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COMPANY REGISTRATION NUMBER: SC362031
The Orchard (Biggar) Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
31 July 2024
The Orchard (Biggar) Limited
Abridged Financial Statements
Year ended 31 July 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
The Orchard (Biggar) Limited
Abridged Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
99,303
107,984
Current assets
Stocks
17,500
20,000
Debtors
12,626
8,443
Cash at bank and in hand
7,406
10,576
--------
--------
37,532
39,019
Creditors: amounts falling due within one year
144,213
146,469
---------
---------
Net current liabilities
106,681
107,450
---------
---------
Total assets less current liabilities
( 7,378)
534
Creditors: amounts falling due after more than one year
14,319
24,434
Provisions
Taxation including deferred tax
348
12
--------
--------
Net liabilities
( 22,045)
( 23,912)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 22,047)
( 23,914)
--------
--------
Shareholders deficit
( 22,045)
( 23,912)
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
The Orchard (Biggar) Limited
Abridged Statement of Financial Position (continued)
31 July 2024
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 13 May 2025 , and are signed on behalf of the board by:
Mr R Brown
Mrs J Brown
Director
Director
Company registration number: SC362031
The Orchard (Biggar) Limited
Notes to the Abridged Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 93 High Street, Biggar, Lanarkshire, ML12 6DL.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The continuation of the company is dependent on the ongoing financial support of the directors and of the bank, who have confirmed their intention to continue support from date of signing. As a result, the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered 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 reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life of 10 years. This length of time is presumed to be the maximum useful life of purchased goodwill as it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary, if circumstances emerge that indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).
5. Intangible assets
£
Cost
At 1 August 2023 and 31 July 2024
125,000
---------
Amortisation
At 1 August 2023 and 31 July 2024
125,000
---------
Carrying amount
At 31 July 2024
---------
At 31 July 2023
---------
6. Tangible assets
£
Cost
At 1 August 2023
196,313
Disposals
( 27,844)
---------
At 31 July 2024
168,469
---------
Depreciation
At 1 August 2023
88,329
Charge for the year
5,150
Disposals
( 24,313)
---------
At 31 July 2024
69,166
---------
Carrying amount
At 31 July 2024
99,303
---------
At 31 July 2023
107,984
---------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 5 years
79,390
----
--------
8. Directors' advances, credits and guarantees
The director's loan account was not in debit at any point during the current and previous year. No interest is charged on the balance and it is repayable on demand.
9. Related party transactions
The company rented shop premises from the directors during the year but this ceased in June 2024. The total annual rent paid in the year was £3,635 (2023 - £8,816).