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REGISTERED NUMBER: SC353433 (Scotland)




















FPP (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






FPP (SCOTLAND) LIMITED (REGISTERED NUMBER: SC353433)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

FPP (SCOTLAND) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: G B Kinninmont
I Morton
C Burke





REGISTERED OFFICE: 24 Queen Elizabeth Avenue
Hillington
Glasgow
G52 4NQ





REGISTERED NUMBER: SC353433 (Scotland)





ACCOUNTANTS: JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD

FPP (SCOTLAND) LIMITED (REGISTERED NUMBER: SC353433)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 185,166 203,640

CURRENT ASSETS
Stocks 5 631,709 661,375
Debtors 6 1,239,637 727,499
Cash at bank and in hand 4,473,408 3,243,998
6,344,754 4,632,872
CREDITORS
Amounts falling due within one year 7 1,533,807 1,060,107
NET CURRENT ASSETS 4,810,947 3,572,765
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,996,113

3,776,405

PROVISIONS FOR LIABILITIES 9 2,289 3,557
NET ASSETS 4,993,824 3,772,848

CAPITAL AND RESERVES
Called up share capital 10 484 484
Share premium 11 489,762 489,762
Capital redemption reserve 11 100 100
Retained earnings 11 4,503,478 3,282,502
SHAREHOLDERS' FUNDS 4,993,824 3,772,848

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.

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 20 March 2025 and were signed on its behalf by:




G B Kinninmont - Director



I Morton - Director


FPP (SCOTLAND) LIMITED (REGISTERED NUMBER: SC353433)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

FPP (Scotland) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 comprises the invoice value of goods (excluding VAT) sold to customers, less trade allowances and discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable property - 2% on cost
Tenants improvements - 20% on reducing balance
Plant and machinery - 15% on cost
Office equipment - 33% on reducing balance
Motor vehicles - 25% 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

FPP (SCOTLAND) LIMITED (REGISTERED NUMBER: SC353433)

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 9 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Heritable Tenants Plant and
property improvements machinery
£    £    £   
COST
At 1 September 2023 161,820 6,125 45,651
Additions - - -
At 31 August 2024 161,820 6,125 45,651
DEPRECIATION
At 1 September 2023 18,872 3,819 45,649
Charge for year 3,236 461 -
At 31 August 2024 22,108 4,280 45,649
NET BOOK VALUE
At 31 August 2024 139,712 1,845 2
At 31 August 2023 142,948 2,306 2

Office Motor
equipment vehicles Totals
£    £    £   
COST
At 1 September 2023 10,466 108,851 332,913
Additions 2,394 - 2,394
At 31 August 2024 12,860 108,851 335,307
DEPRECIATION
At 1 September 2023 9,149 51,784 129,273
Charge for year 733 16,438 20,868
At 31 August 2024 9,882 68,222 150,141
NET BOOK VALUE
At 31 August 2024 2,978 40,629 185,166
At 31 August 2023 1,317 57,067 203,640

5. STOCKS
2024 2023
£    £   
Stocks 631,709 661,375

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,174,473 676,271
Other debtors 29,300 15,534
Directors' current accounts - 979
Prepayments and accrued income 35,864 34,715
1,239,637 727,499

FPP (SCOTLAND) LIMITED (REGISTERED NUMBER: SC353433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 817,482 765,931
Corporation tax 411,440 126,421
Social security and other taxes 9,333 10,047
VAT 210,936 119,275
Other creditors 36,602 19,595
Directors' current accounts 50 50
Accruals and deferred income 47,964 18,788
1,533,807 1,060,107

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 75,000 75,000
Between one and five years 135,000 210,000
210,000 285,000

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,289 3,557

Deferred
tax
£   
Balance at 1 September 2023 3,557
Credit to Income Statement during year (1,268 )
Balance at 31 August 2024 2,289

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation on fixed assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
484 Ordinary £1 484 484

11. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 September 2023 3,282,502 489,762 100 3,772,364
Profit for the year 1,220,976 1,220,976
At 31 August 2024 4,503,478 489,762 100 4,993,340

FPP (SCOTLAND) LIMITED (REGISTERED NUMBER: SC353433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
G B Kinninmont
Balance outstanding at start of year 979 -
Amounts advanced - 979
Amounts repaid (979 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 979

The loan is interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

Repayments to the commercial loan advanced by the company to Katrina Kinninmont, the wife of the director G Kinninmont during the year amounted to £10,000. Interest at 2.25% per annum was charged on the outstanding loan balance which amounted to £256. At the year-end, the company was owed £5,789 (2023 : £15,534) which is included within other debtors.

The property from which the company trades is 50% owned by the wives of the directors I Morton and G Kinninmont who each own 25% of the property. Rent of £60,000 was paid to these individuals during the year.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FPP (SCOTLAND) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FPP (Scotland) Limited for the year ended 31 August 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of FPP (Scotland) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of FPP (Scotland) Limited and state those matters that we have agreed to state to the Board of Directors of FPP (Scotland) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that FPP (Scotland) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of FPP (Scotland) Limited. You consider that FPP (Scotland) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of FPP (Scotland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD


20 March 2025