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Company No: SC622819 (Scotland)

CONIFOX LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

CONIFOX LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

CONIFOX LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
CONIFOX LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 6,903 ( 22,052)
Tangible assets 4 789,307 560,012
796,210 537,960
Current assets
Stocks 59,664 26,338
Debtors 5 984,615 677,792
Cash at bank and in hand 312,764 67,005
1,357,043 771,135
Creditors: amounts falling due within one year 6 ( 990,538) ( 470,445)
Net current assets 366,505 300,690
Total assets less current liabilities 1,162,715 838,650
Creditors: amounts falling due after more than one year 7 ( 119,172) ( 140,635)
Provision for liabilities ( 144,754) ( 86,808)
Net assets 898,789 611,207
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 898,689 611,107
Total shareholder's funds 898,789 611,207

For the financial year ending 30 June 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 Conifox Limited (registered number: SC622819) were approved and authorised for issue by the Board of Directors on 28 March 2025. They were signed on its behalf by:

J R Gammell
Director
CONIFOX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
CONIFOX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

Conifox 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 Foxhall, Kirkliston, Edinburgh, EH29 9ER, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for for the provision of bistro and adventure park services, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee 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 assets and 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.

Website costs 5 years straight line
Other intangible assets 5 years straight line
Goodwill

The negative goodwill included within the financial statements represents the excess aggregate fair value of the assets and liabilities acquired from James Gammell & Son Limited over the consideration paid.

The negative goodwill is being released to the profit and loss account on the earlier date of the assets being sold or the period in which they are depreciated.

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, 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:

Leasehold improvements not depreciated
Plant and machinery 4 - 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 5 years straight line

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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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 (if any).

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

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.

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, bank loans and loans from fellow group companies 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. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including unpaid directors 25 33

3. Intangible assets

Website costs Other intangible assets Total
£ £ £
Cost
At 01 July 2023 0 ( 165,391) ( 165,391)
Additions 7,962 0 7,962
At 30 June 2024 7,962 ( 165,391) ( 157,429)
Accumulated amortisation
At 01 July 2023 0 ( 143,339) ( 143,339)
Charge for the financial year 1,059 ( 22,052) ( 20,993)
At 30 June 2024 1,059 ( 165,391) ( 164,332)
Net book value
At 30 June 2024 6,903 0 6,903
At 30 June 2023 0 ( 22,052) ( 22,052)

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 July 2023 114,000 367,677 0 312,438 19,772 813,887
Additions 10,227 228,146 46,888 164,735 8,829 458,825
Disposals 0 ( 41,383) 0 ( 660) 0 ( 42,043)
At 30 June 2024 124,227 554,440 46,888 476,513 28,601 1,230,669
Accumulated depreciation
At 01 July 2023 0 98,239 0 150,792 4,844 253,875
Charge for the financial year 0 109,048 4,884 82,419 5,321 201,672
Disposals 0 ( 14,048) 0 ( 137) 0 ( 14,185)
At 30 June 2024 0 193,239 4,884 233,074 10,165 441,362
Net book value
At 30 June 2024 124,227 361,201 42,004 243,439 18,436 789,307
At 30 June 2023 114,000 269,438 0 161,646 14,928 560,012

5. Debtors

2024 2023
£ £
Trade debtors 55,748 41,211
Amounts owed by Parent undertakings 673,386 482,197
Other debtors 255,481 154,384
984,615 677,792

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 24,289 18,893
Trade creditors 124,405 172,414
Other taxation and social security 49,165 94,882
Other creditors 792,679 184,256
990,538 470,445

There is a floating charge in place in favour of Bank of Scotland Plc over the assets of the company.

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

2024 2023
£ £
Bank loans (secured) 119,172 140,635

There is a floating charge in place in favour of Bank of Scotland Plc over the assets of the company.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100