Silverfin false false 30/09/2024 01/10/2023 30/09/2024 A C Gordon Lennox 05/07/2013 Z V Gordon Lennox 12/06/2014 G S Lawson-Johnston 12/06/2014 20 June 2025 The principal activity of the Company during the financial year was the operation of a restaurant and shop on the grounds of Gordon Castle and the wholesale of luxury goods. SC453655 2024-09-30 SC453655 bus:Director1 2024-09-30 SC453655 bus:Director2 2024-09-30 SC453655 bus:Director3 2024-09-30 SC453655 2023-09-30 SC453655 core:CurrentFinancialInstruments 2024-09-30 SC453655 core:CurrentFinancialInstruments 2023-09-30 SC453655 core:Non-currentFinancialInstruments 2024-09-30 SC453655 core:Non-currentFinancialInstruments 2023-09-30 SC453655 core:ShareCapital 2024-09-30 SC453655 core:ShareCapital 2023-09-30 SC453655 core:SharePremium 2024-09-30 SC453655 core:SharePremium 2023-09-30 SC453655 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC453655 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC453655 core:OtherResidualIntangibleAssets 2023-09-30 SC453655 core:OtherResidualIntangibleAssets 2024-09-30 SC453655 core:LandBuildings 2023-09-30 SC453655 core:OtherPropertyPlantEquipment 2023-09-30 SC453655 core:LandBuildings 2024-09-30 SC453655 core:OtherPropertyPlantEquipment 2024-09-30 SC453655 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2024-09-30 SC453655 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2023-09-30 SC453655 bus:OrdinaryShareClass1 2024-09-30 SC453655 2023-10-01 2024-09-30 SC453655 bus:FilletedAccounts 2023-10-01 2024-09-30 SC453655 bus:SmallEntities 2023-10-01 2024-09-30 SC453655 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC453655 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC453655 bus:Director1 2023-10-01 2024-09-30 SC453655 bus:Director2 2023-10-01 2024-09-30 SC453655 bus:Director3 2023-10-01 2024-09-30 SC453655 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-10-01 2024-09-30 SC453655 core:LandBuildings core:TopRangeValue 2023-10-01 2024-09-30 SC453655 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 SC453655 2022-10-01 2023-09-30 SC453655 core:LandBuildings 2023-10-01 2024-09-30 SC453655 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 SC453655 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 SC453655 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC453655 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC453655 1 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC453655 (Scotland)

THE WALLED GARDEN TRADING COMPANY LIMITED

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

THE WALLED GARDEN TRADING COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

THE WALLED GARDEN TRADING COMPANY LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
THE WALLED GARDEN TRADING COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 66,587 66,558
66,587 66,558
Current assets
Stocks 241,610 238,220
Debtors 5 80,790 46,833
Cash at bank and in hand 2,952 20,290
325,352 305,343
Creditors: amounts falling due within one year 6 ( 155,534) ( 142,508)
Net current assets 169,818 162,835
Total assets less current liabilities 236,405 229,393
Creditors: amounts falling due after more than one year 7 ( 2,547,518) ( 2,192,223)
Net liabilities ( 2,311,113) ( 1,962,830)
Capital and reserves
Called-up share capital 8 1,382,321 1,382,321
Share premium account 649,338 649,338
Profit and loss account ( 4,342,772 ) ( 3,994,489 )
Total shareholders' deficit ( 2,311,113) ( 1,962,830)

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.

Directors' responsibilities:

The financial statements of The Walled Garden Trading Company Limited (registered number: SC453655) were approved and authorised for issue by the Board of Directors on 20 June 2025. They were signed on its behalf by:

A C Gordon Lennox
Director
THE WALLED GARDEN TRADING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
THE WALLED GARDEN TRADING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

The Walled Garden Trading Company 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 Estate Office, Gordon Castle, Fochabers, IV32 7PQ, 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 financial statements have been prepared under the going concern basis as the directors and their associated companies have undertaken to subordinate their loans to the claim of all the other creditors and have put in place sufficient funding to ensure that all third party creditors are met as they fall due. In coming to this conclusion the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due.

Turnover

Turnover is recognised upon sale of wholesale luxury goods and the provision of restaurant services, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probably 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.

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 5 years straight line
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:

Land and buildings 5 years straight line
Plant and machinery etc. 25 % 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.

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 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. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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.

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 trade and other creditors are initially recognised at transaction price.

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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 21

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 October 2023 152,759 152,759
At 30 September 2024 152,759 152,759
Accumulated amortisation
At 01 October 2023 152,759 152,759
At 30 September 2024 152,759 152,759
Net book value
At 30 September 2024 0 0
At 30 September 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2023 75,608 333,376 408,984
Additions 0 18,265 18,265
Disposals 0 ( 13,909) ( 13,909)
At 30 September 2024 75,608 337,732 413,340
Accumulated depreciation
At 01 October 2023 63,641 278,785 342,426
Charge for the financial year 2,917 14,092 17,009
Disposals 0 ( 12,682) ( 12,682)
At 30 September 2024 66,558 280,195 346,753
Net book value
At 30 September 2024 9,050 57,537 66,587
At 30 September 2023 11,967 54,591 66,558

5. Debtors

2024 2023
£ £
Trade debtors 57,788 25,962
Other debtors 23,002 20,871
80,790 46,833

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 22,720 10,000
Trade creditors 36,699 69,385
Other taxation and social security 34,272 35,118
Obligations under finance leases and hire purchase contracts 2,212 192
Other creditors 59,631 27,813
155,534 142,508

Bank loans and overdrafts are secured by way of a floating charge over the company's assets

Obligations due under hire purchase contracts are secured over the assets to which the agreements relate.

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

2024 2023
£ £
Bank loans 6,667 16,667
Amounts owed to related parties 311,078 276,314
Obligations under finance leases and hire purchase contracts 11,302 0
Other creditors 2,218,471 1,899,242
2,547,518 2,192,223

Bank loans are secured by way of a floating charge over the company's assets

Obligations due under hire purchase contracts are secured over the assets to which the agreements relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,382,321 Ordinary shares of £ 1.00 each 1,382,321 1,382,321

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 2,174 3,416

The company entered into a 3-year operating lease during the year ended 30 September 2023. As at 30 September 2024, the amount due within one year totalled £1,242 with a further £932 due after one year.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to key management personnel 2,218,471 1,899,242

The above loans are unsecured, interest free and have no fixed terms of repayment.

Other related party transactions

2024 2023
£ £
Amounts due to other related parties 311,078 276,314

The above loans are unsecured and have no fixed terms of repayment.

Interest totalling £5,500 (2023 - £5,500) has been accrued in respect of these balances.

11. Events after the Balance Sheet date

Subsequent to the year-end, the Company issued a 4 for 1 rights issue to it's ordinary shareholders, at a par value of £0.45 per share. The majority of shareholders exercised this option, resulting in 5,498,501 new shares being allotted.

Directors and entities under common control that had previously provided funding to the Company by way of loan balances, where appropriate, undertook a debt for equity conversion in exercising their rights. Director loans of £1,737,000 and other creditors due after one year totalling £243,000, were converted into 4,400,000 new ordinary shares in the Company.

As a result of the share allotment, the Company raised funds of £494,325, representing shares acquired at par.