Mushrooms (Scotland) Ltd
Abridged Financial Statements
for the financial year ended 31 December 2024
Company Number: SC411418
Mushrooms (Scotland) Ltd
CONTENTS
Page
Abridged Balance Sheet
3
Notes to the Financial Statements
4 - 6
2
Mushrooms (Scotland) Ltd
Company Registration Number: SC411418
ABRIDGED BALANCE SHEET
as at 31 December 2024
2024
2023
Notes
£
£
Fixed Assets
Tangible assets
7
95,437
104,272
Current Assets
Debtors
308,177
534,238
Cash and cash equivalents
911
1
309,088
534,239
Creditors: amounts falling due within one year
(620,042)
(4,170,671)
Net Current Liabilities
(310,954)
(3,636,432)
Total Assets less Current Liabilities
(215,517)
(3,532,160)
Creditors:
amounts falling due after more than one year
(10,316)
(23,399)
Net Liabilities
(225,833)
(3,555,559)
Capital and Reserves
Called up share capital
3
3
Retained earnings
(225,836)
(3,555,562)
Equity attributable to owners of the company
(225,833)
(3,555,559)
These abridged financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
The company has taken advantage of the exemption under section 444 not to file the Abridged Income Statement and Director's Report.
Approved by the Director and authorised for issue on 13 March 2026
________________________________
Patrick Kiernan
Director
xxx
The notes on pages 4 to 6 form part of the abridged financial statements
3
Mushrooms (Scotland) Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
1.
General Information
Mushrooms (Scotland) Ltd is a company limited by shares incorporated and registered in the Scotland. The registered number of the company is SC411418. The registered office of the company is 22 Backbrae Street, Kilsyth, Glasgow, Scotland, G65 0NH, United Kingdom. The principal activity of the company is the cultivation and sale of mushrooms. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
2.
Summary of Significant Accounting Policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
Cash flow statement
The company has availed of the exemption in FRS 102 from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. Cost comprises purchase price and other directly attributable costs. Freehold land is stated at cost and is not depreciated. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
Land and buildings freehold
-
25% Reducing balance
Plant and machinery
-
25% Reducing balance
Fixtures, fittings and equipment
-
10% Straight line
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
4
continued
Mushrooms (Scotland) Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
Ordinary share capital
The ordinary share capital of the company is presented as equity.
Exceptional item
Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.
3.
Significant accounting judgements and key sources of estimation uncertainty
The preparation of these accounts requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects the period.
There were no estimates and assumptions that had a material effect on the financial statements in the current period.
4.
Going concern
The company had net liabilities of £225,833 as of 31 December 2024 (£2023: £3,555,559). This was after writing off intercompany balances of £3,450,768 during 2024. There are refunds due for VAT and CT R&D claims worth £308,177 but short-term and long-term creditors total £630,358 as of 31 December 2024.
The director deems it appropriate to prepare the financial statements on the going concern basis because the company has the continued support of its shareholders and has access to adequate financial and operational resources for the foreseeable future.
5
continued
Mushrooms (Scotland) Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2024
5.
INFORMATION RELATING TO THE AUDITOR'S REPORT
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
The financial statements were audited by Xeinadin Audit Ireland Limited.
The Auditor's Report was signed by Brian Murphy (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Ireland Limited on
13th March 2026
13 March 2026
.
6.
Employees
The average monthly number of employees, including director, during the financial year was 4, (2023 - 50).
2024
2023
Number
Number
Employees
4
50
7.
Tangible assets
Land and
Plant and
Fixtures,
Total
buildings
machinery
fittings and
freehold
equipment
£
£
£
£
Cost
At 1 January 2024
286,975
140,139
68,097
495,211
Additions
16,669
-
-
16,669
At 31 December 2024
303,644
140,139
68,097
511,880
Depreciation
At 1 January 2024
239,462
129,540
21,937
390,939
Charge for the financial year
16,045
2,650
6,809
25,504
At 31 December 2024
255,507
132,190
28,746
416,443
Net book value
At 31 December 2024
48,137
7,949
39,351
95,437
At 31 December 2023
47,513
10,599
46,160
104,272
8.
Capital commitments
The company had no material capital commitments at the financial year-ended 31 December 2024.
9.
Post-Balance Sheet Events
There have been no significant events affecting the company since the financial year-end.
10.
Ultimate Controlling Party
The controlling party is Breffni Mushrooms Marketing Limited.
There is no ultimate controlling party.
xxx
xxx
xxx
xxx
6
false CCH Software iXBRL Review & Tag 2025.2 2024-12-31 2024-01-01 false SC411418 2024-01-01 2024-12-31 SC411418 2024-12-31 SC411418 bus:FRS102 2024-01-01 2024-12-31 SC411418 2023-01-01 2023-12-31 SC411418 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC411418 bus:Audited 2024-01-01 2024-12-31 SC411418 bus:AbridgedAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares