Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Michael Stevenson Medlock 02/11/2020 Timothy John Stevenson Medlock 14/05/2013 13 May 2025 The principal activity of the company continued to be that of oatmeal production and sales. SC449990 2024-05-31 SC449990 bus:Director1 2024-05-31 SC449990 bus:Director2 2024-05-31 SC449990 2023-05-31 SC449990 core:CurrentFinancialInstruments 2024-05-31 SC449990 core:CurrentFinancialInstruments 2023-05-31 SC449990 core:Non-currentFinancialInstruments 2024-05-31 SC449990 core:Non-currentFinancialInstruments 2023-05-31 SC449990 core:ShareCapital 2024-05-31 SC449990 core:ShareCapital 2023-05-31 SC449990 core:SharePremium 2024-05-31 SC449990 core:SharePremium 2023-05-31 SC449990 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC449990 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC449990 core:OtherPropertyPlantEquipment 2023-05-31 SC449990 core:OtherPropertyPlantEquipment 2024-05-31 SC449990 2022-05-31 SC449990 bus:OrdinaryShareClass1 2024-05-31 SC449990 2023-06-01 2024-05-31 SC449990 bus:FilletedAccounts 2023-06-01 2024-05-31 SC449990 bus:SmallEntities 2023-06-01 2024-05-31 SC449990 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC449990 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC449990 bus:Director1 2023-06-01 2024-05-31 SC449990 bus:Director2 2023-06-01 2024-05-31 SC449990 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC449990 2022-06-01 2023-05-31 SC449990 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 SC449990 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC449990 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC449990 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC449990 (Scotland)

OATMEAL OF ALFORD LIMITED

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

OATMEAL OF ALFORD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

OATMEAL OF ALFORD LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
OATMEAL OF ALFORD LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 31.05.2024 31.05.2023
£ £
Fixed assets
Tangible assets 3 392,957 351,015
392,957 351,015
Current assets
Stocks 214,760 127,760
Debtors 4 276,049 314,833
Cash at bank and in hand 0 8,050
490,809 450,643
Creditors: amounts falling due within one year 5 ( 380,876) ( 452,696)
Net current assets/(liabilities) 109,933 (2,053)
Total assets less current liabilities 502,890 348,962
Creditors: amounts falling due after more than one year 6 ( 169,482) ( 101,354)
Provision for liabilities 7, 8 ( 56,228) ( 45,407)
Net assets 277,180 202,201
Capital and reserves
Called-up share capital 9 4 4
Share premium account 50,000 50,000
Profit and loss account 227,176 152,197
Total shareholders' funds 277,180 202,201

For the financial year ending 31 May 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 Oatmeal of Alford Limited (registered number: SC449990) were approved and authorised for issue by the Board of Directors on 13 May 2025. They were signed on its behalf by:

Timothy John Stevenson Medlock
Director
OATMEAL OF ALFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
OATMEAL OF ALFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

Oatmeal of Alford 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 Mains Of Haulkerton, Laurencekirk, AB30 1EL, 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 £.

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 represents amounts receivable for the sale of oatmeal products net of VAT and trade discounts.

Revenue is recognised when the company has entitlement to the income in exchange for the goods.

Employee benefits

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

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination 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.

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 - 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 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.

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. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

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.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

2. Employees

31.05.2024 31.05.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2023 422,406 422,406
Additions 101,420 101,420
Disposals ( 2,000) ( 2,000)
At 31 May 2024 521,826 521,826
Accumulated depreciation
At 01 June 2023 71,391 71,391
Charge for the financial year 58,341 58,341
Disposals ( 863) ( 863)
At 31 May 2024 128,869 128,869
Net book value
At 31 May 2024 392,957 392,957
At 31 May 2023 351,015 351,015

4. Debtors

31.05.2024 31.05.2023
£ £
Trade debtors 112,632 86,693
Corporation tax 4,042 4,042
Other debtors 159,375 224,098
276,049 314,833

5. Creditors: amounts falling due within one year

31.05.2024 31.05.2023
£ £
Bank loans and overdrafts 47,576 6,216
Trade creditors 207,186 285,679
Taxation and social security 16,025 15,727
Obligations under finance leases and hire purchase contracts 32,379 23,902
Other creditors 77,710 121,172
380,876 452,696

Included within bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

Obligations under finance leases amounting to are secured over the related assets.

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

31.05.2024 31.05.2023
£ £
Bank loans 28,159 33,421
Obligations under finance leases and hire purchase contracts 59,037 67,933
Other creditors 82,286 0
169,482 101,354

Included within bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

Obligations under finance leases amounting to are secured over the related assets.

7. Provision for liabilities

31.05.2024 31.05.2023
£ £
Deferred tax 56,228 45,407

8. Deferred tax

31.05.2024 31.05.2023
£ £
At the beginning of financial year ( 45,407) ( 18,000)
Charged to the Profit and Loss Account ( 10,821) ( 27,407)
At the end of financial year ( 56,228) ( 45,407)

9. Called-up share capital

31.05.2024 31.05.2023
£ £
Allotted, called-up and fully-paid
350 Ordinary shares of £ 0.01 each 4 4

10. Related party transactions

Transactions with the entity's directors

31.05.2024 31.05.2023
£ £
Amounts due from/(to) directors 0 11,975

The balance is unsecured, interest free and has no fixed repayment terms.

Other related party transactions

31.05.2024 31.05.2023
£ £
Amounts due from an entity in which the director has a participating interest 144,094 176,406
Amounts due to an entity in which the director has a participating interest 55,027 110,686

The balances are unsecured, interest free and has no fixed repayment terms.