Silverfin false false 30/06/2023 01/07/2022 30/06/2023 J A Twatt J G Twatt 18/08/2004 D Wiseman 18/08/2004 07 March 2024 The principal activity of the Company continued to be that of potato wholesaling. SC069172 2023-06-30 SC069172 bus:Director2 2023-06-30 SC069172 bus:Director3 2023-06-30 SC069172 2022-06-30 SC069172 core:CurrentFinancialInstruments 2023-06-30 SC069172 core:CurrentFinancialInstruments 2022-06-30 SC069172 core:ShareCapital 2023-06-30 SC069172 core:ShareCapital 2022-06-30 SC069172 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC069172 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC069172 core:OtherPropertyPlantEquipment 2022-06-30 SC069172 core:OtherPropertyPlantEquipment 2023-06-30 SC069172 core:ImmediateParent core:CurrentFinancialInstruments 2023-06-30 SC069172 core:ImmediateParent core:CurrentFinancialInstruments 2022-06-30 SC069172 bus:OrdinaryShareClass1 2023-06-30 SC069172 2022-07-01 2023-06-30 SC069172 bus:FilletedAccounts 2022-07-01 2023-06-30 SC069172 bus:SmallEntities 2022-07-01 2023-06-30 SC069172 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC069172 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC069172 bus:Director1 2022-07-01 2023-06-30 SC069172 bus:Director2 2022-07-01 2023-06-30 SC069172 bus:Director3 2022-07-01 2023-06-30 SC069172 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 SC069172 2021-07-01 2022-06-30 SC069172 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 SC069172 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC069172 (Scotland)

ALAN TWATT POTATO MERCHANTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH THE REGISTRAR

ALAN TWATT POTATO MERCHANTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

Contents

ALAN TWATT POTATO MERCHANTS LIMITED

BALANCE SHEET

AS AT 30 JUNE 2023
ALAN TWATT POTATO MERCHANTS LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,481 4,264
3,481 4,264
Current assets
Stocks 20,775 18,629
Debtors 4 450,823 334,639
Cash at bank and in hand 5 252,988 174,518
724,586 527,786
Creditors: amounts falling due within one year 6 ( 223,418) ( 116,475)
Net current assets 501,168 411,311
Total assets less current liabilities 504,649 415,575
Provision for liabilities ( 870) ( 1,066)
Net assets 503,779 414,509
Capital and reserves
Called-up share capital 7 10,000 10,000
Profit and loss account 493,779 404,509
Total shareholder's funds 503,779 414,509

For the financial year ending 30 June 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 Alan Twatt Potato Merchants Limited (registered number: SC069172) were approved and authorised for issue by the Board of Directors on 07 March 2024. They were signed on its behalf by:

D Wiseman
Director
ALAN TWATT POTATO MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
ALAN TWATT POTATO MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

Alan Twatt Potato Merchants 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 Commerce House, South Street, Elgin, IV30 1JE, United Kingdom. The principal place of business is Easter Cushnie, Gamrie, Banff, AB45 3HT.

The financial statements have been prepared under the historical cost convention, modified to include certain items 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise.

Turnover

Turnover represents amounts receivable for the sale of potatoes net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the ownership of the products has been passed to the buyer and the amount of revenue can be measured reliably.

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.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, 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. 15 - 25 % reducing balance

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Stocks include potato bags and pallets and are assessed for impairment at each reporting date. Any impairment is recognised in the profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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 cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are 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.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Statement of Income and Retained Earnings immediately.

The Company does not apply hedge accounting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2022 13,368 13,368
At 30 June 2023 13,368 13,368
Accumulated depreciation
At 01 July 2022 9,104 9,104
Charge for the financial year 783 783
At 30 June 2023 9,887 9,887
Net book value
At 30 June 2023 3,481 3,481
At 30 June 2022 4,264 4,264

4. Debtors

2023 2022
£ £
Trade debtors 431,931 332,967
Amounts owed by Parent undertakings 16,305 0
Other debtors 2,587 1,672
450,823 334,639

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 252,988 174,518

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 47,229 41,386
Taxation and social security 25,068 37,223
Other creditors 151,121 37,866
223,418 116,475

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

8. Financial commitments

Dividends

The company is party to a cross guarantee with it's parent company.

2023 2022
£ £
Exposure of guarantee with parent company 384,014 433,156