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REGISTERED NUMBER: SC069753 (Scotland)















Strategic Report, Directors' Report and

Audited Financial Statements for the Year Ended 30 September 2023

for

Fife Creamery Limited

Fife Creamery Limited (Registered number: SC069753)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Strategic Report 1

Directors' Report 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


Fife Creamery Limited (Registered number: SC069753)

Strategic Report
for the Year Ended 30 September 2023

The directors present their strategic report for the year ended 30 September 2023.

REVIEW OF BUSINESS
The directors would like to report a very successful year for the company. Turnover has increased by 31.1% to £40,887,789 (2022: £31,178,028), while gross profit has increased by 34.0% to £5,873,233 (2022: £4,381,699). Profits before tax in the year have also increased to £2,108,452 (2022: £1,136,114)

At the year-end the company had shareholders' funds of £4,041,767 (2022: £3,285,745) including distributable profits of £4,031,682 (2022: £3,275,660). The company has net current assets of £1,477,750 (2022: £836,056) and has cash in the bank of £1,258,087 (2022: £500,533).

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main risk facing the company as the continuing economic uncertainty within the United Kingdom.

The directors believe that there are sufficient systems and controls in place which allow for the business to react appropriately to any changes in the economic environment, whether positive or negative, and the directors hope to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:





Mr G D Simpson - Director


19 January 2024

Fife Creamery Limited (Registered number: SC069753)

Directors' Report
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale distributors of food and food products.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2023 will be £ 840,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

Mr G D Simpson
Mr D B Simpson
Mr S Appolinari

FINANCIAL INSTRUMENTS
The company makes little use of financial instruments other than an operational bank account and two fixed rate 5 year bank loans. Therefore its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Fife Creamery Limited (Registered number: SC069753)

Directors' Report
for the Year Ended 30 September 2023


AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr G D Simpson - Director


19 January 2024

Report of the Independent Auditors to the Members of
Fife Creamery Limited

Opinion
We have audited the financial statements of Fife Creamery Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Fife Creamery Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Fife Creamery Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

31 January 2024

Fife Creamery Limited (Registered number: SC069753)

Statement of Comprehensive Income
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £   

TURNOVER 40,887,789 31,178,028

Cost of sales (35,014,556 ) (26,796,329 )
GROSS PROFIT 5,873,233 4,381,699

Administrative expenses (3,619,719 ) (3,266,511 )
2,253,514 1,115,188

Other operating income 22,954 91,190
OPERATING PROFIT 2,276,468 1,206,378

Interest receivable and similar income 11,344 514
2,287,812 1,206,892

Interest payable and similar expenses 5 (179,360 ) (70,778 )
PROFIT BEFORE TAXATION 6 2,108,452 1,136,114

Tax on profit 7 (512,430 ) (166,358 )
PROFIT FOR THE FINANCIAL YEAR 1,596,022 969,756

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,596,022

969,756

Fife Creamery Limited (Registered number: SC069753)

Statement of Financial Position
30 September 2023

30.9.23 30.9.22
Notes £    £   
FIXED ASSETS
Intangible assets 9 17,500 -
Tangible assets 10 5,663,550 5,160,005
Investment property 11 282,500 282,500
5,963,550 5,442,505

CURRENT ASSETS
Stocks 12 1,904,490 1,457,464
Debtors 13 3,168,970 2,676,938
Cash at bank 1,258,087 500,533
6,331,547 4,634,935
CREDITORS
Amounts falling due within one year 14 (4,853,797 ) (3,798,879 )
NET CURRENT ASSETS 1,477,750 836,056
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,441,300

6,278,561

CREDITORS
Amounts falling due after more than one
year

15

(2,515,170

)

(2,509,985

)

PROVISIONS FOR LIABILITIES 19 (884,363 ) (482,831 )
NET ASSETS 4,041,767 3,285,745

CAPITAL AND RESERVES
Called up share capital 20 7,503 7,503
Capital redemption reserve 21 2,582 2,582
Retained earnings 21 4,031,682 3,275,660
SHAREHOLDERS' FUNDS 4,041,767 3,285,745

The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2024 and were signed on its behalf by:





Mr G D Simpson - Director


Fife Creamery Limited (Registered number: SC069753)

Statement of Changes in Equity
for the Year Ended 30 September 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2021 7,503 2,765,904 2,582 2,775,989

Changes in equity
Dividends - (460,000 ) - (460,000 )
Total comprehensive income - 969,756 - 969,756
Balance at 30 September 2022 7,503 3,275,660 2,582 3,285,745

Changes in equity
Dividends - (840,000 ) - (840,000 )
Total comprehensive income - 1,596,022 - 1,596,022
Balance at 30 September 2023 7,503 4,031,682 2,582 4,041,767

Fife Creamery Limited (Registered number: SC069753)

Statement of Cash Flows
for the Year Ended 30 September 2023

30.9.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,909,452 1,005,552
Interest paid (54,435 ) (28,485 )
Interest element of hire purchase payments
paid

(124,925

)

(42,293

)
Tax paid - (151,403 )
Net cash from operating activities 2,730,092 783,371

Cash flows from investing activities
Purchase of intangible fixed assets (70,000 ) -
Purchase of tangible fixed assets (514,042 ) (304,050 )
Sale of tangible fixed assets 121,367 35,601
Interest received 11,344 514
Net cash from investing activities (451,331 ) (267,935 )

Cash flows from financing activities
New loans in year - 81,733
Loan repayments in year (113,543 ) (108,591 )
Capital repayments in year (567,664 ) (354,207 )
Equity dividends paid (840,000 ) (460,000 )
Net cash from financing activities (1,521,207 ) (841,065 )

Increase/(decrease) in cash and cash equivalents 757,554 (325,629 )
Cash and cash equivalents at beginning of
year

2

500,533

826,162

Cash and cash equivalents at end of year 2 1,258,087 500,533

Fife Creamery Limited (Registered number: SC069753)

Notes to the Statement of Cash Flows
for the Year Ended 30 September 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.9.23 30.9.22
£    £   
Profit before taxation 2,108,452 1,136,114
Depreciation charges 771,343 452,070
Loss/(profit) on disposal of fixed assets 12,136 (9,677 )
Finance costs 179,360 70,778
Finance income (11,344 ) (514 )
3,059,947 1,648,771
Increase in stocks (447,026 ) (497,049 )
Increase in trade and other debtors (492,032 ) (681,435 )
Increase in trade and other creditors 788,563 535,265
Cash generated from operations 2,909,452 1,005,552

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,258,087 500,533
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 500,533 826,162


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.10.22 Cash flow changes At 30.9.23
£    £    £    £   
Net cash
Cash at bank 500,533 757,554 1,258,087
500,533 757,554 1,258,087
Debt
Finance leases (2,034,381 ) 567,664 (841,849 ) (2,308,566 )
Debts falling due
within 1 year (100,681 ) (3,289 ) - (103,970 )
Debts falling due
after 1 year (945,327 ) 116,832 - (828,495 )
(3,080,389 ) 681,207 (841,849 ) (3,241,031 )
Total (2,579,856 ) 1,438,761 (841,849 ) (1,982,944 )

Fife Creamery Limited (Registered number: SC069753)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Fife Creamery Limited is a private company, limited by shares, domiciled in Scotland, registration number SC069753. The registered office is Randolph Place, Randolph Industrial Estate, Kirkcaldy, KY1 2YX.

2. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods in respect of distribution of food and products, excluding value added tax. Sales are recognised at the point at which the company has delivered the goods to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of one years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance and 2% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.


Fife Creamery Limited (Registered number: SC069753)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Going concern
The directors of the company have reviewed the company's financial position for 12 months from the balance sheet signing date and it is the directors belief that the company should prepare financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS
30.9.23 30.9.22
£    £   
Wages and salaries 4,238,725 3,338,278
Social security costs 406,839 332,822
Other pension costs 225,115 188,766
4,870,679 3,859,866

Fife Creamery Limited (Registered number: SC069753)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.9.23 30.9.22

Warehouse staff 65 46
Distribution staff 45 36
Administrative staff 16 20
Sales staff 22 20
Cleaning staff 2 2
150 124

The directors are deemed to be the key management personnel of the company and no further disclosure is deemed to be required other than the directors' emoluments.

4. DIRECTORS' EMOLUMENTS
30.9.23 30.9.22
£    £   
Directors' remuneration 157,487 131,482
Directors' pension contributions to money purchase schemes 103,653 83,670

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.23 30.9.22
£    £   
Bank loan interest 54,435 28,485
Hire purchase interest 124,925 42,293
179,360 70,778

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

30.9.23 30.9.22
£    £   
Depreciation - owned assets 204,475 218,840
Depreciation - assets on hire purchase contracts 514,368 233,230
Loss/(profit) on disposal of fixed assets 12,136 (9,677 )
Goodwill amortisation 52,500 -
Auditors' remuneration 8,950 8,600

Fife Creamery Limited (Registered number: SC069753)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.23 30.9.22
£    £   
Current tax:
UK corporation tax 110,898 -

Deferred tax 401,532 166,358
Tax on profit 512,430 166,358

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.23 30.9.22
£    £   
Profit before tax 2,108,452 1,136,114
Profit multiplied by the standard rate of corporation tax in the UK of
22.008% (2022 - 19%)

464,028

215,862

Effects of:
Expenses not deductible for tax purposes 6,838 1,140
Income not taxable for tax purposes - (1,839 )
Capital allowances in excess of depreciation (154,442 ) (392,597 )
Utilisation of tax losses (205,526 ) -
Tax losses not utilised - 177,434
Deferred tax movement 401,532 166,358
Total tax charge 512,430 166,358

8. DIVIDENDS
30.9.23 30.9.22
£    £   
Ordinary A shares of £1 each
Final 100,000 100,000
Ordinary B share of £1
Final 420,000 200,000
Ordinary C share of £1
Final 320,000 160,000
840,000 460,000

Fife Creamery Limited (Registered number: SC069753)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 70,000
At 30 September 2023 70,000
AMORTISATION
Amortisation for year 52,500
At 30 September 2023 52,500
NET BOOK VALUE
At 30 September 2023 17,500

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2022 2,181,151 2,054,376 354,810 4,497,828 9,088,165
Additions - 315,774 9,729 1,030,388 1,355,891
Disposals - - (5,970 ) (1,125,364 ) (1,131,334 )
At 30 September 2023 2,181,151 2,370,150 358,569 4,402,852 9,312,722
DEPRECIATION
At 1 October 2022 509,108 974,870 339,558 2,104,624 3,928,160
Charge for year 33,663 78,137 8,550 598,493 718,843
Eliminated on disposal - - (5,970 ) (991,861 ) (997,831 )
At 30 September 2023 542,771 1,053,007 342,138 1,711,256 3,649,172
NET BOOK VALUE
At 30 September 2023 1,638,380 1,317,143 16,431 2,691,596 5,663,550
At 30 September 2022 1,672,043 1,079,506 15,252 2,393,204 5,160,005

Fife Creamery Limited (Registered number: SC069753)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2022 54,795 2,375,505 2,430,300
Additions - 841,849 841,849
At 30 September 2023 54,795 3,217,354 3,272,149
DEPRECIATION
At 1 October 2022 24,917 409,163 434,080
Charge for year 5,611 508,757 514,368
At 30 September 2023 30,528 917,920 948,448
NET BOOK VALUE
At 30 September 2023 24,267 2,299,434 2,323,701
At 30 September 2022 29,878 1,966,342 1,996,220

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 282,500
NET BOOK VALUE
At 30 September 2023 282,500
At 30 September 2022 282,500

The directors have reviewed the value of the investment properties held by the company and believe that there is no material change to the original cost.

12. STOCKS
30.9.23 30.9.22
£    £   
Finished goods 1,904,490 1,457,464

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 2,984,079 2,391,433
Amounts owed by related parties - 5,918
VAT 23,635 148,657
Prepayments and accrued income 161,256 130,930
3,168,970 2,676,938

Fife Creamery Limited (Registered number: SC069753)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts (see note 16) 93,754 90,465
Other loans (see note 16) 10,216 10,216
Hire purchase contracts (see note 17) 621,891 469,723
Trade creditors 3,225,452 2,255,634
Corporation Tax 110,898 -
Social security and other taxes 126,680 86,148
Accruals and deferred income 664,906 886,693
4,853,797 3,798,879

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£    £   
Bank loans (see note 16) 768,903 875,519
Other loans (see note 16) 59,592 69,808
Hire purchase contracts (see note 17) 1,686,675 1,564,658
2,515,170 2,509,985

16. LOANS

An analysis of the maturity of loans is given below:

30.9.23 30.9.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 93,754 90,465
Other loans 10,216 10,216
103,970 100,681

Amounts falling due between one and two years:
Bank loans - 1-2 years 739,736 92,961
Other loans - 1-2 years 10,216 10,216
749,952 103,177

Amounts falling due between two and five years:
Bank loans - 2-5 years 29,167 782,558
Other loans - 2-5 years 30,647 30,647
59,814 813,205

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 18,729 28,945

Fife Creamery Limited (Registered number: SC069753)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

16. LOANS - continued

In November 2019, the company obtained a £900,000 loan from The Royal Bank of Scotland plc. Interest is charged at 2% over base rate and the loan is repayable through 60 monthly instalments of £6,217 of capital and interest, with an estimated final bullet payment of £640,714 due to be paid in November 2024. At this point the Board will make the decision to either pay this or refinance the remaining balance.

In April 2020 the company obtained a £250,000 loan through the Coronavirus Business Interruption Loan Scheme from The Royal Bank of Scotland plc. From April 2021 interest is charged at 2.53% over base rate with capital repayments being made in 60 monthly instalments from this date.

In August 2022 the company obtained a £81,733 loan from Energy Saving Trust. The loan is interest free with capital repayments being made in 96 monthly instalments.

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.9.23 30.9.22
£    £   
Net obligations repayable:
Within one year 621,891 469,723
Between one and five years 1,686,675 1,564,658
2,308,566 2,034,381

18. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Hire purchase contracts 2,308,566 2,034,381
Bank loans 733,490 786,818
3,042,056 2,821,199

Balances due on hire purchase contracts are secured on the assets to which they relate.

In respect of the bank loans and the bank overdraft facility of £500,000, The Royal Bank of Scotland plc holds a standard security over the business premises and a bond and floating charge over the assets of the company.

19. PROVISIONS FOR LIABILITIES
30.9.23 30.9.22
£    £   
Deferred tax 884,363 482,831

Deferred
tax
£   
Balance at 1 October 2022 482,831
Provided during year 401,532
Balance at 30 September 2023 884,363

Fife Creamery Limited (Registered number: SC069753)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
7,500 Ordinary A £1 7,500 7,500
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
1 Ordinary D £1 1 1
7,503 7,503

21. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2022 3,275,660 2,582 3,278,242
Profit for the year 1,596,022 1,596,022
Dividends (840,000 ) (840,000 )
At 30 September 2023 4,031,682 2,582 4,034,264

22. RELATED PARTY DISCLOSURES

Entities with common control

Sales during the year - £68,477 (2022: £60,919)
Purchases during the year - £114,439 (2022: £120,283)
Amounts due from related parties - £nil (2022: £5,917)

23. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors G D Simpson and D B Simpson.