Company Registration number:
Auchencheyne Limited
Financial Statements
for the
Year Ended 31 December 2021
Auchencheyne Limited
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
15,865 |
15,865 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Shareholders' funds |
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Auchencheyne Limited
Balance Sheet as at 31 December 2021 (continued)
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company registration number: SC055011
Auchencheyne Limited
Notes to the financial statements for the Year Ended 31 December 2021
GENERAL INFORMATION |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
ACCOUNTING POLICIES |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Auchencheyne Limited
Notes to the financial statements for the Year Ended 31 December 2021 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102 Section 1A. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in 'other income' within profit and loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ('Furlough').
The company has not directly benefited from any other forms of government assistance.
Foreign currency transactions and balances
Taxation
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Auchencheyne Limited
Notes to the financial statements for the Year Ended 31 December 2021 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Property improvements |
10% straight line |
Machinery, equipment, fixtures and fittings |
10% straight line |
Tractor and motor vehicles |
25% straight line |
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Auchencheyne Limited
Notes to the financial statements for the Year Ended 31 December 2021 (continued)
2 |
ACCOUNTING POLICIES (continued) |
Financial instruments
Classification
Recognition and measurement
Impairment
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
STAFF NUMBERS |
The average number of persons employed by the company (including directors) during the year, was
Auchencheyne Limited
Notes to the financial statements for the Year Ended 31 December 2021 (continued)
TANGIBLE ASSETS |
Freehold Property |
CHP power plant and hydro schemes |
Machinery, equipment and windfarm |
Tractors and motor vehicles |
Herd and flock |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
- |
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Disposals |
( |
- |
( |
( |
- |
( |
At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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- |
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- |
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Charge for the year |
- |
- |
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- |
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Eliminated on disposal |
- |
- |
( |
( |
- |
( |
At 31 December 2021 |
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- |
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- |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Auchencheyne Limited
Notes to the financial statements for the Year Ended 31 December 2021 (continued)
OTHER FINANCIAL ASSETS (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2021 |
15,865 |
15,865 |
At 31 December 2021 |
15,865 |
15,865 |
Carrying amount |
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At 31 December 2021 |
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15,865 |
DEBTORS |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Auchencheyne Limited
Notes to the financial statements for the Year Ended 31 December 2021 (continued)
CREDITORS |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Included within creditors amounts falling due within one year is £165,301 (2020: £487,007) of bank loans and overdrafts and £81,647 (2020: £104,237) of hire purchase agreements which are secured on the tangible fixed assets of the company.
Creditors: amounts falling due after more than one year
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Included within creditors: amounts falling due after more than one year is £3,021,023 (2020: £3,144,643) of bank loans and overdrafts and £206,822 (2020: £143,752) of hire purchase agreements which are secured on the tangible fixed assets of the company.