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Registered Number: SC235373
Scotland

 

 

 

MYRTLE COFFEE SERVICES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Directors Mr L Braid
Mr M Braid
Mr G Braid
Mr G Cunningham
Registered Number SC235373
Registered Office 5 Oswald Road
Kirkcaldy
Fife
KY1 3JE
Accountants M&S Accountancy & Taxation Limited
Unit 26, Dunfermline Business Centre
Izatt Avenue
Dunfermline
KY11 3BZ
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 7,837    12,320 
Tangible fixed assets 4 336,388    376,299 
Investments 5 100    1 
344,325    388,620 
Current assets      
Stocks 6 234,952    267,806 
Debtors 7 506,616    441,023 
Cash at bank and in hand 349,996    483,094 
1,091,564    1,191,923 
Creditors: amount falling due within one year 8 (682,343)   (634,469)
Net current assets 409,221    557,454 
 
Total assets less current liabilities 753,546    946,074 
Creditors: amount falling due after more than one year 9   (61,209)
Provisions for liabilities 10 (45,525)   (70,783)
Net assets 708,021    814,082 
 

Capital and reserves
     
Called up share capital 11 102    100 
Profit and loss account 707,919    813,982 
Shareholders' funds 708,021    814,082 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 April 2025 and were signed on its behalf by:


-------------------------------
Mr M Braid
Director
2
General Information
Myrtle Coffee Services Limited is a private company, limited by shares, registered in Scotland, registration number SC235373, registration address 5 Oswald Road, Kirkcaldy, Fife, KY1 3JE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of VAT and trade discounts. Turnover is recognised on the accruals basis.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

 2024
£
 2023
£
23,760 47,520 

Taxation
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 companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred taxation
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.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 4% Straight Line
Plant and Machinery 15% - 33% Straight Line
Motor Vehicles 25% Straight Line
Office and Computer Equipment 10% - 33% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 35 (2023 : 32).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 July 2023 13,450    13,450 
Additions  
Disposals  
At 30 June 2024 13,450    13,450 
Amortisation
At 01 July 2023 1,130    1,130 
Charge for year 4,483    4,483 
On disposals  
At 30 June 2024 5,613    5,613 
Net book values
At 30 June 2024 7,837    7,837 
At 30 June 2023 12,320    12,320 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Office and Computer Equipment   Total
  £   £   £   £   £
At 01 July 2023 37,114    847,857    222,242    95,550    1,202,763 
Additions   73,025      4,166    77,191 
Disposals   (11,197)       (11,197)
At 30 June 2024 37,114    909,685    222,242    99,716    1,268,757 
Depreciation
At 01 July 2023 14,691    577,315    145,804    88,656    826,466 
Charge for year 1,807    76,059    30,954    3,491    112,311 
On disposals   (6,408)       (6,408)
At 30 June 2024 16,498    646,966    176,758    92,147    932,369 
Net book values
Closing balance as at 30 June 2024 20,616    262,719    45,484    7,569    336,388 
Opening balance as at 01 July 2023 22,423    270,542    76,440    6,894    376,299 

A bond and floating charge, dated 14 January 2021, is held in favour of Handelsbanken plc over all the property and undertakings of the company.

5.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 July 2023 100    100 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 30 June 2024 100    100 

6.

Stocks

2024
£
  2023
£
Stocks 234,952    267,806 
234,952    267,806 

7.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 350,314    271,808 
Amount Owed by Group Undertakings 122,429   
Prepayments & Accrued Income 25,141    47,116 
Other Debtors   118,599 
Directors Current Accounts 8,732    3,500 
506,616    441,023 

8.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 406,715    348,492 
Bank Loans & Overdrafts 57,313    76,646 
Corporation Tax 37,064    26,258 
PAYE & Social Security 10,996    17,879 
Accrued Expenses 72,120    90,821 
Other Creditors 43,160    30,551 
Directors' Current Accounts 4,007    4,207 
VAT 50,968    39,615 
682,343    634,469 

9.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts   61,209 
  61,209 

10.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 45,525    70,783 
45,525    70,783 

11.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
8 Ordinary shares of £1.00 each  
80 Class A Ordinary shares of £1.00 each 80    80 
4 Class B Ordinary shares of £1.00 each  
8 Class C Ordinary shares of £1.00 each  
2 Class D Ordinary shares of £1.00 each  
102    100 

12.

Impairment of Fixed Assets

At each reporting period end date, the company reviews the carrying amounts of 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).
13.

Related Parties

Particulars   2024
£
  2023
£
Entities over which the entity has control, joint control or significant control 122,502  118,599 
Key management personnel 8,732  3,500 


Interest at a rate of 2.25% has been charged on the amounts due from key management personnel. These amounts are unsecure and repayable on demand.

3