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Company No: SC330548 (Scotland)

DUNCAN'S OF DEESIDE LIMITED

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

DUNCAN'S OF DEESIDE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

DUNCAN'S OF DEESIDE LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
DUNCAN'S OF DEESIDE LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 525,088 572,845
525,088 572,845
Current assets
Stocks 5 363,502 363,178
Debtors 6 960,118 873,870
Cash at bank and in hand 2,557 1,580
1,326,177 1,238,628
Creditors: amounts falling due within one year 7 ( 1,372,283) ( 1,266,254)
Net current liabilities (46,106) (27,626)
Total assets less current liabilities 478,982 545,219
Creditors: amounts falling due after more than one year 8 ( 102,027) ( 124,613)
Provision for liabilities 9 ( 10,958) 0
Net assets 365,997 420,606
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 365,897 420,506
Total shareholders' funds 365,997 420,606

For the financial year ending 30 September 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 Duncan's Of Deeside Limited (registered number: SC330548) were approved and authorised for issue by the Board of Directors on 25 March 2024. They were signed on its behalf by:

Paul David Duncan
Director
DUNCAN'S OF DEESIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
DUNCAN'S OF DEESIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

Duncan's Of Deeside 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 Laurencekirk Business Park, Aberdeen Road, Laurencekirk, AB30 1EY, 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 are pleased to report that company recorded a break even result for the year to 30th September 2023, reflective of an improved overall trading environment. The directors remain positive for the period ahead and are forecasting ongoing improvement in the financial position of the company.

The company is in breach of one of the financial covenants with respect to the bank loan. However, the bank remain supportive and have provided the Directors with a waiver, confirming that no action will be taken in connection with the repayment terms of the loan as a result of the breach. The company’s bank loan of £203,536, that would otherwise be presented as falling due after more than one year, has been presented within current liabilities, in line with section 11.47 of FRS102. As such, the company has net current liabilities of £46,106 at the balance sheet date. Management of working capital cashflow remains a key area of focus and the company’s overdraft has been renewed and extended through to April 2024.

In making their going concern assessment, the Directors have carefully considered the company's forecast trading position and working capital requirements for the next 12 months (from approval of these financial statements) and are satisfied that the company will have adequate resources to continue in operational existence for the foreseeable future. On this basis, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction 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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, 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 4 % reducing balance
Plant and machinery etc. 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.

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. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred 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 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 cash and bank balances, are measured at transaction price.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the Director's are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are considered to be either judgements that have had the most significant effect on amounts recognised in the financial statements, or estimates that are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised at the balance sheet date:

Carrying value of fixed assets
Management consider whether fixed assets are impaired. Where an indication of impairment is identified, the estimation of recoverable value requires estimation of the fixed asset's value in use. This requires the estimation of future cash flows and also the selection of appropriate discount rates in order to calculate the net present value of those cash flows.
The directors consider that there are no other judgements, estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Going Concern
The going concern assumption is a judgement made by the Directors (see note 1).

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 48

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2022 511,565 439,193 950,758
At 30 September 2023 511,565 439,193 950,758
Accumulated depreciation
At 01 October 2022 140,790 237,123 377,913
Charge for the financial year 11,920 35,837 47,757
At 30 September 2023 152,710 272,960 425,670
Net book value
At 30 September 2023 358,855 166,233 525,088
At 30 September 2022 370,775 202,070 572,845

5. Stocks

2023 2022
£ £
Stocks 363,502 363,178

6. Debtors

2023 2022
£ £
Trade debtors 869,162 747,270
Deferred tax asset 0 4,538
Corporation tax 0 53,693
Other debtors 90,956 68,369
960,118 873,870

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 445,108 444,450
Trade creditors 754,461 669,483
Amounts owed to joint ventures 0 14,022
Taxation and social security 22,412 17,166
Other creditors 150,302 121,133
1,372,283 1,266,254

The bank borrowings are secured by a fixed and floating charge granted to its banker over all assets of the company.

The bank loan is repayable in monthly instalments. The bank loan is subject to covenant clauses, whereby the company is required to meet certain conditions.

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

2023 2022
£ £
Other creditors 102,027 124,613

9. Provision for liabilities

2023 2022
£ £
Deferred tax 10,958 0

10. Called-up share capital

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

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to directors 119,900 96,539

The above loan is interest free and the conditions are that the balances are repayable on demand.