Silverfin false 28/02/2023 01/03/2022 28/02/2023 Gregor Niall Maclean 09/02/2016 Ramone Peter Blair Robertson 09/02/2016 29 November 2023 The principal activity of the Company is that of a progressive drinks supplier. SC526376 2023-02-28 SC526376 bus:Director1 2023-02-28 SC526376 bus:Director2 2023-02-28 SC526376 2022-02-28 SC526376 core:CurrentFinancialInstruments 2023-02-28 SC526376 core:CurrentFinancialInstruments 2022-02-28 SC526376 core:Non-currentFinancialInstruments 2023-02-28 SC526376 core:Non-currentFinancialInstruments 2022-02-28 SC526376 core:ShareCapital 2023-02-28 SC526376 core:ShareCapital 2022-02-28 SC526376 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC526376 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC526376 core:OtherPropertyPlantEquipment 2022-02-28 SC526376 core:OtherPropertyPlantEquipment 2023-02-28 SC526376 2021-02-28 SC526376 bus:OrdinaryShareClass1 2023-02-28 SC526376 core:WithinOneYear 2023-02-28 SC526376 core:WithinOneYear 2022-02-28 SC526376 core:BetweenOneFiveYears 2023-02-28 SC526376 core:BetweenOneFiveYears 2022-02-28 SC526376 core:MoreThanFiveYears 2023-02-28 SC526376 core:MoreThanFiveYears 2022-02-28 SC526376 core:KeyManagementPersonnel 2023-02-28 SC526376 core:KeyManagementPersonnel 2022-02-28 SC526376 2022-03-01 2023-02-28 SC526376 bus:FullAccounts 2022-03-01 2023-02-28 SC526376 bus:SmallEntities 2022-03-01 2023-02-28 SC526376 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC526376 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC526376 bus:Director1 2022-03-01 2023-02-28 SC526376 bus:Director2 2022-03-01 2023-02-28 SC526376 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-03-01 2023-02-28 SC526376 2021-03-01 2022-02-28 SC526376 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 SC526376 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC526376 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 SC526376 core:KeyManagementPersonnel 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC526376 (Scotland)

HUFFMAN'S LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

HUFFMAN'S LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Contents

HUFFMAN'S LIMITED

BALANCE SHEET

AS AT 28 FEBRUARY 2023
HUFFMAN'S LIMITED

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 11,676 20,838
11,676 20,838
Current assets
Stocks 4 189,820 302,664
Debtors 5 229,953 243,241
Cash at bank and in hand 6 1,178 355
420,951 546,260
Creditors: amounts falling due within one year 7 ( 442,218) ( 566,951)
Net current liabilities (21,267) (20,691)
Total assets less current liabilities (9,591) 147
Creditors: amounts falling due after more than one year 8 ( 24,074) 0
Provision for liabilities 9, 10 ( 2,919) 0
Net (liabilities)/assets ( 36,584) 147
Capital and reserves
Called-up share capital 11 100 100
Profit and loss account ( 36,684 ) 47
Total shareholders' (deficit)/funds ( 36,584) 147

For the financial year ending 28 February 2023 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 Huffman's Limited (registered number: SC526376) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Gregor Niall Maclean
Director
Ramone Peter Blair Robertson
Director
HUFFMAN'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
HUFFMAN'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
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

Huffman's 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 1 Inveralmond Road, Inveralmond Industrial Estate, Perth, PH1 3TW, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £36,584. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised on an accruals basis.

Employee benefits

Short term benefits
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 Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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
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.

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.

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

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

Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans, loans are initially recognised at transaction price.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 9

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2022 37,392 37,392
Additions 1,755 1,755
At 28 February 2023 39,147 39,147
Accumulated depreciation
At 01 March 2022 16,554 16,554
Charge for the financial year 10,917 10,917
At 28 February 2023 27,471 27,471
Net book value
At 28 February 2023 11,676 11,676
At 28 February 2022 20,838 20,838

4. Stocks

2023 2022
£ £
Stocks 189,820 302,664

5. Debtors

2023 2022
£ £
Trade debtors 185,974 207,272
Corporation tax 5,011 0
Other debtors 38,968 35,969
229,953 243,241

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 1,178 355
Less: Bank overdrafts ( 39,479) ( 24,492)
(38,301) (24,137)

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 49,309 71,382
Trade creditors 365,793 428,464
Corporation tax 0 5,143
Other taxation and social security 15,834 51,230
Other creditors 11,282 10,732
442,218 566,951

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

2023 2022
£ £
Bank loans 24,074 0

9. Provision for liabilities

2023 2022
£ £
Deferred tax 2,919 0

10. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Statement of Income and Retained Earnings ( 2,919) 0
At the end of financial year ( 2,919) 0

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 70,740 30,000
between one and five years 236,569 60,000
after five years 0 40,600
307,309 130,600

13. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2023 2022
£ £
Director's Loan Account 3,589 10,548
Director's Loan Account 3,589 476
7,178 11,024

Advances have been made in the year to the Directors totalling £93,318 (which includes interest charged by the company of £170 at a rate of 2.00%). Repayments of £89,472 have been made. The loans are unsecured and have no fixed terms of repayment.