The Mustard Seed (Restaurants) Limited SC206532 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is the operation of licensed restaurants. Digita Accounts Production Advanced 6.30.9574.0 true true SC206532 2023-10-01 2024-09-30 SC206532 2024-09-30 SC206532 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-09-30 SC206532 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2024-09-30 SC206532 core:CapitalRedemptionReserve 2024-09-30 SC206532 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC206532 core:ShareCapital 2024-09-30 SC206532 core:CurrentFinancialInstruments 2024-09-30 SC206532 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 SC206532 core:Non-currentFinancialInstruments 2024-09-30 SC206532 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 SC206532 core:FurnitureFittingsToolsEquipment 2024-09-30 SC206532 core:LandBuildings 2024-09-30 SC206532 core:MotorVehicles 2024-09-30 SC206532 bus:SmallEntities 2023-10-01 2024-09-30 SC206532 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC206532 bus:FilletedAccounts 2023-10-01 2024-09-30 SC206532 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 SC206532 bus:RegisteredOffice 2023-10-01 2024-09-30 SC206532 bus:Director1 2023-10-01 2024-09-30 SC206532 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-10-01 2024-09-30 SC206532 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2023-10-01 2024-09-30 SC206532 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC206532 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 SC206532 core:LandBuildings 2023-10-01 2024-09-30 SC206532 core:MotorVehicles 2023-10-01 2024-09-30 SC206532 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-10-01 2024-09-30 SC206532 countries:Scotland 2023-10-01 2024-09-30 SC206532 2023-09-30 SC206532 core:FurnitureFittingsToolsEquipment 2023-09-30 SC206532 core:LandBuildings 2023-09-30 SC206532 core:MotorVehicles 2023-09-30 SC206532 2022-10-01 2023-09-30 SC206532 2023-09-30 SC206532 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-09-30 SC206532 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2023-09-30 SC206532 core:CapitalRedemptionReserve 2023-09-30 SC206532 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC206532 core:ShareCapital 2023-09-30 SC206532 core:CurrentFinancialInstruments 2023-09-30 SC206532 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 SC206532 core:Non-currentFinancialInstruments 2023-09-30 SC206532 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 SC206532 core:FurnitureFittingsToolsEquipment 2023-09-30 SC206532 core:LandBuildings 2023-09-30 SC206532 core:MotorVehicles 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC206532

The Mustard Seed (Restaurants) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

The Mustard Seed (Restaurants) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

The Mustard Seed (Restaurants) Limited

(Registration number: SC206532)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

32,866

35,354

Current assets

 

Stocks

12,400

12,400

Debtors

5

510,607

810,974

Cash at bank and in hand

 

443,070

199,987

 

966,077

1,023,361

Creditors: Amounts falling due within one year

6

(404,572)

(525,914)

Net current assets

 

561,505

497,447

Total assets less current liabilities

 

594,371

532,801

Creditors: Amounts falling due after more than one year

6

(26,773)

(32,049)

Net assets

 

567,598

500,752

Capital and reserves

 

Called up share capital

8

60,000

60,000

Capital redemption reserve

20,000

20,000

Retained earnings

487,598

420,752

Shareholders' funds

 

567,598

500,752

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 the financial year and of its profit or loss for each financial year in accordancce 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.

 

The Mustard Seed (Restaurants) Limited

(Registration number: SC206532)
Balance Sheet as at 30 September 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

.........................................
S H Littlejohn
Director

 

The Mustard Seed (Restaurants) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 9 RFL House
Anderson Street
Dunblane
Stirlingshire
FK15 6AJ

These financial statements were authorised for issue by the Board on 26 June 2025.

2

Accounting policies

Statement of compliance

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except that, as disclosed in the accounting policies, certain assets are shown at fair value.

The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.

Going concern

After reviewing the company's forecasts and projections. the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

 

The Mustard Seed (Restaurants) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Tangible Fixed Assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management. Depreciation is provided on all tangible fixed assets at rates which are calculated to write off the cost, less estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), of each asset on a systematic basis over its expected useful life as follows:

Buildings 4% on cost
Plant and machinery 33% on cost
Motor cars 25% on reducing balance
Computer equipment - 33% on cost
Fixtures and fittings - 33% on reducing balance.

Profits and losses on the disposal of fixed assets are included in the calculation of profit for the period. The directors assess the company’s tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the period. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through profit and loss but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock.

 

The Mustard Seed (Restaurants) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments


The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, hire purchase and directors loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of Income and Retained Earnings.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;

 

The Mustard Seed (Restaurants) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Tax

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods and is recognised in respect of all timing differences; although with certain exceptions. Timing differences are differences between taxable profit and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recoverable against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on investment property (and other non-depreciable tangible fixed assets) is measured using the tax rates and allowances which will apply to the sale of the asset. Amounts of current and deferred tax are generally recognised in profit or loss, except when they relate to items which are recognised in other comprehensive income or directly in equity and in such cases the amounts are also recognised in other comprehensive income or equity as the case may be.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2023 - 37).

 

The Mustard Seed (Restaurants) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

194,303

252,480

30,790

477,573

Additions

-

18,383

-

18,383

At 30 September 2024

194,303

270,863

30,790

495,956

Depreciation

At 1 October 2023

169,318

242,111

30,790

442,219

Charge for the year

7,772

13,099

-

20,871

At 30 September 2024

177,090

255,210

30,790

463,090

Carrying amount

At 30 September 2024

17,213

15,653

-

32,866

At 30 September 2023

24,985

10,369

-

35,354

Included within the net book value of land and buildings above is £17,213 (2023 - £24,985) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

3,178

2,350

Prepayments

17,016

10,563

Other debtors

490,413

798,061

 

510,607

810,974

 

The Mustard Seed (Restaurants) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

6,170

6,170

Trade creditors

 

103,658

120,242

Taxation and social security

 

229,319

311,787

Accruals and deferred income

 

42,726

76,450

Other creditors

 

22,699

11,265

 

404,572

525,914

Creditors: amounts falling due after more than one year

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,773

32,049

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,773

32,049

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,170

6,170

 

The Mustard Seed (Restaurants) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

7

Loans and borrowings (continued)

Security over the lease of the property known as 16 Fraser Street Inverness was granted over all sums due or to become due to The Governor and Company of the Bank of Scotland. The security was released on 16 May 2024.

A bond and floating charge has been granted to The Royal Bank of Scotland PLC over the company's property, assets and uncalled capital.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

850

850

850

850

Preference shares of £1 each

59,150

59,150

59,150

59,150

60,000

60,000

60,000

60,000

9

Related party transactions

Summary of transactions with entities with joint control or significant interest


The balance owed from entities under common control as the year end was £490,413 (2023: £789,771).

The balance owed to entities under common control at the year end was £nil (2023: £nil).

Amounts owed are unsecured, interest free and repayable on demand.

The company rented premises from an entity under common control. Rent paid in the year was £120,000 (2023: £120,000).