Company registration number SC435072 (Scotland)
ERRINGTON CHEESE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
ERRINGTON CHEESE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ERRINGTON CHEESE LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
82,689
99,835
Current assets
Stocks
134,651
61,921
Debtors
5
67,379
89,750
Cash at bank and in hand
-
0
94
202,030
151,765
Creditors: amounts falling due within one year
6
(129,257)
(119,665)
Net current assets
72,773
32,100
Total assets less current liabilities
155,462
131,935
Creditors: amounts falling due after more than one year
7
(18,037)
(28,280)
Provisions for liabilities
(20,672)
(18,969)
Net assets
116,753
84,686
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
116,653
84,586
Total equity
116,753
84,686

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for:

(a) ensuring that the company keeps accounting records which comply with Section 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 of the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ERRINGTON CHEESE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 July 2024 and are signed on its behalf by:
Mrs S Cairns
Director
ERRINGTON CHEESE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Errington Cheese Limited is a private company limited by shares incorporated in Scotland. The company's registered number and registered office address can be found on the Company Information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts (excluding value added tax) derived from the sale of good to customers. The turnover and profit is attributable to the principal activity of the Company, and is earned entirely within the United Kingdom.

1.3
Tangible fixed assets

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

Improvements to property
20% on cost
Plant and equipment
20% on reducing balance and 15% on reducing balance
Fixtures and fittings
20% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Stocks

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

1.5
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 tax

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.

ERRINGTON CHEESE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reserved 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 law that have been enacted or substantively enacted by the period 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.

1.6
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.

2
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation - owned assets
18,586
17,915
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
5
ERRINGTON CHEESE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
198,205
162,604
13,365
18,750
392,924
Additions
-
0
1,600
-
0
-
0
1,600
At 31 October 2023
198,205
164,204
13,365
18,750
394,524
Depreciation and impairment
At 1 November 2022
143,974
121,170
11,072
16,873
293,089
Depreciation charged in the year
11,244
6,729
382
391
18,746
At 31 October 2023
155,218
127,899
11,454
17,264
311,835
Carrying amount
At 31 October 2023
42,987
36,305
1,911
1,486
82,689
At 31 October 2022
54,231
41,434
2,293
1,877
99,835
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
62,810
52,995
Other debtors
4,569
36,755
67,379
89,750
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
60,181
53,466
Trade creditors
47,078
40,656
Taxation and social security
1,635
1,174
Other creditors
17,306
19,729
Accruals and deferred income
3,057
4,640
129,257
119,665
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans - 2-5 years
18,037
28,280
ERRINGTON CHEESE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
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