Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Katrina Clark 21/04/2022 Rheanne Clark 21/04/2022 Ricky Clark 21/04/2022 Robert Clark 21/04/2022 29 July 2024 The principal activity of the company continued to be that of catering butchers. SC131429 2023-10-31 SC131429 bus:Director1 2023-10-31 SC131429 bus:Director2 2023-10-31 SC131429 bus:Director3 2023-10-31 SC131429 bus:Director4 2023-10-31 SC131429 2022-10-31 SC131429 core:CurrentFinancialInstruments 2023-10-31 SC131429 core:CurrentFinancialInstruments 2022-10-31 SC131429 core:Non-currentFinancialInstruments 2023-10-31 SC131429 core:Non-currentFinancialInstruments 2022-10-31 SC131429 core:ShareCapital 2023-10-31 SC131429 core:ShareCapital 2022-10-31 SC131429 core:CapitalRedemptionReserve 2023-10-31 SC131429 core:CapitalRedemptionReserve 2022-10-31 SC131429 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC131429 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC131429 core:OtherResidualIntangibleAssets 2022-10-31 SC131429 core:OtherResidualIntangibleAssets 2023-10-31 SC131429 core:LandBuildings 2022-10-31 SC131429 core:OtherPropertyPlantEquipment 2022-10-31 SC131429 core:LandBuildings 2023-10-31 SC131429 core:OtherPropertyPlantEquipment 2023-10-31 SC131429 core:CurrentFinancialInstruments core:Secured 2023-10-31 SC131429 core:MoreThanFiveYears 2023-10-31 SC131429 core:MoreThanFiveYears 2022-10-31 SC131429 bus:OrdinaryShareClass1 2023-10-31 SC131429 2022-11-01 2023-10-31 SC131429 bus:FilletedAccounts 2022-11-01 2023-10-31 SC131429 bus:SmallEntities 2022-11-01 2023-10-31 SC131429 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC131429 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC131429 bus:Director1 2022-11-01 2023-10-31 SC131429 bus:Director2 2022-11-01 2023-10-31 SC131429 bus:Director3 2022-11-01 2023-10-31 SC131429 bus:Director4 2022-11-01 2023-10-31 SC131429 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-11-01 2023-10-31 SC131429 core:Goodwill 2022-11-01 2023-10-31 SC131429 core:LandBuildings core:TopRangeValue 2022-11-01 2023-10-31 SC131429 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 SC131429 2021-11-01 2022-10-31 SC131429 core:LandBuildings 2022-11-01 2023-10-31 SC131429 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 SC131429 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 SC131429 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 SC131429 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC131429 (Scotland)

GORDON MCWILLIAM (ABERDEEN) LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

GORDON MCWILLIAM (ABERDEEN) LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

GORDON MCWILLIAM (ABERDEEN) LIMITED

BALANCE SHEET

As at 31 October 2023
GORDON MCWILLIAM (ABERDEEN) LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,839,015 1,853,159
1,839,015 1,853,159
Current assets
Stocks 593,203 645,207
Debtors 5 1,788,498 1,351,453
Cash at bank and in hand 407,988 270,985
2,789,689 2,267,645
Creditors: amounts falling due within one year 6 ( 2,127,897) ( 1,553,266)
Net current assets 661,792 714,379
Total assets less current liabilities 2,500,807 2,567,538
Creditors: amounts falling due after more than one year 7 ( 392,323) ( 131,166)
Provision for liabilities ( 197,731) ( 210,061)
Net assets 1,910,753 2,226,311
Capital and reserves
Called-up share capital 8 37,500 37,500
Capital redemption reserve 12,500 12,500
Profit and loss account 1,860,753 2,176,311
Total shareholder's funds 1,910,753 2,226,311

For the financial year ending 31 October 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 Gordon McWilliam (Aberdeen) Limited (registered number: SC131429) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

Robert Clark
Director
GORDON MCWILLIAM (ABERDEEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
GORDON MCWILLIAM (ABERDEEN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Gordon McWilliam (Aberdeen) 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 37 St Clement Street, Aberdeen, AB11 5FU, United Kingdom.

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 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 £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued 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 Profit and Loss Account 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.

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.

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.

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
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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:

Other intangible assets 5 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. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

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, other than investment property and freehold land, 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 40 years straight line
Plant and machinery etc. 10 - 33 % 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.

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.

The company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

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 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. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 55 35

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 November 2022 70,000 70,000
At 31 October 2023 70,000 70,000
Accumulated amortisation
At 01 November 2022 70,000 70,000
At 31 October 2023 70,000 70,000
Net book value
At 31 October 2023 0 0
At 31 October 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 November 2022 1,739,348 2,199,116 3,938,464
Additions 86,266 123,692 209,958
Disposals 0 ( 58,690) ( 58,690)
At 31 October 2023 1,825,614 2,264,118 4,089,732
Accumulated depreciation
At 01 November 2022 552,697 1,532,608 2,085,305
Charge for the financial year 41,247 166,515 207,762
Disposals 0 ( 42,350) ( 42,350)
At 31 October 2023 593,944 1,656,773 2,250,717
Net book value
At 31 October 2023 1,231,670 607,345 1,839,015
At 31 October 2022 1,186,651 666,508 1,853,159

5. Debtors

2023 2022
£ £
Trade debtors 1,704,266 1,219,772
Amounts owed by group undertakings 0 20,556
Other debtors 84,232 111,125
1,788,498 1,351,453

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 22,743 0
Trade creditors 1,838,539 1,392,764
Corporation tax 56,664 67,137
Other taxation and social security 37,838 30,913
Other creditors 172,113 62,452
2,127,897 1,553,266

The bank holds a standard security and floating charge over all assets of the company. There is also a standard security over the premises held by the company at 53 Wellington Street, Aberdeen, AB11 5BT.

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

2023 2022
£ £
Bank loans 261,157 0
Other creditors 131,166 131,166
392,323 131,166

Grants of £131,166 (2022: £131,166) relating to assets are included within the financial statements. There are unfulfilled conditions in relation to these grants and income will be recognised in full once those conditions have been met.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 152,791 0

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
37,500 Ordinary shares of £ 1.00 each 37,500 37,500

9. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts due from related parties 326 50,326
Sales to other related parties 131,478 180,943