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REGISTERED NUMBER: SC243859 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

ITS ALL FOOD GROUP LIMITED

ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 11

ITS ALL FOOD GROUP LIMITED

Company Information
for the Year Ended 31 December 2024







DIRECTOR: S McCormick



SECRETARY: J McCormick



REGISTERED OFFICE: 253 Argyle Street
Glasgow
G2 8DL



REGISTERED NUMBER: SC243859 (Scotland)



ACCOUNTANTS: McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL



BANKERS: The Royal Bank of Scotland
Glasgow Charing Cross West Branch
9 Clifton Place
Glasgow
G3 7JU

ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 677,205 761,354
677,205 761,354

CURRENT ASSETS
Debtors 6 11,440 254,619
Cash at bank 39,004 143,993
50,444 398,612
CREDITORS
Amounts falling due within one year 7 182,061 566,513
NET CURRENT LIABILITIES (131,617 ) (167,901 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

545,588

593,453

CREDITORS
Amounts falling due after more than one
year

8

(180,370

)

(204,097

)

PROVISIONS FOR LIABILITIES 11 (48,497 ) (41,418 )
NET ASSETS 316,721 347,938

CAPITAL AND RESERVES
Called up share capital 12 102 102
Share premium 59,998 59,998
Retained earnings 256,621 287,838
SHAREHOLDERS' FUNDS 316,721 347,938

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

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

The director acknowledges his 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.

ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)

Balance Sheet - continued
31 December 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 director and authorised for issue on 13 February 2025 and were signed by:





S McCormick - Director


ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)

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

1. STATUTORY INFORMATION

Its All Food Group Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover includes revenue earned from the sale of food and drink and rendering of catering and hospitality services.

Sale of food and drink
Turnover is recognised when the customer has paid their bill for the food and drink they have ordered.

Rendering of catering and hospitality services
Turnover from the rendering of catering and hospitality services is recognised when the sales invoice for the service has been raised.

Goodwill
Goodwill, being the amounts paid in connection with the acquisition of businesses in 2004 and 2010, 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.

Website development costs are being amortised evenly over their estimated useful life of five years.

Computer software costs are being amortised over their estimated usual life of three years.

ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows:

Improvements to property - 2% on straight line
Plant & Machinery - 10% on reducing balance
Fixtures & Fittings - 10% on reducing balance
Motor Vehicles - 25% on reducing balance
Assets which are funded by a finance lease, included in any of the above categories, are depreciated on a straight line basis over the length of the finance lease.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within profit or loss

Financial instruments
Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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.

ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Provisions
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 88 ).

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 93,000 15,142 108,142
AMORTISATION
At 1 January 2024
and 31 December 2024 93,000 15,142 108,142
NET BOOK VALUE
At 31 December 2024 - - -
At 31 December 2023 - - -

ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)

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

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 602,514 207,408 222,430 24,339 1,056,691
Disposals - - - (24,339 ) (24,339 )
At 31 December 2024 602,514 207,408 222,430 - 1,032,352
DEPRECIATION
At 1 January 2024 77,053 111,711 86,635 19,938 295,337
Charge for year 56,599 9,570 13,579 681 80,429
Eliminated on disposal - - - (20,619 ) (20,619 )
At 31 December 2024 133,652 121,281 100,214 - 355,147
NET BOOK VALUE
At 31 December 2024 468,862 86,127 122,216 - 677,205
At 31 December 2023 525,461 95,697 135,795 4,401 761,354

Fixed assets, included in the above, which are held under finance leases are as follows:
Improvements
to
property
£   
COST
At 1 January 2024
and 31 December 2024 244,830
DEPRECIATION
At 1 January 2024 22,790
Charge for year 48,966
At 31 December 2024 71,756
NET BOOK VALUE
At 31 December 2024 173,074
At 31 December 2023 222,040

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 60 28,113
Other debtors - 204,178
Directors' current accounts 11,380 21,608
Prepayments - 720
11,440 254,619

ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 15,845 10,648
Energy trust loans 5,244 5,244
Finance leases (see note 9) 48,965 48,965
Trade creditors 924 412,283
Other creditors 9,010 -
Tax 35,573 11,820
VAT 31,464 20,462
Sundry creditors - 5,141
Deferred income 31,186 32,500
Accrued expenses 3,850 19,450
182,061 566,513

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans - 1-2 years 10,205 10,648
Bank loans - 2-5 years 34,842 3,918
Energy trust loans - 1-2 years 5,244 5,244
Energy trust loans - 2-5 yrs 9,614 14,858
Finance leases (see note 9) 120,465 169,429
180,370 204,097

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
31.12.24 31.12.23
£    £   
Gross obligations repayable:
Within one year 69,166 69,166
Between one and five years 170,190 239,356
239,356 308,522

Finance charges repayable:
Within one year 20,201 20,201
Between one and five years 49,725 69,927
69,926 90,128

Net obligations repayable:
Within one year 48,965 48,965
Between one and five years 120,465 169,429
169,430 218,394

ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)

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

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
In more than five years 679,999 750,833

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Bank loans 60,892 25,214
Other Loans 5,244 5,244
Energy trust loans 14,858 20,102
Finance leases 169,430 218,394
250,424 268,954

The bank overdraft and loan are secured by a bond and floating charge over the company's assets.

The Energy Trust loans (other loans) are secured by a bond and floating charge over the company's assets.

Hire Purchase and Finance lease liabilities are secured over the asset funded by the agreement.

11. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 48,497 41,418

Deferred
tax
£   
Balance at 1 January 2024 41,418
Provided during year 7,079
decrease in provision
Balance at 31 December 2024 48,497

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
88 Ordinary £1 88 88
14 B Ordinary £1 14 14
102 102

ITS ALL FOOD GROUP LIMITED (REGISTERED NUMBER: SC243859)

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

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
S McCormick
Balance outstanding at start of year 21,609 12,768
Amounts advanced 14,371 20,409
Amounts repaid (24,600 ) (11,568 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,380 21,609

On overdrawn balances of £10,000 or more, interest was charged at 2.5%. There is no fixed date of repayment for these loans.

14. ULTIMATE CONTROLLING PARTY

S McCormick is a director of the company and owns 60% of the share capital, he is therefore considered to be the ultimate controlling party.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Its All Food Group Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Its All Food Group Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Its All Food Group Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Its All Food Group Limited and state those matters that we have agreed to state to the director of Its All Food Group Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Its All Food Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Its All Food Group Limited. You consider that Its All Food Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Its All Food Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL


13 February 2025