Scot Chip Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC258060 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2025

for

Scot Chip Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J J Logan

E G Logan

H W J Logan

SECRETARY:

J J Logan

REGISTERED OFFICE:

Samuelston South Mains

Pencaitland

Tranent

East Lothian

EH34 5DU

REGISTERED NUMBER:

SC258060 (Scotland)

ACCOUNTANTS:

Bennett and Co

Chartered Accountants

25 Lanark Road

Edinburgh

EH14 1TG

FIXED ASSETS

Tangible assets

4

214,374

223,224

CURRENT ASSETS

Stocks

26,238

43,081

Debtors

5

519,183

509,670

Cash at bank

804,628

667,491

1,350,049

1,220,242

CREDITORS

Amounts falling due within one year

6

(165,593

)

(300,921

)

NET CURRENT ASSETS

1,184,456

919,321

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,398,830

1,142,545

PROVISIONS FOR LIABILITIES

7

(14,189

)

(16,232

)

NET ASSETS

1,384,641

1,126,313

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

8

1,384,639

1,126,311

SHAREHOLDERS' FUNDS

1,384,641

1,126,313

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 6 May 2026 and were signed on its behalf by:

J J Logan - Director

E G Logan - Director

H W J Logan - Director

1.	STATUTORY INFORMATION

Scot Chip 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.

Turnover

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

Tangible fixed assets

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

Property improvements

-

not provided

Plant and equipment

-

20% on cost

Office equipment

-

20% 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.

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

Rentals paid under operating leases are charged to profit or loss 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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Property

Plant and

Office

improvements

equipment

Totals

£

COST

At 1 September 2024

173,275

603,959

11,441

788,675

Additions

-

7,950

2,052

10,002

Disposals

-

(1,641

)

(1,641

)

At 31 August 2025

173,275

611,909

11,852

797,036

DEPRECIATION

At 1 September 2024

-

555,718

9,733

565,451

Charge for year

-

17,808

1,044

18,852

Eliminated on disposal

-

(1,641

)

(1,641

)

At 31 August 2025

-

573,526

9,136

582,662

NET BOOK VALUE

At 31 August 2025

173,275

38,383

2,716

214,374

At 31 August 2024

173,275

48,241

1,708

223,224

No depreciation has been charged on the property improvements as, in the directors opinion, the remaining economic useful life will exceed 50 years.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

Trade debtors

160,836

117,629

Sundry debtors

8,652

12,093

Aford Property Ltd loan

35,000

WM Logan loan

178,785

248,185

Directors' loan accounts

114,000

82,000

Corporation tax repayable

3,250

2,275

VAT

18,660

12,488

519,183

509,670

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

Trade creditors

48,504

111,980

Corporation tax

105,969

79,480

Social security and other taxes

5,392

4,462

Other creditors

5,728

104,999

165,593

300,921

7.	PROVISIONS FOR LIABILITIES

31.8.25

31.8.24

£

Deferred tax

14,189

16,232

Deferred

tax

£

Balance at 1 September 2024

16,232

Credit to Income Statement during year

(2,043

)

Balance at 31 August 2025

14,189

8.

RESERVES

Retained

earnings

£

At 1 September 2024

1,126,311

Profit for the year

258,328

At 31 August 2025

1,384,639

9.	CONTINGENT LIABILITIES

National Westminster Bank Plc hold a Bond and Floating Charge over the assets of the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2025 and 31 August 2024:

31.8.25

31.8.24

£

J J Logan

Balance outstanding at start of year

36,000

40,000

Amounts advanced

42,000

-

Amounts repaid

-

(4,000

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

78,000

36,000

E G Logan

Balance outstanding at start of year

10,000

Amounts repaid

(10,000

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

-

10,000

H W J Logan

Balance outstanding at start of year

36,000

39,000

Amounts repaid

-

(3,000

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

36,000

11.	RELATED PARTY DISCLOSURES

Goods to the value of £50,685 (2024 - £41,482) were purchased from W.M. Logan, a partnership in which J Logan, E Logan and H. Logan are partners. The company received solar panel income of £7,684 (2024 - £7,750) and paid W.M. Logan for the following services: -

31.08.25

31.08.24

£

Heat and light

38,142

33,328

Rent

18,000

Plant hire and waste disposal

23,471

22,296

Telephone

180

240

Goods to the value of £5,724 (2024 - £845) were purchased from Denholm Potato Growers Limited and the company also paid £2,489 (2024 - £3,991) for heat and light and nil (2024 - £295) for workwear. J Logan and E Logan are directors and shareholders of both companies and H. Logan is a director of both companies.

All the above transactions were made on a normal trading basis.

12.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.