Company No: SC298222 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	06.04.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	1,449,994		1,492,321
		1,449,994		1,492,321
Current assets
Stocks		713,136		583,593
Debtors	4	1,855,486		1,718,919
Cash at bank and in hand		852,927		748,126
		3,421,549		3,050,638
Creditors: amounts falling due within one year	5	( 1,591,169)		( 1,457,978)
Net current assets		1,830,380		1,592,660
Total assets less current liabilities		3,280,374		3,084,981
Creditors: amounts falling due after more than one year	6	( 587,252)		( 784,709)
Provision for liabilities	7	( 168,568)		( 176,122)
Net assets		2,524,554		2,124,150
Capital and reserves
Called-up share capital	8	347		347
Share premium account		119,932		119,932
Capital redemption reserve		63		63
Profit and loss account		2,404,212		2,003,808
Total shareholders' funds		2,524,554		2,124,150

For the financial period ending 06 April 2025 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 financial statements for the financial period in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Lazy Day Foods Limited (registered number: SC298222) were approved and authorised for issue by the Board of Directors on 22 December 2025. They were signed on its behalf by:

Dr S Beattie Director

Mrs E Bustard Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Lazy Day Foods 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 1 Mossburn Avenue, Harthill, Shotts, ML7 5PX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties, 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.

Reporting period length

In accordance with Section 390 of the Companies Act 2006, these financial statements cover a period from 1 April 2024 to 6 April 2025. The comparison period was from 3rd April 2023 to 31 March 2024.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer (usually on dispatch of goods).

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 Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period 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, at rates calculated to write off the cost or valuation, 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	50 years straight line
Plant and machinery etc.	6 - 10 years straight line

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, 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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, are 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.

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.

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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	Period from 01.04.2024 to 06.04.2025		Period from 03.04.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	161		142

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	607,208		2,305,951		2,913,159
Additions	0		263,301		263,301
Disposals	0		( 45,958)		( 45,958)
At 06 April 2025	607,208		2,523,294		3,130,502
Accumulated depreciation
At 01 April 2024	83,833		1,337,005		1,420,838
Charge for the financial period	12,144		286,443		298,587
Disposals	0		( 38,917)		( 38,917)
At 06 April 2025	95,977		1,584,531		1,680,508
Net book value
At 06 April 2025	511,231		938,763		1,449,994
At 31 March 2024	523,375		968,946		1,492,321

4. Debtors

	06.04.2025		31.03.2024
	£		£
Trade debtors	1,706,822		1,557,967
Corporation tax	0		35,897
Other debtors	148,664		125,055
	1,855,486		1,718,919

5. Creditors: amounts falling due within one year

	06.04.2025		31.03.2024
	£		£
Bank loans (secured)	178,883		175,584
Trade creditors	810,638		770,950
Taxation and social security	318,971		251,001
Obligations under finance leases and hire purchase contracts (secured £65,357)	77,362		85,243
Other creditors	205,315		175,200
	1,591,169		1,457,978

The bank loan is secured by a bond and floating charge over the assets of the company.

Hire purchase contracts are secured over the assets to which they relate.

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

	06.04.2025		31.03.2024
	£		£
Bank loans (secured)	107,138		297,460
Obligations under finance leases and hire purchase contracts (secured £125,330)	161,345		190,686
Other creditors	318,769		296,563
	587,252		784,709

The bank loan is secured by a bond and floating charge over the assets of the company.

Hire purchase contracts are secured over the assets to which they relate.

7. Provision for liabilities

	06.04.2025		31.03.2024
	£		£
Deferred tax	168,568		176,122

8. Called-up share capital

	06.04.2025		31.03.2024
	£		£
Allotted, called-up and fully-paid
34,660 Ordinary shares of £ 0.01 each	347		347

9. Related party transactions

Transactions with the entity's directors

	06.04.2025		31.03.2024
	£		£
Amounts due to key management personnel	2,917		2,917

This loan is interest free and has no fixed repayment terms.