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REGISTERED NUMBER: SC258060 (Scotland)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Scot Chip Limited

Scot Chip Limited (Registered number: SC258060)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Scot Chip Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: J J Logan
E G Logan
H W J Logan





SECRETARY: J J Logan





REGISTERED OFFICE: Samuelston South Mains
Pencaitland
Tranent
East Lothian
EH34 5DU





REGISTERED NUMBER: SC258060 (Scotland)





ACCOUNTANTS: Bennett and Co
Chartered Accountants
25 Lanark Road
Edinburgh
EH14 1TG

Scot Chip Limited (Registered number: SC258060)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 223,224 241,686

CURRENT ASSETS
Stocks 43,081 31,899
Debtors 5 509,670 551,242
Cash at bank 667,491 228,979
1,220,242 812,120
CREDITORS
Amounts falling due within one year 6 (300,921 ) (136,719 )
NET CURRENT ASSETS 919,321 675,401
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,142,545

917,087

PROVISIONS FOR LIABILITIES 7 (16,232 ) (16,959 )
NET ASSETS 1,126,313 900,128

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 8 1,126,311 900,126
SHAREHOLDERS' FUNDS 1,126,313 900,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Scot Chip Limited (Registered number: SC258060)

Balance Sheet - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:




J J Logan - Director E G Logan - Director




H W J Logan - Director


Scot Chip Limited (Registered number: SC258060)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Scot Chip Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - not provided
Plant and equipment - 20% on cost
Office equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Scot Chip Limited (Registered number: SC258060)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Property Plant and Office
improvements equipment equipment Totals
£    £    £    £   
COST
At 1 September 2023 173,275 618,946 10,861 803,082
Additions - 1,533 580 2,113
Disposals - (16,520 ) - (16,520 )
At 31 August 2024 173,275 603,959 11,441 788,675
DEPRECIATION
At 1 September 2023 - 552,071 9,325 561,396
Charge for year - 18,367 408 18,775
Eliminated on disposal - (14,720 ) - (14,720 )
At 31 August 2024 - 555,718 9,733 565,451
NET BOOK VALUE
At 31 August 2024 173,275 48,241 1,708 223,224
At 31 August 2023 173,275 66,875 1,536 241,686

No depreciation has been charged on the property improvements as, in the directors opinion, the remaining economic useful life will exceed 50 years.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 117,629 114,088
Sundry debtors 12,093 6,118
Aford Property Ltd loan 35,000 35,000
WM Logan loan 248,185 280,000
Directors' loan accounts 82,000 89,000
Corporation tax repayable 2,275 -
VAT 12,488 27,036
509,670 551,242

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 111,980 87,964
Corporation tax 79,480 33,913
Social security and other taxes 4,462 1,211
Other creditors 104,999 13,631
300,921 136,719

Scot Chip Limited (Registered number: SC258060)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 16,232 16,959

Deferred
tax
£   
Balance at 1 September 2023 16,959
Credit to Income Statement during year (727 )
Balance at 31 August 2024 16,232

8. RESERVES
Retained
earnings
£   

At 1 September 2023 900,126
Profit for the year 226,185
At 31 August 2024 1,126,311

9. CONTINGENT LIABILITIES

National Westminster Bank Plc hold a Bond and Floating Charge over the assets of the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
J J Logan
Balance outstanding at start of year 40,000 40,000
Amounts repaid (4,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 36,000 40,000

E G Logan
Balance outstanding at start of year 10,000 10,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,000 10,000

Scot Chip Limited (Registered number: SC258060)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

H W J Logan
Balance outstanding at start of year 39,000 39,000
Amounts repaid (3,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 36,000 39,000

11. RELATED PARTY DISCLOSURES

Goods to the value of £41,482 (2023 - £53,592) were purchased from W.M. Logan, a partnership in which J Logan, E Logan and H. Logan are partners. The company received solar panel income of £7750 (2023 - £6,550) and paid W.M. Logan for the following services: -
31.08.2431.08.23
£   £   
Heat and light 33,32831,271
Rent18,00018,000
Plant hire and waste disposal22,29622,559
Telephone240149

Goods to the value of £845 (2023 - £1,936) were purchased from Denholm Potato Growers Limited and the company also paid £3,991 (2023 - £7,568) for heat and light and £295 (2023 - nil) for workwear. J Logan and E Logan are directors and shareholders of both companies and H. Logan is a director of both companies.

All the above transactions were made on a normal trading basis.

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.