REGISTERED NUMBER: 14708818 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Scoffs (IU) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A Tagliamonti

REGISTERED OFFICE:

311-313 Collier Row

Essex

RM5 3ND

REGISTERED NUMBER:

14708818 (England and Wales)

AUDITORS:

Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

SOLICITORS:

Nockolds

6 Market Square

Bishop's Stortford

Hertfordshire

CM23 3UZ

FIXED ASSETS

Intangible assets

5

17,238

-

Tangible assets

6

617,160

21,734

634,398

21,734

CURRENT ASSETS

Stocks

3,614

-

Debtors

7

82,569

4,297

Prepayments and accrued income

7,336

-

Cash at bank

74,644

109,994

168,163

114,291

CREDITORS

Amounts falling due within one year

8

1,150,899

136,526

NET CURRENT LIABILITIES

(982,736

)

(22,235

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(348,338

)

(501

)

PROVISIONS FOR LIABILITIES

10

68,332

-

NET LIABILITIES

(416,670

)

(501

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(416,671

)

(502

)

(416,670

)

(501

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

A Tagliamonti - Director

1.	STATUTORY INFORMATION

Scoffs (IU) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing support of the company director, shareholder and fellow group undertakings. If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts and to reclassify fixed assets as current assets.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements in applying the entity's accounting policies

Classification of a lease

Determining whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred to the company.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re - assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, further investments, economic utilisation and the physical condition of the assets. Further details are shown in both the tangible fixed assets accounting policy and the tangible fixed assets note contained in these financial statements.

Dilapidation and decommissioning contingent liability

The company makes an estimate per store on how much its liability would be to restore each store to the conditions outlined in the lease. When assessing this the company considered various matters including, the current condition of each store and the amount of leasehold improvement that have been made that would be required to be removed. Further details can be found in the provisions for liabilities note contained in these financial statements.

Onerous contracts

Contracts in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it, are considered to be onerous. In such circumstances a provision is recognised in the financial statements, calculated as the net present value of all future cashflows. All future losses are allocated against the provision. Further details can be found in the provisions for liabilities note contained in these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognition - sale of goods

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Shop sales of good are recognised on sale to the customer, which is considered the point of delivery. Sales are by cash, debit card or credit card.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

At the end of each reporting period financial assets are assessed for impairment. If an impairment exists the

impairment loss is recognised in the income statement.

Financial assets are derecognised when:

- the contractual right to cash flows from the asset are settled or expire,

- substantially all the risk and rewards of the ownership of the asset are transferred to another party or

- despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the liability is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the income statement t on a straight line bass over the period of the lease.

Incentives received to enter into an operating lease are credited to the income statement, to reduce the lease expense, on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - NIL ) .

5.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

Additions

20,000

At 31 December 2024

20,000

AMORTISATION

Amortisation for year

2,762

At 31 December 2024

2,762

NET BOOK VALUE

At 31 December 2024

17,238

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

22,230

-

-

-

22,230

Additions

354,111

210,655

78,524

46,073

689,363

At 31 December 2024

376,341

210,655

78,524

46,073

711,593

DEPRECIATION

At 1 January 2024

496

-

-

-

496

Charge for year

32,013

36,773

11,856

13,295

93,937

At 31 December 2024

32,509

36,773

11,856

13,295

94,433

NET BOOK VALUE

At 31 December 2024

343,832

173,882

66,668

32,778

617,160

At 31 December 2023

21,734

-

-

-

21,734

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

3,789

-

Amounts owed by group undertakings

53,714

-

Other debtors

25,066

4,297

82,569

4,297

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade creditors

52,805

3,960

Amounts owed to group undertakings

14,353

8,766

Taxation and social security

20,761

-

Other creditors

1,062,980

123,800

1,150,899

136,526

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/24

31/12/23

£

£

Within one year

101,313

-

Between one and five years

444,516

-

In more than five years

483,610

-

1,029,439

-

10.	PROVISIONS FOR LIABILITIES

31/12/24

31/12/23

£

£

Deferred tax

Accelerated capital allowances

68,332

-

Deferred

tax

£

Provided during year

68,332

Balance at 31 December 2024

68,332

Dilapidations and decommissioning liabilities

The company operates a store through a short lease that contains an obligation in the agreement to remove leasehold improvements at the end of the lease term or when the premises are vacated.

It is the company's policy to provide for dilapidations only where a managed exit, either part way through or at the end of the lease term, is considered to be probable and the obligation can be estimated reliably.

Where the lease is likely to be retained for the foreseeable future, or where a lease has been recently signed for a new store, the obligation is not considered to be probable and/or cannot be estimated reliably and therefore a dilapidation provision is not provided for.

The company has not identified any store where a managed exit is considered to be probable and therefore there is no provision in these financial statements.

Onerous contracts

The company does not operate any store through short leases that are considered to be onerous and therefore there is no provision in these financial statements.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Hill FCA (Senior Statutory Auditor)

for and on behalf of Cartwrights

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Scoffs (Ventures) Limited.

The ultimate controlling party is A Tagliamonti.