KNOCKANDO WOOLMILL COMPANY LIMITED

Company Registration Number:
SC350975 (Scotland)

Unaudited statutory accounts for the year ended 30 September 2022

Period of accounts

Start date: 1 April 2021

End date: 30 September 2022

KNOCKANDO WOOLMILL COMPANY LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

KNOCKANDO WOOLMILL COMPANY LIMITED

Directors' report period ended 30 September 2022

The directors present their report with the financial statements of the company for the period ended 30 September 2022

Directors

The directors shown below have held office during the whole of the period from
1 April 2021 to 30 September 2022

Michael John Barron
Andrew John Mulligan


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 November 2022

And signed on behalf of the board by:
Name: Michael John Barron
Status: Director

KNOCKANDO WOOLMILL COMPANY LIMITED

Profit And Loss Account

for the Period Ended 30 September 2022

18 months to 30 September 2022 2021


£

£
Turnover: 105,598 50,460
Cost of sales: ( 87,458 ) ( 97,090 )
Gross profit(or loss): 18,140 (46,630)
Administrative expenses: ( 152,840 ) ( 78,458 )
Other operating income: 15,416 11,218
Operating profit(or loss): (119,284) (113,870)
Interest payable and similar charges: ( 9,660 ) ( 20,763 )
Profit(or loss) before tax: (128,944) (134,633)
Profit(or loss) for the financial year: (128,944) (134,633)

KNOCKANDO WOOLMILL COMPANY LIMITED

Balance sheet

As at 30 September 2022

Notes 18 months to 30 September 2022 2021


£

£
Called up share capital not paid: 1 1
Fixed assets
Intangible assets: 3 0 434
Tangible assets: 4 0 15,153
Total fixed assets: 0 15,587
Current assets
Stocks: 5 0 45,976
Debtors: 6 0 32,649
Cash at bank and in hand: 2,437 9,024
Total current assets: 2,437 87,649
Creditors: amounts falling due within one year: 7 ( 747,892 ) ( 247,402 )
Net current assets (liabilities): (745,455) (159,753)
Total assets less current liabilities: (745,454) ( 144,165)
Creditors: amounts falling due after more than one year: 8 0 ( 472,345 )
Total net assets (liabilities): (745,454) (616,510)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (745,455 ) (616,511 )
Total Shareholders' funds: ( 745,454 ) (616,510)

The notes form part of these financial statements

KNOCKANDO WOOLMILL COMPANY LIMITED

Balance sheet statements

For the year ending 30 September 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 30 November 2022
and signed on behalf of the board by:

Name: Michael John Barron
Status: Director

The notes form part of these financial statements

KNOCKANDO WOOLMILL COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue is recognised to the extent that the company obtains the right to consideration in exchange for itsperformance. Revenue is measured at the fair value of the consideration received, excluding discounts,rebates, VAT and other sales taxes or duty. The company derives its income from the sales of products sold inthe shop and also from the operation of a small caff. The following criteria must also be met before revenueis recognised:Sale of goods:Sale of goods to commercial or wholesale customers are recognised when invoiced. These customers nowpay a deposit of at least 50 per cent when the order is placed which gives the directors considerableassurance that full payment will be made on delivery of the goods. Retail sales are recognised when the saleis made on the till.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over theiruseful lives on the following bases:Plant and equipment 25% on reducing balanceOffice equipment 50% on reducing balanceThe gain or loss arising on the disposal of an asset is determined as the difference between the saleproceeds and the carrying value of the asset, and is credited or charged to profit or loss.

    Intangible fixed assets amortisation policy

    Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costless any accumulated amortisation and any accumulated impairment losses.Trademarks Straight line over 10 yearsWebsite development Straight line over 2 years

    Other accounting policies

    Accounting policiesCompany informationKnockando Woolmill Company Limited is a private company limited by shares incorporated in Scotland. Theregistered office is The Woolmills, Knockando, Aberlour, Moray, AB38 7RP.1.1 Accounting conventionThese financial statements have been prepared in accordance with FRS 102 “The Financial ReportingStandard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the CompaniesAct 2006 as applicable to companies subject to the small companies regime. The disclosure requirements ofsection 1A of FRS 102 have been applied other than where additional disclosure is required to show a trueand fair view.The financial statements are prepared in sterling, which is the functional currency of the company. Monetaryamounts in these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention. The principal accountingpolicies adopted are set out below.Knockando Woolmill Company Limited is a wholly owned subsidiary of Knockando Woolmill Trust. Thecompany has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepareconsolidated accounts. The financial statements present information about the company as an individualentity and not about its group.1.2 Going concernThe company ceased trading on 30 September 2022 and therefore these financial statements have not beenprepared on a going concern basis.1.3 Reporting periodThese financial statements cover the period from 1 April 2021 to 30 September 2022 at which point thecompany ceased trading. As a result the previous years figures are not entirely comparable.1.4 TurnoverRevenue is recognised to the extent that the company obtains the right to consideration in exchange for itsperformance. Revenue is measured at the fair value of the consideration received, excluding discounts,rebates, VAT and other sales taxes or duty. The company derives its income from the sales of products sold inthe shop and also from the operation of a small caff. The following criteria must also be met before revenueis recognised:Sale of goods:Sale of goods to commercial or wholesale customers are recognised when invoiced. These customers nowpay a deposit of at least 50 per cent when the order is placed which gives the directors considerableassurance that full payment will be made on delivery of the goods. Retail sales are recognised when the saleis made on the till.1.5 Intangible fixed assets other than goodwillIntangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costless any accumulated amortisation and any accumulated impairment losses.Trademarks Straight line over 10 yearsWebsite development Straight line over 2 yearsKNOCKANDO WOOLMILL COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)FOR THE PERIOD ENDED 30 SEPTEMBER 20221 Accounting policies (Continued)- 7 -1.6 Tangible fixed assetsTangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over theiruseful lives on the following bases:Plant and equipment 25% on reducing balanceOffice equipment 50% on reducing balanceThe gain or loss arising on the disposal of an asset is determined as the difference between the saleproceeds and the carrying value of the asset, and is credited or charged to profit or loss.1.7 Impairment of fixed assetsAt each reporting period end date, the company reviews the carrying amounts of its tangible and intangibleassets to determine whether there is any indication that those assets have suffered an impairment loss. If anysuch indication exists, the recoverable amount of the asset is estimated in order to determine the extent of theimpairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflectscurrent market assessments of the time value of money and the risks specific to the asset for which theestimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carryingamount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Animpairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revaluedamount, in which case the impairment loss is treated as a revaluation decrease.Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceasedto apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increasedcarrying amount does not exceed the carrying amount that would have been determined had no impairmentloss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss isrecognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in whichcase the reversal of the impairment loss is treated as a revaluation increase.1.8 StocksStocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costcomprises direct materials and, where applicable, direct labour costs and those overheads that have beenincurred in bringing the stocks to their present location and condition.At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocksover its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit orloss. Reversals of impairment losses are also recognised in profit or loss.1.9 Cash and cash equivalentsCash and cash equivalents are basic financial assets and include cash in hand, deposits held at call withbanks, other short-term liquid investments with original maturities of three months or less, and bankoverdrafts. Bank overdrafts are shown within borrowings in current liabilities.KNOCKANDO WOOLMILL COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)FOR THE PERIOD ENDED 30 SEPTEMBER 20221 Accounting policies (Continued)- 8 -1.10 Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party tothe contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, whenthere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on anet basis or to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using theeffective interest method unless the arrangement constitutes a financing transaction, where the transaction ismeasured at the present value of the future receipts discounted at a market rate of interest. Financial assetsclassified as receivable within one year are not amortised.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractualarrangements entered into. An equity instrument is any contract that evidences a residual interest in theassets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preferenceshares that are classified as debt, are initially recognised at transaction price unless the arrangementconstitutes a financing transaction, where the debt instrument is measured at the present value of the futurepayments discounted at a market rate of interest. Financial liabilities classified as payable within one year arenot amortised.Debt instruments are subsequently carried at amortised cost.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course ofbusiness from suppliers. Amounts payable are classified as current liabilities if payment is due within one yearor less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially attransaction price and subsequently measured at amortised cost.1.11 Equity instrumentsEquity 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 discretionof the company.1.12 Employee benefitsThe costs of short-term employee benefits are recognised as a liability and an expense, unless those costsare 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 arereceived.Termination benefits are recognised immediately as an expense when the company is demonstrablycommitted to terminate the employment of an employee or to provide termination benefits.1.13 Retirement benefitsPayments to defined contribution retirement benefit schemes are charged as an expense as they fall due.KNOCKANDO WOOLMILL COMPANY LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)FOR THE PERIOD ENDED 30 SEPTEMBER 20221 Accounting policies (Continued)- 9 -1.14 Government grantsGovernment grants are recognised at the fair value of the asset received or receivable when there isreasonable assurance that the grant conditions will be met and the grants will be received.Government grants relating to turnover are recognised as income over the periods when the related costs areincurred. Grants relating to an asset are recognised in income systematically over the asset's expected usefullife. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from theasset's carrying amount.

KNOCKANDO WOOLMILL COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

  • 2. Employees

    18 months to 30 September 2022 2021
    Average number of employees during the period 4 2

KNOCKANDO WOOLMILL COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2021 13,375 13,375
Additions 0 0
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 30 September 2022 13,375 13,375
Amortisation
At 1 April 2021 12,941 12,941
Charge for year 434 434
On disposals 0 0
Other adjustments 0 0
At 30 September 2022 13,375 13,375
Net book value
At 30 September 2022 0 0
At 31 March 2021 434 434

KNOCKANDO WOOLMILL COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2021 41,760 17,103 58,863
Additions 270 0 270
Disposals ( 42,030 ) ( 17,103 ) ( 59,133 )
Revaluations
Transfers
At 30 September 2022 0 0 0
Depreciation
At 1 April 2021 27,557 16,153 43,710
Charge for year 5,427 712 6,139
On disposals ( 32,984 ) ( 16,865 ) ( 49,849 )
Other adjustments
At 30 September 2022 0 0 0
Net book value
At 30 September 2022 0 0 0
At 31 March 2021 14,203 950 15,153

KNOCKANDO WOOLMILL COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

5. Stocks

18 months to 30 September 2022 2021
£ £
Stocks 0 45,976
Total 0 45,976

KNOCKANDO WOOLMILL COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

6. Debtors

18 months to 30 September 2022 2021
£ £
Trade debtors 0 32,649
Total 0 32,649

KNOCKANDO WOOLMILL COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

7. Creditors: amounts falling due within one year note

18 months to 30 September 2022 2021
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 36,498 54,233
Taxation and social security 3,774 1,093
Accruals and deferred income 0
Other creditors 707,620 192,076
Total 747,892 247,402

KNOCKANDO WOOLMILL COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2022

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

18 months to 30 September 2022 2021
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 0 472,345
Total 0 472,345