Silverfin false false 30/11/2024 01/12/2023 30/11/2024 Josh Barton 18/11/2019 Thomas Dale 12/04/2024 12 May 2025 The principal activity of the company during the year continued to be that of the production of oat drink. SC647407 2024-11-30 SC647407 bus:Director1 2024-11-30 SC647407 bus:Director2 2024-11-30 SC647407 2023-11-30 SC647407 core:CurrentFinancialInstruments 2024-11-30 SC647407 core:CurrentFinancialInstruments 2023-11-30 SC647407 core:Non-currentFinancialInstruments 2024-11-30 SC647407 core:Non-currentFinancialInstruments 2023-11-30 SC647407 core:ShareCapital 2024-11-30 SC647407 core:ShareCapital 2023-11-30 SC647407 core:SharePremium 2024-11-30 SC647407 core:SharePremium 2023-11-30 SC647407 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC647407 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC647407 core:OtherResidualIntangibleAssets 2023-11-30 SC647407 core:OtherResidualIntangibleAssets 2024-11-30 SC647407 core:PlantMachinery 2023-11-30 SC647407 core:ComputerEquipment 2023-11-30 SC647407 core:PlantMachinery 2024-11-30 SC647407 core:ComputerEquipment 2024-11-30 SC647407 bus:OrdinaryShareClass1 2024-11-30 SC647407 2023-12-01 2024-11-30 SC647407 bus:FilletedAccounts 2023-12-01 2024-11-30 SC647407 bus:SmallEntities 2023-12-01 2024-11-30 SC647407 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 SC647407 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC647407 bus:Director1 2023-12-01 2024-11-30 SC647407 bus:Director2 2023-12-01 2024-11-30 SC647407 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-12-01 2024-11-30 SC647407 core:OtherResidualIntangibleAssets 2023-12-01 2024-11-30 SC647407 core:PlantMachinery 2023-12-01 2024-11-30 SC647407 core:ComputerEquipment core:TopRangeValue 2023-12-01 2024-11-30 SC647407 2022-12-01 2023-11-30 SC647407 core:ComputerEquipment 2023-12-01 2024-11-30 SC647407 core:Non-currentFinancialInstruments 2023-12-01 2024-11-30 SC647407 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 SC647407 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC647407 (Scotland)

OAT SCOTLAND LTD

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

OAT SCOTLAND LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

OAT SCOTLAND LTD

BALANCE SHEET

AS AT 30 NOVEMBER 2024
OAT SCOTLAND LTD

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 2,080 2,378
Tangible assets 5 123,246 18,760
125,326 21,138
Current assets
Stocks 17,104 8,998
Debtors 6 11,859 21,094
Cash at bank and in hand 13,998 4,186
42,961 34,278
Creditors: amounts falling due within one year 7 ( 224,615) ( 121,375)
Net current liabilities (181,654) (87,097)
Total assets less current liabilities (56,328) (65,959)
Creditors: amounts falling due after more than one year 8 ( 116,041) 0
Net liabilities ( 172,369) ( 65,959)
Capital and reserves
Called-up share capital 9 300 300
Share premium account 164,927 139,927
Profit and loss account ( 337,596 ) ( 206,186 )
Total shareholders' deficit ( 172,369) ( 65,959)

For the financial year ending 30 November 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 Oat Scotland Ltd (registered number: SC647407) were approved and authorised for issue by the Board of Directors on 12 May 2025. They were signed on its behalf by:

Josh Barton
Director
OAT SCOTLAND LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
OAT SCOTLAND LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 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

Oat Scotland 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 The Mart, Station Road, East Linton, EH40 3DN, Scotland, 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 note that the business has net liabilities of £172,369. The Company is supported through loans from the directors and shareholders. The directors and shareholders have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of the oat drinks is recognised when the goods are physically delivered to the customer.

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.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, 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 25 % reducing balance
Computer equipment 10 years straight line

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.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and includes cash in hand and 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 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.

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 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. 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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Framework Transition

The company has transitioned from FRS105 to FRS102 (1A) in the financial year ended 30 November 2024. No comparatives in the financial statements have been re-stated as a result of this change in reporting standard.

2. Prior year adjustment

During the 2022 and 2023 periods, loans from directors and shareholders had been treated as Share premium. The below adjustment removes the balances from Share premium and presents the amounts as Creditors: amounts falling due within one year.

During the 2022 and 2023 periods, Advertising and PR costs had been treated as Intangible assets. The below adjustment removes the balance from Intangible assets and presents the amounts as Administrative expenses for the costs relating to 2023 and within the Profit and loss account for amounts relating to 2022.

As previously reported Adjustment As restated
Year ended 30 November 2023 £ £ £
Share premium account (220,967) 81,040 (139,927)
Creditors: amounts falling due within one year (40,335) (81,040) (121,375)
Intangible assets 10,158 (7,780) 2,378
Administrative expenses 151,227 5,280 156,507
Profit and loss account 198,406 7,780 206,186

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 8

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 December 2023 2,972 2,972
At 30 November 2024 2,972 2,972
Accumulated amortisation
At 01 December 2023 594 594
Charge for the financial year 298 298
At 30 November 2024 892 892
Net book value
At 30 November 2024 2,080 2,080
At 30 November 2023 2,378 2,378

5. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 December 2023 37,002 2,191 39,193
Additions 151,702 0 151,702
Disposals ( 35,526) 0 ( 35,526)
At 30 November 2024 153,178 2,191 155,369
Accumulated depreciation
At 01 December 2023 18,877 1,556 20,433
Charge for the financial year 17,789 219 18,008
Disposals ( 6,318) 0 ( 6,318)
At 30 November 2024 30,348 1,775 32,123
Net book value
At 30 November 2024 122,830 416 123,246
At 30 November 2023 18,125 635 18,760

6. Debtors

2024 2023
£ £
Trade debtors 6,912 4,381
Corporation tax 0 16,413
Other debtors 4,947 300
11,859 21,094

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 42,676 15,188
Other taxation and social security 12,184 10,100
Obligations under finance leases and hire purchase contracts 13,515 0
Other creditors 156,240 96,087
224,615 121,375

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 65,208 0
Other creditors 50,833 0
116,041 0

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

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and not yet paid
300 Ordinary shares of £ 1.00 each 300 300

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 30,316 21,678

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 22,300 23,500

The above transactions are interest free and have no fixed terms of repayment.

Other related party transactions

2024 2023
£ £
Amounts owed to shareholders 97,842 68,217

The above transactions are interest free and have no fixed terms of repayment.