Silverfin false 31/10/2022 01/11/2021 31/10/2022 Colin William Elrick 31/03/2023 David George Elrick 01/08/2013 Gordon Elrick 31/12/1993 William Murison Elrick 31/03/2023 31/12/1993 David Elrick 20 October 2023 The principal activity of the Company during the financial year was planting, harvesting, drying and storage of grain. SC115096 2022-10-31 SC115096 bus:Director1 2022-10-31 SC115096 bus:Director2 2022-10-31 SC115096 bus:Director3 2022-10-31 SC115096 bus:Director4 2022-10-31 SC115096 2021-10-31 SC115096 core:CurrentFinancialInstruments 2022-10-31 SC115096 core:CurrentFinancialInstruments 2021-10-31 SC115096 core:Non-currentFinancialInstruments 2022-10-31 SC115096 core:Non-currentFinancialInstruments 2021-10-31 SC115096 core:ShareCapital 2022-10-31 SC115096 core:ShareCapital 2021-10-31 SC115096 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC115096 core:RetainedEarningsAccumulatedLosses 2021-10-31 SC115096 core:LandBuildings 2021-10-31 SC115096 core:OtherPropertyPlantEquipment 2021-10-31 SC115096 core:LandBuildings 2022-10-31 SC115096 core:OtherPropertyPlantEquipment 2022-10-31 SC115096 core:CostValuation 2021-10-31 SC115096 core:CostValuation 2022-10-31 SC115096 core:ProvisionsForImpairmentInvestments 2021-10-31 SC115096 core:ProvisionsForImpairmentInvestments 2022-10-31 SC115096 core:MoreThanFiveYears 2022-10-31 SC115096 core:MoreThanFiveYears 2021-10-31 SC115096 bus:OrdinaryShareClass1 2022-10-31 SC115096 2021-11-01 2022-10-31 SC115096 bus:FullAccounts 2021-11-01 2022-10-31 SC115096 bus:SmallEntities 2021-11-01 2022-10-31 SC115096 bus:AuditExemptWithAccountantsReport 2021-11-01 2022-10-31 SC115096 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 SC115096 bus:Director1 2021-11-01 2022-10-31 SC115096 bus:Director2 2021-11-01 2022-10-31 SC115096 bus:Director3 2021-11-01 2022-10-31 SC115096 bus:Director4 2021-11-01 2022-10-31 SC115096 bus:Director5 2021-11-01 2022-10-31 SC115096 core:LandBuildings core:TopRangeValue 2021-11-01 2022-10-31 SC115096 core:OtherPropertyPlantEquipment core:BottomRangeValue 2021-11-01 2022-10-31 SC115096 core:OtherPropertyPlantEquipment core:TopRangeValue 2021-11-01 2022-10-31 SC115096 2020-11-01 2021-10-31 SC115096 core:LandBuildings 2021-11-01 2022-10-31 SC115096 core:OtherPropertyPlantEquipment 2021-11-01 2022-10-31 SC115096 core:CurrentFinancialInstruments 2021-11-01 2022-10-31 SC115096 core:Non-currentFinancialInstruments 2021-11-01 2022-10-31 SC115096 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 SC115096 bus:OrdinaryShareClass1 2020-11-01 2021-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC115096 (Scotland)

WHITEHILL STORAGE COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH THE REGISTRAR

WHITEHILL STORAGE COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2022

Contents

WHITEHILL STORAGE COMPANY LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2022
WHITEHILL STORAGE COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 1,855,571 1,621,829
Investment property 4 583,930 285,950
Investments 5 304,848 304,848
2,744,349 2,212,627
Current assets
Stocks 243,165 158,381
Debtors 6 1,238,510 624,418
Cash at bank and in hand 72,456 319,292
1,554,131 1,102,091
Creditors: amounts falling due within one year 7 ( 1,735,299) ( 1,565,566)
Net current liabilities (181,168) (463,475)
Total assets less current liabilities 2,563,181 1,749,152
Creditors: amounts falling due after more than one year 8 ( 732,640) ( 676,599)
Provision for liabilities 9 ( 307,328) ( 168,221)
Net assets 1,523,213 904,332
Capital and reserves
Called-up share capital 10 2 2
Profit and loss account 1,523,211 904,330
Total shareholder's funds 1,523,213 904,332

For the financial year ending 31 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Whitehill Storage Company Limited (registered number: SC115096) were approved and authorised for issue by the Director on 20 October 2023. They were signed on its behalf by:

David Elrick
Director
WHITEHILL STORAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2022
WHITEHILL STORAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Whitehill Storage Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Whitehill, New Deer, Turriff, AB53 6UH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has net current liabilities of £181,168 (2021 - £463,475). Included in these amounts are balances owed to related parties of £568,740 (2021 - £554,242), these will not be repaid to the detriment of the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents amounts receivable for planting, harvesting, drying, storage of grain and RHI Income net of VAT and trade discounts. Turnover is recognised on an accruals basis at the point the service or goods have been supplied.

Employee benefits

Short term 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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery etc. 4 - 5 years straight line

Freehold land is not depreciated.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

There are no biological assets as at 31 October 2022, all grain has been harvested and is classed as stock.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are initially recognised at transaction price.

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. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 November 2021 1,404,346 2,431,392 3,835,738
Additions 0 519,670 519,670
Disposals 0 ( 48,500) ( 48,500)
At 31 October 2022 1,404,346 2,902,562 4,306,908
Accumulated depreciation
At 01 November 2021 400,161 1,813,748 2,213,909
Charge for the financial year 37,062 239,974 277,036
Disposals 0 ( 39,608) ( 39,608)
At 31 October 2022 437,223 2,014,114 2,451,337
Net book value
At 31 October 2022 967,123 888,448 1,855,571
At 31 October 2021 1,004,185 617,644 1,621,829

4. Investment property

Investment property
£
Valuation
As at 01 November 2021 285,950
Additions 297,980
As at 31 October 2022 583,930

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 October 2022 by the directors. The valuation was made on an open market value basis by reference to market evidence of transactions for similar properties.

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 November 2021 304,848 304,848
At 31 October 2022 304,848 304,848
Provisions for impairment
At 01 November 2021 0 0
At 31 October 2022 0 0
Carrying value at 31 October 2022 304,848 304,848
Carrying value at 31 October 2021 304,848 304,848

6. Debtors

2022 2021
£ £
Trade debtors 656,898 196,614
Other debtors 581,612 427,804
1,238,510 624,418

7. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 10,000 10,000
Trade creditors 771,076 569,983
Amounts owed to Group undertakings 568,740 554,242
Taxation and social security 48,976 57,577
Obligations under finance leases and hire purchase contracts 238,297 223,853
Other creditors 98,210 149,911
1,735,299 1,565,566

Obligations under finance leases and hire purchase contracts are secured over the asset in which the agreement relates to.

The bank loan is secured by a government guarantee.

8. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 310,166 320,167
Obligations under finance leases and hire purchase contracts 422,474 356,432
732,640 676,599

Obligations under finance leases and hire purchase contracts are secured over the asset in which the agreement relates to.

A bank loan is secured by a government guarantee.

A bank loan is secured over the asset in which the agreement relates to.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2022 2021
£ £
Bank loans (secured) 283,500 283,500

9. Provision for liabilities

2022 2021
£ £
Deferred tax 307,328 168,221

10. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

11. Related party transactions

Transactions with the entity's directors

2022 2021
£ £
Amounts owed to Director 13,142 25,454

Other related party transactions

2022 2021
£ £
Due to the company 568,741 554,241

There is no interest charged and no fixed repayment terms.