2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 366,440 122,149 7,329 129,478 236,962 244,291 xbrli:pure xbrli:shares iso4217:GBP SC076383 2023-08-01 2024-07-31 SC076383 2024-07-31 SC076383 2023-07-31 SC076383 2022-08-01 2023-07-31 SC076383 2023-07-31 SC076383 2022-07-31 SC076383 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 SC076383 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 SC076383 bus:Director1 2023-08-01 2024-07-31 SC076383 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 SC076383 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-31 SC076383 core:WithinOneYear 2024-07-31 SC076383 core:WithinOneYear 2023-07-31 SC076383 core:ShareCapital 2024-07-31 SC076383 core:ShareCapital 2023-07-31 SC076383 core:RetainedEarningsAccumulatedLosses 2024-07-31 SC076383 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC076383 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 SC076383 bus:SmallEntities 2023-08-01 2024-07-31 SC076383 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC076383 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC076383 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC076383 bus:FullAccounts 2023-08-01 2024-07-31 SC076383 bus:OrdinaryShareClass1 2024-07-31 SC076383 bus:OrdinaryShareClass1 2023-07-31
COMPANY REGISTRATION NUMBER: SC076383
Le Chardon Service Company Limited
Filleted Unaudited Financial Statements
For the year ended
31 July 2024
Le Chardon Service Company Limited
Statement of Financial Position
31 July 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
236,962
244,291
Current assets
Stocks
942,040
623,269
Debtors
6
417,211
358,839
Cash at bank and in hand
2,052
25,098
------------
------------
1,361,303
1,007,206
Creditors: amounts falling due within one year
7
3,390,279
2,965,183
------------
------------
Net current liabilities
2,028,976
1,957,977
------------
------------
Total assets less current liabilities
( 1,792,014)
( 1,713,686)
------------
------------
Net liabilities
( 1,792,014)
( 1,713,686)
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 1,792,114)
( 1,713,786)
------------
------------
Shareholders deficit
( 1,792,014)
( 1,713,686)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
S D Crabb
Director
Company registration number: SC076383
Le Chardon Service Company Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 14 Riversdale Crescent, Edinburgh, EH12 5QT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. Going concern As at 31 July 2024, the company balance sheet had a net deficit of £1,792,014 (2023: £1,713,686). The company will continue to receive support and borrowing from group and associated companies. Therefore, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from services rendered and the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost, or deemed cost under the transitional arrangements under FRS 102, less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Heritable property
-
2% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property
£
Cost or Valuation
At 1 August 2023 (as restated) and 31 July 2024
366,440
---------
Depreciation
At 1 August 2023
122,149
Charge for the year
7,329
---------
At 31 July 2024
129,478
---------
Carrying amount
At 31 July 2024
236,962
---------
At 31 July 2023
244,291
---------
6. Debtors
2024
2023
(restated)
£
£
Amounts owed by group and connected undertakings
344,060
342,326
Other debtors
73,151
16,513
---------
---------
417,211
358,839
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Trade creditors
16,322
18,671
Amounts owed to group and connected undertakings
2,872,489
2,836,417
Corporation tax
2,382
Social security and other taxes
74
5,534
Other creditors
501,394
102,179
------------
------------
3,390,279
2,965,183
------------
------------
8. Prior period adjustments
Previously, the revaluation reserve (£117,546) was presented separately within equity however this balance should be included within the profit and loss reserve upon the transition to FRS 102. At 1 August 2022, the revaluation reserve was amalgamated into the retained losses, giving a new balance of £1,713,786. There were no other adjustments to assets, liabilities or the statement of income and retained earnings presented in these financial statements as a result of these adjustments.
9. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Directors' advances, credits and guarantees
Included in other creditors at the year end are amounts of £495,880 (2023: 98,072) which were advanced by M L Rennie during the year.
11. Related party transactions
As at 31 July 2024, the company owed £2,871,372 (2023: £2,836,417) to companies in which R Rennie, J Rennie and S Crabb are also directors. As at 31 July 2024, the company was owed £344,060 (2023: £342,326) by companies in which R Rennie, J Rennie and S Crabb are also directors. These loans are interest free with no fixed repayment terms.
12. Controlling party
Meribel (UK) Limited is considered by the Directors to be the company's ultimate parent company. The ultimate controlling party is Mr M L Rennie by virtue of his majority shareholding in the parent company.