Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Ben Laing Neil Laing 11 March 2025 The principal activity of the company continued to be that of running a garden centre and restaurant. SC247592 2024-12-31 SC247592 2023-12-31 SC247592 core:CurrentFinancialInstruments 2024-12-31 SC247592 core:CurrentFinancialInstruments 2023-12-31 SC247592 core:Non-currentFinancialInstruments 2024-12-31 SC247592 core:Non-currentFinancialInstruments 2023-12-31 SC247592 core:ShareCapital 2024-12-31 SC247592 core:ShareCapital 2023-12-31 SC247592 core:SharePremium 2024-12-31 SC247592 core:SharePremium 2023-12-31 SC247592 core:RevaluationReserve 2024-12-31 SC247592 core:RevaluationReserve 2023-12-31 SC247592 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC247592 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC247592 core:OtherResidualIntangibleAssets 2023-12-31 SC247592 core:OtherResidualIntangibleAssets 2024-12-31 SC247592 core:LandBuildings 2023-12-31 SC247592 core:OtherPropertyPlantEquipment 2023-12-31 SC247592 core:LandBuildings 2024-12-31 SC247592 core:OtherPropertyPlantEquipment 2024-12-31 SC247592 bus:OrdinaryShareClass1 2024-12-31 SC247592 2024-01-01 2024-12-31 SC247592 bus:FilletedAccounts 2024-01-01 2024-12-31 SC247592 bus:SmallEntities 2024-01-01 2024-12-31 SC247592 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC247592 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC247592 bus:Director1 2024-01-01 2024-12-31 SC247592 bus:Director2 2024-01-01 2024-12-31 SC247592 core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 SC247592 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC247592 2023-01-01 2023-12-31 SC247592 core:LandBuildings 2024-01-01 2024-12-31 SC247592 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 SC247592 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 SC247592 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC247592 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC247592 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC247592 (Scotland)

THREAPLANDS LIMITED

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

THREAPLANDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Contents

THREAPLANDS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024
THREAPLANDS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 7,833 0
Tangible assets 4 1,801,401 1,803,072
1,809,234 1,803,072
Current assets
Stocks 161,578 134,926
Debtors 5 12,225 2,509
Cash at bank and in hand 8,237 22,578
182,040 160,013
Creditors: amounts falling due within one year 6 ( 405,109) ( 796,597)
Net current liabilities (223,069) (636,584)
Total assets less current liabilities 1,586,165 1,166,488
Creditors: amounts falling due after more than one year 7 ( 1,299,704) ( 803,225)
Provision for liabilities 0 ( 16,838)
Net assets 286,461 346,425
Capital and reserves
Called-up share capital 8 1,280 1,280
Share premium account 298,760 298,760
Revaluation reserve 286,876 286,876
Profit and loss account ( 300,455 ) ( 240,491 )
Total shareholders' funds 286,461 346,425

For the financial year ending 31 December 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 Threaplands Limited (registered number: SC247592) were approved and authorised for issue by the Board of Directors on 11 March 2025. They were signed on its behalf by:

Ben Laing
Director
THREAPLANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
THREAPLANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

Threaplands 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 Threaplands Garden Centre Threapland, Lhanbryde, Elgin, IV30 8LN, 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 £.

Going concern

Although the financial statements have net current liabilities of £223,069 (2023 - £636,584) they have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the directors have noted that during the year to 31 December 2025, they are carrying out a renewal of the current financing and in the period since 1 July 2024, have seen turnover and other revenue streams trend upwards and business continues to improve, this leading to a positive outlook for the future of the business.

Turnover

Turnover is recognised at the fair value of the consideration received for restaurant services and retail sale of garden centre goods provided in the normal course of business, and is shown net of VAT.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

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 liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 25 % reducing balance
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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:

Land and buildings not depreciated
Plant and machinery etc. 10 - 25 % 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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 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. 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 52 51

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2024 0 0
Additions 8,000 8,000
At 31 December 2024 8,000 8,000
Accumulated amortisation
At 01 January 2024 0 0
Charge for the financial year 167 167
At 31 December 2024 167 167
Net book value
At 31 December 2024 7,833 7,833
At 31 December 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 1,700,000 213,704 1,913,704
Additions 0 14,432 14,432
At 31 December 2024 1,700,000 228,136 1,928,136
Accumulated depreciation
At 01 January 2024 0 110,632 110,632
Charge for the financial year 0 16,103 16,103
At 31 December 2024 0 126,735 126,735
Net book value
At 31 December 2024 1,700,000 101,401 1,801,401
At 31 December 2023 1,700,000 103,072 1,803,072

5. Debtors

2024 2023
£ £
Trade debtors 1,222 1,342
Other debtors 11,003 1,167
12,225 2,509

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 155,064 218,121
Trade creditors 78,423 82,587
Other taxation and social security 73,998 72,846
Obligations under finance leases and hire purchase contracts 0 5,371
Other creditors 97,624 417,672
405,109 796,597

Bank loans and overdrafts are secured by a floating charge over the assets of the company as well as standard security over the property of the company.

Amounts owed under hire purchase £NIL (2023 - £5,371), are secured over the asset to which the agreement relates to.

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

2024 2023
£ £
Bank loans 494,704 504,987
Obligations under finance leases and hire purchase contracts 0 2,238
Other creditors 805,000 296,000
1,299,704 803,225

Bank loans are secured by a floating charge over the assets of the company as well as standard security over the property of the company.

Amounts owed under hire purchase £NIL (2023 - £2,238), are secured over the asset to which the agreement relates to.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,280 Ordinary shares of £ 1.00 each 1,280 1,280

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key Management Personnel 520,553 331,893

The above balances are unsecured, interest free and have no fixed terms of repayment.

10. Events after the Balance Sheet date

On 28 February 2025, the shareholders converted £520,000 from directors loan to equity in the form of redeemable preference shares with no fixed redemption date.