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REGISTERED NUMBER: SC314713 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

DUNDEE COLD STORES LIMITED

DUNDEE COLD STORES LIMITED (REGISTERED NUMBER: SC314713)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


DUNDEE COLD STORES LIMITED

COMPANY INFORMATION
for the year ended 31 DECEMBER 2022







DIRECTORS: C G W Bruce
W P Bruce
J I Forbes
I Gillies
G A Forbes





REGISTERED OFFICE: Whittle Place
Gourdie Industrial Estate
Dundee
DD2 4TD





REGISTERED NUMBER: SC314713 (Scotland)





AUDITORS: Thomas Barrie & Co LLP
Statutory Auditor
Chartered Accountants
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

DUNDEE COLD STORES LIMITED (REGISTERED NUMBER: SC314713)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,627,469 4,363,170

CURRENT ASSETS
Stocks 747,649 362,800
Debtors 5 3,530,618 3,374,199
Cash at bank and in hand 991,653 610,020
5,269,920 4,347,019
CREDITORS
Amounts falling due within one year 6 (934,699 ) (681,193 )
NET CURRENT ASSETS 4,335,221 3,665,826
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,962,690

8,028,996

CREDITORS
Amounts falling due after more than one year 7 (747,661 ) (839,674 )

PROVISIONS FOR LIABILITIES (815,528 ) (549,280 )
NET ASSETS 7,399,501 6,640,042

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 7,399,401 6,639,942
SHAREHOLDERS' FUNDS 7,399,501 6,640,042

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 September 2023 and were signed on its behalf by:





W P Bruce - Director


DUNDEE COLD STORES LIMITED (REGISTERED NUMBER: SC314713)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2022

1. STATUTORY INFORMATION

Dundee Cold Stores Limited is a private company, limited by shares, registered in Scotland, registration number SC314713. The registered office is Whittle Place, Gourdie Industrial Estate, Dundee, DD2 4TD.

The principal activity of the company is processing, freezing and cold storage of vegetables.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Goods & services
Income from goods and services in relation to the processing, freezing and cold storage of vegetables is recognised when performed, such that risks and rewards have been transferred to the customer.

Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Subsidies are recognised in the profit and loss in the period to which they relate.

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.
Land and buildings - 2% on cost and not provided
Plant and machinery etc - 25% on cost, 15% on cost and 10% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

Stocks
Stocks are valued at the lower of cost and net realisable value. Pallet and timber stock are written down annually in line with expected useful lives.

DUNDEE COLD STORES LIMITED (REGISTERED NUMBER: SC314713)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprises cash balances.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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.

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.

Short term employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the period in which they are incurred. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2021 - 41 ) .

DUNDEE COLD STORES LIMITED (REGISTERED NUMBER: SC314713)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2022

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2022 1,352,824 7,817,334 9,170,158
Additions - 1,012,054 1,012,054
Disposals - (464,759 ) (464,759 )
At 31 December 2022 1,352,824 8,364,629 9,717,453
DEPRECIATION
At 1 January 2022 253,960 4,553,028 4,806,988
Charge for year 20,225 727,530 747,755
Eliminated on disposal - (464,759 ) (464,759 )
At 31 December 2022 274,185 4,815,799 5,089,984
NET BOOK VALUE
At 31 December 2022 1,078,639 3,548,830 4,627,469
At 31 December 2021 1,098,864 3,264,306 4,363,170

Included in cost of land and buildings is freehold land of £ 341,596 (2021 - £ 341,596 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 3,258,734 3,165,169
Other debtors 271,884 209,030
3,530,618 3,374,199

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 85,000 85,000
Trade creditors 375,614 129,999
Taxation and social security 149,214 154,575
Other creditors 324,871 311,619
934,699 681,193

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 747,661 839,674

DUNDEE COLD STORES LIMITED (REGISTERED NUMBER: SC314713)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2022 2021
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 405,661 497,674

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 832,661 924,674

The company has granted a bond and floating charge over the assets of the company in favour of Royal Bank of Scotland plc, as well as a standard security over the factory premises.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Greig BA CA (Senior Statutory Auditor)
for and on behalf of Thomas Barrie & Co LLP

10. CAPITAL COMMITMENTS
2022 2021
£    £   
Contracted but not provided for in the
financial statements - 251,832