Silverfin false false 30/06/2024 01/07/2023 30/06/2024 John Scott Lachlan Mackay 26 March 2025 The principal activity of the Company during the financial year continued to be that of potato merchants. SC105279 2024-06-30 SC105279 2023-06-30 SC105279 core:CurrentFinancialInstruments 2024-06-30 SC105279 core:CurrentFinancialInstruments 2023-06-30 SC105279 core:Non-currentFinancialInstruments 2024-06-30 SC105279 core:Non-currentFinancialInstruments 2023-06-30 SC105279 core:ShareCapital 2024-06-30 SC105279 core:ShareCapital 2023-06-30 SC105279 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC105279 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC105279 core:OtherPropertyPlantEquipment 2023-06-30 SC105279 core:OtherPropertyPlantEquipment 2024-06-30 SC105279 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-06-30 SC105279 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-06-30 SC105279 2022-06-30 SC105279 bus:OrdinaryShareClass1 2024-06-30 SC105279 2023-07-01 2024-06-30 SC105279 bus:FilletedAccounts 2023-07-01 2024-06-30 SC105279 bus:SmallEntities 2023-07-01 2024-06-30 SC105279 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC105279 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC105279 bus:Director1 2023-07-01 2024-06-30 SC105279 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC105279 2022-07-01 2023-06-30 SC105279 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 SC105279 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 SC105279 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC105279 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC105279 (Scotland)

FLETCHERFIELD POTATOES LIMITED

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

FLETCHERFIELD POTATOES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

FLETCHERFIELD POTATOES LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
FLETCHERFIELD POTATOES LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 20,921 24,613
20,921 24,613
Current assets
Debtors 4 517,457 518,223
Cash at bank and in hand 3,107 1,831
520,564 520,054
Creditors: amounts falling due within one year 5 ( 48,752) ( 43,229)
Net current assets 471,812 476,825
Total assets less current liabilities 492,733 501,438
Creditors: amounts falling due after more than one year 6 ( 14,167) ( 24,167)
Provision for liabilities 7 ( 3,969) ( 4,676)
Net assets 474,597 472,595
Capital and reserves
Called-up share capital 8 20,000 20,000
Profit and loss account 454,597 452,595
Total shareholders' funds 474,597 472,595

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fletcherfield Potatoes Limited (registered number: SC105279) were approved and authorised for issue by the Director on 26 March 2025. They were signed on its behalf by:

John Scott Lachlan Mackay
Director
FLETCHERFIELD POTATOES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
FLETCHERFIELD POTATOES 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

Fletcherfield Potatoes 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 Fletcherfield, Kirriemuir, Angus, DD8 5PQ, Scotland, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 represents amounts invoiced for potato sales net of VAT and trade discounts. Revenue is recognised on despatch.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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, other than investment property and freehold land, 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:

Plant and machinery etc. 15 - 33 % reducing balance

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.

Impairment of assets

Assets 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 Statement of Income and Retained Earnings as described below.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 95,153 95,153
At 30 June 2024 95,153 95,153
Accumulated depreciation
At 01 July 2023 70,540 70,540
Charge for the financial year 3,692 3,692
At 30 June 2024 74,232 74,232
Net book value
At 30 June 2024 20,921 20,921
At 30 June 2023 24,613 24,613

4. Debtors

2024 2023
£ £
Trade debtors 84,806 2,756
Amounts owed by related parties 429,172 510,266
Corporation tax 278 0
Other debtors 3,201 5,201
517,457 518,223

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 32,490 26,196
Taxation and social security 2,781 3,811
Other creditors 3,481 3,222
48,752 43,229

There are no amounts included above in respect of which any security has been given by the small entity.

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

2024 2023
£ £
Bank loans 14,167 24,167

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 4,676) ( 6,142)
Credited to the Statement of Income and Retained Earnings 707 1,466
At the end of financial year ( 3,969) ( 4,676)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 1.00 each 20,000 20,000

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due by the director 192 (825)

During the year there were advances of £1,483 and repayments of £2,500. The balance is unsecured, interest free and has no fixed repayment terms.

Other related party transactions

2024 2023
£ £
Amounts due from an entity where there is a common director 429,172 510,266

During the year there were advances of £806,588 and repayments of £887,682. The balance is unsecured, interest free and has no fixed repayment terms.