Silverfin false false 31/01/2025 01/02/2024 31/01/2025 Nora Joan Morrison 29/12/2000 Donald John Morrison 01/04/2012 Philip George Morrison 29/12/2000 04 June 2025 The principal activity of the Company during the financial year was that of the manufacture, retail and distribution of ice cream, frozen confectionery and food service. The company also supplies and distributes frozen foods to the Highlands under a franchise arrangement with Wiltshire Farm Foods. SC214289 2025-01-31 SC214289 bus:Director1 2025-01-31 SC214289 bus:Director2 2025-01-31 SC214289 bus:Director3 2025-01-31 SC214289 2024-01-31 SC214289 core:CurrentFinancialInstruments 2025-01-31 SC214289 core:CurrentFinancialInstruments 2024-01-31 SC214289 core:Non-currentFinancialInstruments 2025-01-31 SC214289 core:Non-currentFinancialInstruments 2024-01-31 SC214289 core:ShareCapital 2025-01-31 SC214289 core:ShareCapital 2024-01-31 SC214289 core:RetainedEarningsAccumulatedLosses 2025-01-31 SC214289 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC214289 core:LandBuildings 2024-01-31 SC214289 core:PlantMachinery 2024-01-31 SC214289 core:Vehicles 2024-01-31 SC214289 core:FurnitureFittings 2024-01-31 SC214289 core:LandBuildings 2025-01-31 SC214289 core:PlantMachinery 2025-01-31 SC214289 core:Vehicles 2025-01-31 SC214289 core:FurnitureFittings 2025-01-31 SC214289 bus:OrdinaryShareClass1 2025-01-31 SC214289 core:WithinOneYear 2025-01-31 SC214289 core:WithinOneYear 2024-01-31 SC214289 core:BetweenOneFiveYears 2025-01-31 SC214289 core:BetweenOneFiveYears 2024-01-31 SC214289 2024-02-01 2025-01-31 SC214289 bus:FilletedAccounts 2024-02-01 2025-01-31 SC214289 bus:SmallEntities 2024-02-01 2025-01-31 SC214289 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 SC214289 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 SC214289 bus:Director1 2024-02-01 2025-01-31 SC214289 bus:Director2 2024-02-01 2025-01-31 SC214289 bus:Director3 2024-02-01 2025-01-31 SC214289 core:LandBuildings core:TopRangeValue 2024-02-01 2025-01-31 SC214289 core:PlantMachinery 2024-02-01 2025-01-31 SC214289 core:Vehicles 2024-02-01 2025-01-31 SC214289 core:FurnitureFittings 2024-02-01 2025-01-31 SC214289 2023-02-01 2024-01-31 SC214289 core:LandBuildings 2024-02-01 2025-01-31 SC214289 core:CurrentFinancialInstruments 2024-02-01 2025-01-31 SC214289 core:Non-currentFinancialInstruments 2024-02-01 2025-01-31 SC214289 bus:OrdinaryShareClass1 2024-02-01 2025-01-31 SC214289 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC214289 (Scotland)

JAMES RIZZA & SON LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH THE REGISTRAR

JAMES RIZZA & SON LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2025

Contents

JAMES RIZZA & SON LTD

BALANCE SHEET

AS AT 31 JANUARY 2025
JAMES RIZZA & SON LTD

BALANCE SHEET (continued)

AS AT 31 JANUARY 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 464,175 493,347
464,175 493,347
Current assets
Stocks 529,802 502,634
Debtors 4 100,657 128,193
Cash at bank and in hand 30,635 21,065
661,094 651,892
Creditors: amounts falling due within one year 5 ( 466,667) ( 373,911)
Net current assets 194,427 277,981
Total assets less current liabilities 658,602 771,328
Creditors: amounts falling due after more than one year 6 ( 262,193) ( 301,730)
Provision for liabilities ( 18,636) ( 31,780)
Net assets 377,773 437,818
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 377,673 437,718
Total shareholders' funds 377,773 437,818

For the financial year ending 31 January 2025 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 James Rizza & Son Ltd (registered number: SC214289) were approved and authorised for issue by the Board of Directors on 04 June 2025. They were signed on its behalf by:

Donald John Morrison
Director
JAMES RIZZA & SON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2025
JAMES RIZZA & SON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2025
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

James Rizza & Son Ltd (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 31 Steven Road, Huntly, AB54 8SX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 from the sale and distribution of ice cream, and also Wiltshire Farm Foods products, net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Statement of Income and Retained Earnings 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, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

Land is not depreciated.

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 Statement of Income and Retained Earnings 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 Statement of Income and Retained Earnings as described below.

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 43 42

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 February 2024 443,334 756,828 149,689 299,392 1,649,243
Additions 0 505 7,495 0 8,000
At 31 January 2025 443,334 757,333 157,184 299,392 1,657,243
Accumulated depreciation
At 01 February 2024 166,431 687,300 119,790 182,375 1,155,896
Charge for the financial year 7,667 11,525 8,880 9,100 37,172
At 31 January 2025 174,098 698,825 128,670 191,475 1,193,068
Net book value
At 31 January 2025 269,236 58,508 28,514 107,917 464,175
At 31 January 2024 276,903 69,528 29,899 117,017 493,347

4. Debtors

2025 2024
£ £
Trade debtors 71,814 101,689
Corporation tax 2,069 2,069
Other debtors 26,774 24,435
100,657 128,193

5. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans and overdrafts 196,020 164,637
Trade creditors 224,318 123,928
Taxation and social security 22,898 48,665
Obligations under finance leases and hire purchase contracts 5,296 6,058
Other creditors 18,135 30,623
466,667 373,911

£186,340 of the bank loans and overdraft balances are secured by standard security over certain heritable property and a floating charge over all assets and undertakings of the company.

Net obligations under hire purchase contracts are secured over the assets which the agreements relate to.

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

2025 2024
£ £
Bank loans 205,631 237,172
Obligations under finance leases and hire purchase contracts 0 5,296
Other creditors 56,562 59,262
262,193 301,730

£198,076 of the bank loans and overdraft balances are secured by standard security over certain heritable property and a floating charge over all assets and undertakings of the company.
Net obligations under hire purchase contracts are secured over the assets which the agreements relate to.

7. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2025 2024
£ £
within one year 40,604 40,558
between one and five years 30,021 70,672
70,625 111,230

9. Related party transactions

Transactions with the entity's directors

2025 2024
£ £
Amounts due to related parties - Key management personnel 8,377 6,235