908 and increase administrative costs by the same amount. There is no change in the overall loss for the year.

Turnover

Turnover is derived from a combination of fixed and variable income from vendors. Fixed income is received as a base commission fee, with additional variable income received based on the sales volume of each individual vendor. Both fixed and variable income is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

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.

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 at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Vehicles 20 years straight line
Fixtures and fittings 10 years straight line
Office equipment 3 years straight line

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
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, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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. 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, bank loans and loans from fellow group companies, are initially recognised at transaction price. 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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 128 60

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 September 2023 1,481,655 18,955 302,533 8,394 1,811,537
Additions 78,866 0 24,094 2,436 105,396
At 31 August 2024 1,560,521 18,955 326,627 10,830 1,916,933
Accumulated depreciation
At 01 September 2023 40,525 158 14,806 1,515 57,004
Charge for the financial year 76,903 948 31,468 3,312 112,631
At 31 August 2024 117,428 1,106 46,274 4,827 169,635
Net book value
At 31 August 2024 1,443,093 17,849 280,353 6,003 1,747,298
At 31 August 2023 1,441,130 18,797 287,727 6,879 1,754,533

4. Debtors

2024 2023
£ £
Trade debtors 15,822 4,494
Amounts owed by fellow subsidiaries 15,582 0
Other debtors 257,037 217,719
288,441 222,213

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 673,396 274,453
Other taxation and social security 308,309 192,010
Obligations under finance leases and hire purchase contracts 80,464 112,800
Other creditors 390,272 746,200
1,452,441 1,325,463

The loans in respect of the hire purchase agreements are secured against the asset to which the agreements relates to.

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

2024 2023
£ £
Amounts owed to Group undertakings 934,137 564,448
Obligations under finance leases and hire purchase contracts 0 81,664
Other creditors 268,500 351,000
1,202,637 997,112

The loans in respect of the hire purchase agreements are secured against the asset to which the agreements relates to.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 0.001 each 2 2

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 1,765,962 2,006,775

9. Related party transactions

Transactions with owners holding a participating interest in the entity

An advance of £10,000 was made to a director during the year. This loan is interest free and repayable on demand.