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REGISTERED NUMBER: SC400504 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

SUTHERLAND & CO (OLD CRAIG) LTD

SUTHERLAND & CO (OLD CRAIG) LTD (REGISTERED NUMBER: SC400504)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

SUTHERLAND & CO (OLD CRAIG) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Mr I A Sutherland





REGISTERED OFFICE: Old Craig
Meikle Wartle
Inverurie
Aberdeenshire
AB51 5AS





REGISTERED NUMBER: SC400504 (Scotland)





ACCOUNTANTS: Bain Henry Reid
51-53 High Street
Turriff
AB53 4EJ

SUTHERLAND & CO (OLD CRAIG) LTD (REGISTERED NUMBER: SC400504)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 223,425 211,273

CURRENT ASSETS
Stocks 168,665 118,040
Debtors 4 522,956 479,359
Cash at bank 1,243,126 990,806
1,934,747 1,588,205
CREDITORS
Amounts falling due within one year 5 144,064 138,166
NET CURRENT ASSETS 1,790,683 1,450,039
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,014,108

1,661,312

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,013,108 1,660,312
SHAREHOLDERS' FUNDS 2,014,108 1,661,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 29 January 2024 and were signed by:





Mr I A Sutherland - Director


SUTHERLAND & CO (OLD CRAIG) LTD (REGISTERED NUMBER: SC400504)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. 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.

Turnover
Turnover represents share of profit in partnership of Sutherland & Company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Investments
Investments held as current assets are stated at the lower of cost and net realisable value. Dividends are bought to account in the profit and loss account when received.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

SUTHERLAND & CO (OLD CRAIG) LTD (REGISTERED NUMBER: SC400504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 317,906
Additions 115,750
Disposals (86,214 )
At 31 May 2023 347,442
DEPRECIATION
At 1 June 2022 106,633
Charge for year 47,280
Eliminated on disposal (29,896 )
At 31 May 2023 124,017
NET BOOK VALUE
At 31 May 2023 223,425
At 31 May 2022 211,273

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 73,960 37,253
ANM Group Deposit 380,446 374,482
Executory Loan 31,373 -
Directors' current accounts - 31,769
Tax 10,722 10,722
VAT 22,958 22,155
Prepayments 3,497 2,978
522,956 479,359

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 43,447 64,372
Tax 85,035 59,374
Social security and other taxes (326 ) 126
Directors' current accounts 9,828 8,814
Accrued expenses 6,080 5,480
144,064 138,166

SUTHERLAND & CO (OLD CRAIG) LTD (REGISTERED NUMBER: SC400504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


6. DIRECTOR'S LOANS

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr A W Sutherland
Balance outstanding at start of year 31,769 963
Amounts advanced - 35,674
Amounts repaid (31,769 ) (4,868 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 31,769

Mr I A Sutherland
Balance outstanding at start of year (8,814 ) (79,404 )
Amounts advanced - 80,547
Amounts repaid (1,014 ) (9,957 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (9,828 ) (8,814 )

7. ULTIMATE CONTROLLING PARTY

Mr A W Sutherland & family control the company by virtue of 100% controlling interest in the issued share capital.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SUTHERLAND & CO (OLD CRAIG) LTD


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sutherland & Co (Old Craig) Ltd for the year ended 31 May 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Sutherland & Co (Old Craig) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sutherland & Co (Old Craig) Ltd and state those matters that we have agreed to state to the director of Sutherland & Co (Old Craig) Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Sutherland & Co (Old Craig) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sutherland & Co (Old Craig) Ltd. You consider that Sutherland & Co (Old Craig) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sutherland & Co (Old Craig) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bain Henry Reid
51-53 High Street
Turriff
AB53 4EJ


29 January 2024