Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs L C Anderson 24/03/2014 30 November 2023 The principal activity of the Company continued to be the production of a range of sweet fruit and herb vinegars and the production of dips. SC473341 2023-03-31 SC473341 bus:Director1 2023-03-31 SC473341 2022-03-31 SC473341 core:CurrentFinancialInstruments 2023-03-31 SC473341 core:CurrentFinancialInstruments 2022-03-31 SC473341 core:Non-currentFinancialInstruments 2023-03-31 SC473341 core:Non-currentFinancialInstruments 2022-03-31 SC473341 core:ShareCapital 2023-03-31 SC473341 core:ShareCapital 2022-03-31 SC473341 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC473341 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC473341 core:Goodwill 2022-03-31 SC473341 core:Goodwill 2023-03-31 SC473341 core:LandBuildings 2022-03-31 SC473341 core:OtherPropertyPlantEquipment 2022-03-31 SC473341 core:LandBuildings 2023-03-31 SC473341 core:OtherPropertyPlantEquipment 2023-03-31 SC473341 core:CostValuation 2022-03-31 SC473341 core:DisposalsDecreaseInInvestments 2023-03-31 SC473341 core:CostValuation 2023-03-31 SC473341 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-03-31 SC473341 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-03-31 SC473341 2021-03-31 SC473341 bus:OrdinaryShareClass1 2023-03-31 SC473341 bus:OrdinaryShareClass2 2023-03-31 SC473341 2022-04-01 2023-03-31 SC473341 bus:FullAccounts 2022-04-01 2023-03-31 SC473341 bus:SmallEntities 2022-04-01 2023-03-31 SC473341 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC473341 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC473341 bus:Director1 2022-04-01 2023-03-31 SC473341 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 SC473341 core:Goodwill 2022-04-01 2023-03-31 SC473341 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 SC473341 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-04-01 2023-03-31 SC473341 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC473341 2021-04-01 2022-03-31 SC473341 core:LandBuildings 2022-04-01 2023-03-31 SC473341 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC473341 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC473341 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC473341 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC473341 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC473341 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC473341 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC473341 (Scotland)

THE LITTLE HERB FARM LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

THE LITTLE HERB FARM LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

THE LITTLE HERB FARM LTD

BALANCE SHEET

AS AT 31 MARCH 2023
THE LITTLE HERB FARM LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 33,833 0
Tangible assets 4 179,494 163,026
Investments 5 0 1
213,327 163,027
Current assets
Stocks 6 79,159 52,453
Debtors 7 60,946 39,566
Cash at bank and in hand 8 18,539 64,062
158,644 156,081
Creditors: amounts falling due within one year 9 ( 80,866) ( 46,674)
Net current assets 77,778 109,407
Total assets less current liabilities 291,105 272,434
Creditors: amounts falling due after more than one year 10 ( 221,467) ( 173,963)
Provision for liabilities 11, 12 ( 12,653) ( 22,072)
Net assets 56,985 76,399
Capital and reserves
Called-up share capital 13 100 100
Profit and loss account 56,885 76,299
Total shareholders' funds 56,985 76,399

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of The Little Herb Farm Ltd (registered number: SC473341) were approved and authorised for issue by the Director on 30 November 2023. They were signed on its behalf by:

Mrs L C Anderson
Director
THE LITTLE HERB FARM LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
THE LITTLE HERB FARM LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

The Little Herb Farm Ltd (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 8 Cant Crescent, St. Andrews, KY16 8NF, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Profit and Loss Account 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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 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 10 years straight line
Plant and machinery etc. 5 - 10 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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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).

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 cash in hand and deposits held at call with banks.

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 measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, other loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 the director 7 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 0 0
Additions 35,000 35,000
At 31 March 2023 35,000 35,000
Accumulated amortisation
At 01 April 2022 0 0
Charge for the financial year 1,167 1,167
At 31 March 2023 1,167 1,167
Net book value
At 31 March 2023 33,833 33,833
At 31 March 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 21,315 273,237 294,552
Additions 0 64,690 64,690
Disposals 0 ( 971) ( 971)
At 31 March 2023 21,315 336,956 358,271
Accumulated depreciation
At 01 April 2022 8,172 123,354 131,526
Charge for the financial year 2,131 46,091 48,222
Disposals 0 ( 971) ( 971)
At 31 March 2023 10,303 168,474 178,777
Net book value
At 31 March 2023 11,012 168,482 179,494
At 31 March 2022 13,143 149,883 163,026

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 1
Disposals ( 1)
At 31 March 2023 0
Carrying value at 31 March 2023 0
Carrying value at 31 March 2022 1

6. Stocks

2023 2022
£ £
Raw materials 68,544 50,893
Finished goods 10,615 1,560
79,159 52,453

7. Debtors

2023 2022
£ £
Trade debtors 48,663 31,691
Other debtors 12,283 7,875
60,946 39,566

8. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 18,539 64,062

9. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 34,795 28,923
Amounts owed to own subsidiaries 0 100
Other taxation and social security 2,434 1,227
Other creditors 43,637 16,424
80,866 46,674

Included within other creditors is £2,624 (2022 - £2,624) of deferred income in relation to government grants.

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

2023 2022
£ £
Other creditors 221,467 173,963

Included within other creditors is £1,339 (2022 - £3,963) of deferred income in relation to government grants.

11. Provision for liabilities

2023 2022
£ £
Deferred tax 12,653 22,072

12. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 22,072) ( 15,006)
Credited/(charged) to the Profit and Loss Account 9,419 ( 7,066)
At the end of financial year ( 12,653) ( 22,072)

13. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
98 A ordinary shares of £ 1.00 each 98 98
2 B ordinary shares of £ 1.00 each 2 2
100 100

14. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Entities with control, joint control or significant influence over the company 0 100

The company operated a current account with its subsidiary. This current account was unsecured, interest free and settled in this period.

Transactions with the entity's director

2023 2022
£ £
Amounts owed to director 225,778 175,650

Included within amounts due to key management personnel is £220,128 (2022 - £170,000) classified as due over 1 year. The loan is unsecured and interest free.

Other related party transactions

2023 2022
£ £
Amounts owed to other related parties 30,694 6,194

The above loan is unsecured, interest free and repayable on demand.