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Registration number: SC459126

Mr Eion Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Mr Eion Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Mr Eion Limited

Company Information

Director

E G Henderson

Registered office

2PF
Craigcrook Place
Edinburgh
EH4 3NG

Accountants

Mitchell Oswald Chartered Accountants 28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Mr Eion Limited

Director's Report for the Year Ended 30 September 2024

The director presents his report and the financial statements for the year ended 30 September 2024.

Director of the company

The director who held office during the year was as follows:

E G Henderson

Principal activity

The principal activity of the company is the roasting and sale of coffee and related products.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 February 2025
 

.........................................
E G Henderson
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Mr Eion Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mr Eion Limited for the year ended 30 September 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of Mr Eion Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mr Eion Limited and state those matters that we have agreed to state to the Board of Directors of Mr Eion Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mr Eion Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mr Eion Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Mr Eion Limited. You consider that Mr Eion 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 accounts of Mr Eion 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 accounts.

......................................

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

21 February 2025

 

Mr Eion Limited

(Registration number: SC459126)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

317,121

258,733

Current assets

 

Stocks

5

38,432

31,938

Debtors

6

18,767

21,311

Cash at bank and in hand

 

11,128

124,943

 

68,327

178,192

Creditors: Amounts falling due within one year

7

(224,459)

(208,765)

Net current liabilities

 

(156,132)

(30,573)

Total assets less current liabilities

 

160,989

228,160

Creditors: Amounts falling due after more than one year

7

(101,898)

(114,175)

Net assets

 

59,091

113,985

Capital and reserves

 

Called up share capital

100

100

Retained earnings

58,991

113,885

Shareholders' funds

 

59,091

113,985

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 February 2025
 

.........................................
E G Henderson
Director

   
     
 

Mr Eion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
2PF
Craigcrook Place
Edinburgh
EH4 3NG

These financial statements were authorised for issue by the director on 21 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services and the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
goods and services have been delivered to the customer; and
collectability of the related receivables is fairly assured.

Tax

Tax is recognised in the profit or loss of the company.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Deferred tax is accounted for in respect of all material timing differences. Deferred tax is charged/(credited) to the profit and loss account.

 

Mr Eion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25-33% on reducing balance

Plant and machinery

15-25% on reducing balance

Fixtures and fittings

33% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for good sold and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Mr Eion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expenses are recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Leases

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.


 Impairment

Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

 

Mr Eion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 8 (2023 - 7).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

222,152

23,717

90,429

336,298

Additions

2,046

6,032

74,706

82,784

At 30 September 2024

224,198

29,749

165,135

419,082

Depreciation

At 1 October 2023

467

16,726

60,372

77,565

Charge for the year

604

4,439

19,353

24,396

At 30 September 2024

1,071

21,165

79,725

101,961

Carrying amount

At 30 September 2024

223,127

8,584

85,410

317,121

At 30 September 2023

221,685

6,991

30,057

258,733

Included within the net book value of land and buildings above is £211,046 (2023 - £211,338) in respect of freehold land and buildings and £12,081 (2023 - £10,347) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

38,432

31,938

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,160

5,649

Prepayments

375

1,501

Other debtors

15,232

14,161

 

18,767

21,311

 

Mr Eion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

205,788

192,271

Taxation and social security

 

5,532

10,639

Accruals and deferred income

 

12,546

5,855

Other creditors

 

593

-

 

224,459

208,765

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

101,898

114,175

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

12,402

12,527

Other borrowings

193,386

179,744

205,788

192,271

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

101,898

114,175

Bank borrowings

The bank loan is denominated in sterling with a nominal interest rate of 2.5-5.62%, and the final instalment is due on 25 February 2034. The carrying amount at year end is £114,300 (2023 - £126,702).

The loan is secured over the company's heritable property and by a bond and floating charge over the assets of the company.

 

Mr Eion Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £366,345 (2023 - £402,988). The company has entered into two rental lease agreements in respect of their premises at 9 Dean Park Street, Edinburgh and 132 Pitt Street, Edinburgh. The rental payments due under these leases are £18,830 and £22,500 per annum respectively. The lease for Dean Park Street is due to end on 31 October 2033 with the Pitt Street lease having a break date of 14 June 2033.