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REGISTERED NUMBER: SC048648 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 January 2025

for

Orkney Factors Limited

Orkney Factors Limited (Registered number: SC048648)






Contents of the Financial Statements
for the year ended 31 January 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Orkney Factors Limited

Company Information
for the year ended 31 January 2025







DIRECTOR: B A Wilson





SECRETARY: Mrs K L Wilson





REGISTERED OFFICE: Crowness Road
Hatston Industrial Estate
Kirkwall
Orkney
KW15 1RG





REGISTERED NUMBER: SC048648 (Scotland)





ACCOUNTANTS: Foubister & Bain
4 Broad Street
Kirkwall
Orkney
KW15 1NX

Orkney Factors Limited (Registered number: SC048648)

Balance Sheet
31 January 2025

2024 2025
£    £    Notes £   
FIXED ASSETS
428,654 Tangible assets 4 456,853
413,375 Investment property 5 413,375
842,029 870,228

CURRENT ASSETS
337,745 Stocks 435,774
386,048 Debtors 6 346,179
246,477 Cash at bank and in hand 241,824
970,270 1,023,777
CREDITORS
349,173 Amounts falling due within one year 7 480,337
621,097 NET CURRENT ASSETS 543,440

1,463,126
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,413,668

CREDITORS

(187,807

)
Amounts falling due after more than one
year

8

(30,500

)

(13,504 ) PROVISIONS FOR LIABILITIES (23,195 )
1,261,815 NET ASSETS 1,359,973

CAPITAL AND RESERVES
11,800 Called up share capital 11,800
1,250,015 Retained earnings 1,348,173
1,261,815 1,359,973

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Orkney Factors Limited (Registered number: SC048648)

Balance Sheet - continued
31 January 2025


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 director and authorised for issue on 9 May 2025 and were signed by:





B A Wilson - Director


Orkney Factors Limited (Registered number: SC048648)

Notes to the Financial Statements
for the year ended 31 January 2025

1. STATUTORY INFORMATION

Orkney Factors 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Orkney Factors Limited (Registered number: SC048648)

Notes to the Financial Statements - continued
for the year ended 31 January 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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.

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.

Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Orkney Factors Limited (Registered number: SC048648)

Notes to the Financial Statements - continued
for the year ended 31 January 2025

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
Totals buildings etc
£    £    £   
COST
At 1 February 2024 690,565 497,142 193,423
Additions 61,017 - 61,017
Disposals (14,560 ) - (14,560 )
At 31 January 2025 737,022 497,142 239,880
DEPRECIATION
At 1 February 2024 261,911 140,417 121,494
Charge for year 31,360 9,488 21,872
Eliminated on disposal (13,102 ) - (13,102 )
At 31 January 2025 280,169 149,905 130,264
NET BOOK VALUE
At 31 January 2025 456,853 347,237 109,616
At 31 January 2024 428,654 356,725 71,929

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2024
and 31 January 2025 413,375
NET BOOK VALUE
At 31 January 2025 413,375
At 31 January 2024 413,375

6. DEBTORS
2025 2024
£    £   
Amounts falling due within one year:
Trade debtors 232,807 211,497
Other debtors 25,632 26,811
258,439 238,308

Orkney Factors Limited (Registered number: SC048648)

Notes to the Financial Statements - continued
for the year ended 31 January 2025

6. DEBTORS - continued
2025 2024
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 87,740 147,740

Aggregate amounts 346,179 386,048

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 32,637 30,000
Hire purchase contracts 3,075 -
Trade creditors 213,950 181,876
Taxation 43,621 35,467
Other creditors 187,054 101,830
480,337 349,173

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Bank loans 30,500 187,807

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 50,307