Silverfin false false 31/08/2024 01/09/2023 31/08/2024 Aileen Ingram 09/07/2003 Andrew Ingram 09/07/2003 05 May 2025 The principal activity of the company during the financial year continued to be the sale and purchase of livestock. SC252539 2024-08-31 SC252539 bus:Director1 2024-08-31 SC252539 bus:Director2 2024-08-31 SC252539 2023-08-31 SC252539 core:CurrentFinancialInstruments 2024-08-31 SC252539 core:CurrentFinancialInstruments 2023-08-31 SC252539 core:ShareCapital 2024-08-31 SC252539 core:ShareCapital 2023-08-31 SC252539 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC252539 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC252539 core:LandBuildings 2023-08-31 SC252539 core:PlantMachinery 2023-08-31 SC252539 core:Vehicles 2023-08-31 SC252539 core:LandBuildings 2024-08-31 SC252539 core:PlantMachinery 2024-08-31 SC252539 core:Vehicles 2024-08-31 SC252539 bus:OrdinaryShareClass1 2024-08-31 SC252539 bus:OrdinaryShareClass2 2024-08-31 SC252539 2023-09-01 2024-08-31 SC252539 bus:FilletedAccounts 2023-09-01 2024-08-31 SC252539 bus:SmallEntities 2023-09-01 2024-08-31 SC252539 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC252539 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC252539 bus:Director1 2023-09-01 2024-08-31 SC252539 bus:Director2 2023-09-01 2024-08-31 SC252539 core:LandBuildings core:TopRangeValue 2023-09-01 2024-08-31 SC252539 core:PlantMachinery 2023-09-01 2024-08-31 SC252539 core:Vehicles 2023-09-01 2024-08-31 SC252539 2022-09-01 2023-08-31 SC252539 core:LandBuildings 2023-09-01 2024-08-31 SC252539 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 SC252539 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 SC252539 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC252539 bus:OrdinaryShareClass2 2023-09-01 2024-08-31 SC252539 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC252539 (Scotland)

EAST COMALEGY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH THE REGISTRAR

EAST COMALEGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

EAST COMALEGY LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2024
EAST COMALEGY LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 109,489 123,214
109,489 123,214
Current assets
Stocks 4 332,970 567,800
Debtors 5 4,654,631 4,744,920
4,987,601 5,312,720
Creditors: amounts falling due within one year 6 ( 1,973,017) ( 2,429,217)
Net current assets 3,014,584 2,883,503
Total assets less current liabilities 3,124,073 3,006,717
Net assets 3,124,073 3,006,717
Capital and reserves
Called-up share capital 7 200 200
Profit and loss account 3,123,873 3,006,517
Total shareholders' funds 3,124,073 3,006,717

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of East Comalegy Limited (registered number: SC252539) were approved and authorised for issue by the Board of Directors on 05 May 2025. They were signed on its behalf by:

Aileen Ingram
Director
Andrew Ingram
Director
EAST COMALEGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
EAST COMALEGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 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

East Comalegy 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 East Comalegy, Drumblade, Huntly, AB54 6ED, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided from the sale of livestock.

Turnover is recognised on delivery.

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.

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:

Land and buildings 20 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % 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, 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 Statement of Income and Retained Earnings.

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.

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.

Basic financial assets
Basic financial assets, which include debtors, 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, 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 September 2023 82,343 34,826 79,030 196,199
Additions 0 3,100 0 3,100
At 31 August 2024 82,343 37,926 79,030 199,299
Accumulated depreciation
At 01 September 2023 24,703 6,182 42,100 72,985
Charge for the financial year 4,117 5,950 6,758 16,825
At 31 August 2024 28,820 12,132 48,858 89,810
Net book value
At 31 August 2024 53,523 25,794 30,172 109,489
At 31 August 2023 57,640 28,644 36,930 123,214

4. Stocks

2024 2023
£ £
Livestock 332,970 567,800

5. Debtors

2024 2023
£ £
Trade debtors 3,485,477 3,650,196
Corporation tax 289,676 276,702
Other debtors 879,478 818,022
4,654,631 4,744,920

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 670,203 888,800
Trade creditors 1,164,053 1,146,981
Taxation and social security 128,036 384,317
Other creditors 10,725 9,119
1,973,017 2,429,217

The bank overdraft is secured by a floating charge.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100 A Ordinary shares of £ 1.00 each 100 100
200 200

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due from Key Management Personnel 858,300 797,773

Advances

At 1 September, the company was due £797,773 from the directors. Advances were made in the year totalling £331,642. Interest has been charged on the advances at a rate of 2.25%. Repayments for the year totalled £271,115, therefore, at 31 August 2024, the balance due from the directors to the company is £858,300. There are no fixed terms of repayment on this balance.

Other related party transactions

2024 2023
£ £
Other related parties 1,863,331 1,654,831
Sales - Other related parties 13,301,002 1,117,819

Other related parties are in respect of an entity controlled by a connected party.
The above relates to outstanding amounts at 31 August 2024 and transactions during the year that the Company entered into with related parties.