REGISTERED NUMBER: SC231973 (Scotland)

Unaudited Financial Statements for the Year Ended 31 July 2025

for

Cheyne's (Management) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S Adamczuk

P Adamczuk

REGISTERED OFFICE:

46 George Street

Edinburgh

EH2 2LE

REGISTERED NUMBER:

SC231973 (Scotland)

ACCOUNTANTS:

EQ Accountants Ltd

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

4

3,010,000

3,440,000

Property, plant and equipment

5

4,942

25,839

3,014,942

3,465,839

CURRENT ASSETS

Inventories

42,541

45,078

Debtors

6

102,964

450,948

Cash at bank and in hand

95,121

207,564

240,626

703,590

CREDITORS

Amounts falling due within one year

7

536,765

572,881

NET CURRENT (LIABILITIES)/ASSETS

(296,139

)

130,709

TOTAL ASSETS LESS CURRENT LIABILITIES

2,718,803

3,596,548

CREDITORS

Amounts falling due after more than one year

8

42,667

96,167

NET ASSETS

2,676,136

3,500,381

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,675,136

3,499,381

SHAREHOLDERS' FUNDS

2,676,136

3,500,381

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 27 April 2026 and were signed on its behalf by:

P Adamczuk - Director

1.	STATUTORY INFORMATION

Cheyne's (Management) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

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.

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.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

(i) Goodwill valuation

The valuation of goodwill involves a number of estimates including future profitability and considered of any factors which may lead to an impairment.

Turnover

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

Turnover is the amount derived from ordinary activities and is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Revenue from the provision of services as specified in the strategic report is recognised when all the following conditions are satisfied:

- The amount of revenue can be measures 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 transactions can be measured reliably.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised over its useful life.

The company had previously departed from the requirements of Companies Act 2006 to amortise goodwill. The directors have reconsidered this treatment in the current year and have decided to amortise the net book value over the coming 10 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.

Short leasehold improvements

-

Over the remaining life of the lease

Fixtures and fittings

-

15% on cost and Straight line over 5 years

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Stocks

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

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS in respect of financial instruments.

(i) Financial assets

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

(ii) Financial liabilities

Basic financial liabilities, including trade creditors and other creditors, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Operating leases are charged to profit and loss account 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.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as an interest expense.

Interest bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference being between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Leased assets

Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the period in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2024 - 50 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2024

and 31 July 2025

8,689,000

AMORTISATION

At 1 August 2024

5,249,000

Charge for year

430,000

At 31 July 2025

5,679,000

NET BOOK VALUE

At 31 July 2025

3,010,000

At 31 July 2024

3,440,000

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2024

and 31 July 2025

291,446

424,106

715,552

DEPRECIATION

At 1 August 2024

269,874

419,839

689,713

Charge for year

16,630

4,267

20,897

At 31 July 2025

286,504

424,106

710,610

NET BOOK VALUE

At 31 July 2025

4,942

-

4,942

At 31 July 2024

21,572

4,267

25,839

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Trade debtors

1,162

-

Other debtors

101,802

450,948

102,964

450,948

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Bank loans and overdrafts

37,500

85,813

Trade creditors

101,773

103,694

Amounts owed to group undertakings

3,000

-

Taxation and social security

165,772

165,730

Other creditors

228,720

217,644

536,765

572,881

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.25

31.7.24

£

£

Bank loans

-

37,500

Other creditors

42,667

58,667

42,667

96,167

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.25

31.7.24

£

£

Bank loans

37,500

123,313

The bank loan is secured by way of floating charge over the assets of the company.

10.	PENSION COMMITMENTS

The company operates defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the schemes and amounted to £29,461 (2024 - £36,083). Contributions totalling £116 (2024 - £6,002) were payable to the schemes at the year end and are included in creditors.