Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Steven Thomson 31/05/2012 25 February 2025 The principal activity of the Company during the financial year was the provision of funeral services. SC425339 2024-05-31 SC425339 bus:Director1 2024-05-31 SC425339 2023-05-31 SC425339 core:CurrentFinancialInstruments 2024-05-31 SC425339 core:CurrentFinancialInstruments 2023-05-31 SC425339 core:Non-currentFinancialInstruments 2024-05-31 SC425339 core:Non-currentFinancialInstruments 2023-05-31 SC425339 core:ShareCapital 2024-05-31 SC425339 core:ShareCapital 2023-05-31 SC425339 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC425339 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC425339 core:LandBuildings 2023-05-31 SC425339 core:PlantMachinery 2023-05-31 SC425339 core:Vehicles 2023-05-31 SC425339 core:LandBuildings 2024-05-31 SC425339 core:PlantMachinery 2024-05-31 SC425339 core:Vehicles 2024-05-31 SC425339 bus:OrdinaryShareClass1 2024-05-31 SC425339 2023-06-01 2024-05-31 SC425339 bus:FilletedAccounts 2023-06-01 2024-05-31 SC425339 bus:SmallEntities 2023-06-01 2024-05-31 SC425339 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC425339 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC425339 bus:Director1 2023-06-01 2024-05-31 SC425339 core:PlantMachinery 2023-06-01 2024-05-31 SC425339 core:Vehicles core:TopRangeValue 2023-06-01 2024-05-31 SC425339 2022-06-01 2023-05-31 SC425339 core:LandBuildings 2023-06-01 2024-05-31 SC425339 core:Vehicles 2023-06-01 2024-05-31 SC425339 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC425339 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC425339 (Scotland)

LOSSIEMOUTH FUNERAL SERVICES LTD

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

LOSSIEMOUTH FUNERAL SERVICES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

LOSSIEMOUTH FUNERAL SERVICES LTD

BALANCE SHEET

AS AT 31 MAY 2024
LOSSIEMOUTH FUNERAL SERVICES LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 274,658 301,485
274,658 301,485
Current assets
Stocks 5,395 5,925
Debtors 4 33,857 15,026
Cash at bank and in hand 43,659 30,906
82,911 51,857
Creditors: amounts falling due within one year 5 ( 45,775) ( 47,394)
Net current assets 37,136 4,463
Total assets less current liabilities 311,794 305,948
Creditors: amounts falling due after more than one year 6 ( 5,160) ( 18,628)
Net assets 306,634 287,320
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 306,534 287,220
Total shareholder's funds 306,634 287,320

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Lossiemouth Funeral Services Ltd (registered number: SC425339) were approved and authorised for issue by the Director on 25 February 2025. They were signed on its behalf by:

Steven Thomson
Director
LOSSIEMOUTH FUNERAL SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
LOSSIEMOUTH FUNERAL SERVICES LTD

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

Lossiemouth Funeral Services 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 C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Statement of Income and Retained Earnings 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.

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, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 6.67 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.

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 Statement of Income and Retained Earnings as described below.

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.

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.

Cash and cash equivalents

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

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.

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 the director 5 5

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 June 2023 183,169 54,010 302,146 539,325
At 31 May 2024 183,169 54,010 302,146 539,325
Accumulated depreciation
At 01 June 2023 0 40,610 197,230 237,840
Charge for the financial year 0 3,350 23,477 26,827
At 31 May 2024 0 43,960 220,707 264,667
Net book value
At 31 May 2024 183,169 10,050 81,439 274,658
At 31 May 2023 183,169 13,400 104,916 301,485

4. Debtors

2024 2023
£ £
Other debtors 33,857 15,026

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 13,484 13,484
Taxation and social security 20,172 21,838
Other creditors 12,119 12,072
45,775 47,394

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

2024 2023
£ £
Bank loans 5,160 18,628

7. Called-up share capital

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

8. Related party transactions

Transactions with the entity's director

Advances

At 1 June 2023, the company was due £7,077 by the director. Advances were made in the year totalling £72,289. Interest has been charged on the advances at a rate of 2.25%. Repayments for the year totalled £52,500, therefore, at 31 May 2024, the balance due from the director to the company is £27,402. There are no fixed terms of repayment on this balance.