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SPOILED LIFE LIMITED

Registered Number
SC635766
(Scotland)

Unaudited Financial Statements for the Year ended
31 October 2024

SPOILED LIFE LIMITED
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

DAVIES, Steven
MALLOY, Glenn

Registered Address

15 Greyfriars Garden
St. Andrews
KY16 9HG

Registered Number

SC635766 (Scotland)
SPOILED LIFE LIMITED
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets332,7586,868
32,7586,868
Current assets
Stocks444,59445,435
Debtors49,43612,597
Cash at bank and on hand87,72857,960
181,758115,992
Creditors amounts falling due within one year5(45,448)(42,598)
Net current assets (liabilities)136,31073,394
Total assets less current liabilities169,06880,262
Creditors amounts falling due after one year6-(2,352)
Net assets169,06877,910
Capital and reserves
Called up share capital100100
Profit and loss account168,96877,810
Shareholders' funds169,06877,910
The financial statements were approved and authorised for issue by the Board of Directors on 24 March 2025, and are signed on its behalf by:
MALLOY, Glenn
Director
Registered Company No. SC635766
SPOILED LIFE LIMITED
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease (of which the coffee machine is recorded in the P&L account).
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings10
Plant and machinery3
Fixtures and fittings3
Office Equipment3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year1413
3.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 November 2310,7038,92228719,912
Additions-23,3904,74828,138
At 31 October 2410,70332,3125,03548,050
Depreciation and impairment
At 01 November 233,8358,92228713,044
Charge for year1,0716495282,248
At 31 October 244,9069,57181515,292
Net book value
At 31 October 245,79722,7414,22032,758
At 31 October 236,868--6,868
4.Stocks

2024

2023

££
Other stocks44,59445,435
Total44,59445,435
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables9,17222,201
Bank borrowings and overdrafts4,8422,803
Amounts owed to related parties-193
Taxation and social security24,45016,342
Finance lease and HP contracts5,270-
Other creditors1,7141,059
Total45,44842,598
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts-2,352
Total-2,352
7.Directors advances, credits and guarantees
During the year, the company made interest-bearing advances to directors amounting to £41,462 (2024: £nil). These were repayable on demand.