Company Registration No. SC093121 (Scotland)
MEADOWSIDE BLENDING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
MEADOWSIDE BLENDING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MEADOWSIDE BLENDING COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
883
812
Investment properties
4
420,000
883
420,812
Current assets
Stocks
5,280,905
4,659,644
Debtors
5
239,077
220,696
Cash at bank and in hand
680,370
38,059
6,200,352
4,918,399
Creditors: amounts falling due within one year
6
(255,092)
(277,783)
Net current assets
5,945,260
4,640,616
Total assets less current liabilities
5,946,143
5,061,428
Creditors: amounts falling due after more than one year
7
(1,750,000)
(1,500,000)
Net assets
4,196,143
3,561,428
Capital and reserves
Called up share capital
8
100
100
Capital redemption reserve
1
1
Profit and loss reserves
4,196,042
3,561,327
Total equity
4,196,143
3,561,428
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MEADOWSIDE BLENDING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 November 2021 and are signed on its behalf by:
Mr D S G Hart
Director
Company Registration No. SC093121
MEADOWSIDE BLENDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Meadowside Blending Company Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
145 St Vincent Street, Glasgow, G2 5JF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Straight Line
Fixtures, fittings & equipment
25% Straight Line
Computer equipment
25% Straight Line
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
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
Any impairment loss is recognised immediately in profit or loss.
MEADOWSIDE BLENDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
The nature of the stock held appreciates in value over time. The stock is valued at the lower of cost versus net realisable value in the accounts, not considering the appreciation in value. The stock has been valued independently of the company and holds a value of £5,280,905 as at 31 March 2021. This difference in the accounts is due to the value appreciating over time.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, hire purchase and directors' loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MEADOWSIDE BLENDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have assigned but not reversed at the balance sheet date.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3
(2020 - 3).
MEADOWSIDE BLENDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2020
6,554
5,116
5,897
17,567
Additions
666
666
At 31 March 2021
7,220
5,116
5,897
18,233
Depreciation and impairment
At 1 April 2020
6,554
5,116
5,085
16,755
Depreciation charged in the year
166
429
595
At 31 March 2021
6,720
5,116
5,514
17,350
Carrying amount
At 31 March 2021
500
383
883
At 31 March 2020
812
812
4
Investment property
2021
£
Fair value
At 1 April 2020
420,000
Disposals
(420,000)
At 31 March 2021
The Investment property was purchased in the year to 31 March 2019 with a value of £473,147.
The property had a valuation done in the year to 31 March 2021 and sold for £420,000.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
116,513
79,190
S455 tax debtor
22,343
22,343
Other debtors
22,453
5,791
Directors' loan account
61,395
76,641
Prepayments and accrued income
15,718
12,199
238,422
196,164
Deferred tax asset (note )
655
24,532
239,077
220,696
MEADOWSIDE BLENDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
31,204
24,723
Corporation tax
188,293
239,482
Other taxation and social security
2,728
2,010
Other creditors
29,637
8,433
Accruals and deferred income
3,230
3,135
255,092
277,783
7
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
1,750,000
1,500,000
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100