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REGISTERED NUMBER: SC215348 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Henderson Grass Machinery Ltd

Henderson Grass Machinery Ltd (Registered number: SC215348)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Henderson Grass Machinery Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: A J Henderson
G N Henderson
G A G Millar



SECRETARY: A J Henderson



REGISTERED OFFICE: By-Pass Road
Haddington
East Lothian
EH41 3PQ



REGISTERED NUMBER: SC215348 (Scotland)



ACCOUNTANTS: Sumer Auditco Limited
47-49 The Square
Kelso
Roxburghshire
TD5 7HW



BANKERS: Clydesdale Bank
Regional Banking Plaza
Festival Square
50 Lothian Road
Edinburgh
EH3 9AN



SOLICITORS: Taits W.S.
10 The Square
Kelso
Roxburghshire
TD5 7HW

Henderson Grass Machinery Ltd (Registered number: SC215348)

Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 641,597 534,863

CURRENT ASSETS
Inventories 4,181,823 3,868,985
Debtors 6 874,677 1,119,290
Cash at bank and in hand 457 51,120
5,056,957 5,039,395
CREDITORS
Amounts falling due within one year 7 3,570,640 3,476,319
NET CURRENT ASSETS 1,486,317 1,563,076
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,127,914

2,097,939

CREDITORS
Amounts falling due after more than one
year

8

(246,524

)

(310,039

)

PROVISIONS FOR LIABILITIES (15,500 ) (16,000 )
NET ASSETS 1,865,890 1,771,900

CAPITAL AND RESERVES
Called up share capital 150,000 150,000
Share premium 349,267 349,267
Retained earnings 1,366,623 1,272,633
SHAREHOLDERS' FUNDS 1,865,890 1,771,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 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 to the company.

Henderson Grass Machinery Ltd (Registered number: SC215348)

Statement of Financial Position - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





A J Henderson - Director


Henderson Grass Machinery Ltd (Registered number: SC215348)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Henderson Grass Machinery Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them.

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

Buildings are depreciated at 2% straight line to its residual value.
Motor vehicles are depreciated at 20% straight line.
Plant & Machinery is depreciated at 10/20/33% on varying methods as appropriate.
Office Equipment is depreciated at 20/33% on varying methods as appropriate.

Stocks
Inventories are valued at the lower of cost and estimated selling price less costs to sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Henderson Grass Machinery Ltd (Registered number: SC215348)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. 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 and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their expected useful lives.


Pension costs and other post-retirement benefits
The company operates a group personal pension for the benefit of employees and a defined contribution scheme for the directors. The assets of the scheme are held separately from those of the company in a separately administered fund. Contributions payable for the year are charged in the profit and loss account.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 44 ) .

Henderson Grass Machinery Ltd (Registered number: SC215348)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant and Office Motor
property machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 496,444 247,673 115,580 528,726 1,388,423
Additions - 4,983 - 158,437 163,420
Disposals - - - (140,491 ) (140,491 )
At 31 October 2023 496,444 252,656 115,580 546,672 1,411,352
DEPRECIATION
At 1 November 2022 61,673 247,673 113,641 430,573 853,560
Charge for year 4,413 1,495 1,442 46,433 53,783
Eliminated on disposal - - - (137,588 ) (137,588 )
At 31 October 2023 66,086 249,168 115,083 339,418 769,755
NET BOOK VALUE
At 31 October 2023 430,358 3,488 497 207,254 641,597
At 31 October 2022 434,771 - 1,939 98,153 534,863

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 814,729 1,067,537
Other debtors 59,948 51,753
874,677 1,119,290

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 347,113 143,504
Funding circle loan - 57,840
Hire purchase contracts (see note 9) 38,321 27,298
Trade creditors 1,727,690 2,279,602
Tax 2,370 -
Social security and other taxes 24,967 25,828
VAT 202,395 124,930
Other creditors (1,014 ) 23,053
Invoice factoring account 297,836 348,503
Directors' current accounts 812,267 268,267
Accruals and deferred income 118,695 177,494
3,570,640 3,476,319

The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand and an invoice discounting facility. The company expects to operate within the facility currently agreed and within that expected to be agreed periodically with the company's bankers. These views are based on the company's plans and on the successful outcome of discussions with the company's bankers.

Henderson Grass Machinery Ltd (Registered number: SC215348)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans - 1-2 years - 57,600
Bank loans - 2-5 years 144,693 100,395
Funding circle loan - 57,840
Funding circle loan - 61,881
Hire purchase contracts (see note 9) 101,831 32,323
246,524 310,039

9. LEASING AGREEMENTS

There are no lease payments under hire purchase contracts and finance leases fall due in more than five years.

Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 124,167 135,000
Between one and five years 280,000 399,167
In more than five years 180,833 250,833
585,000 785,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank overdrafts 218,586 85,904
Bank loans 273,220 215,595
Hire purchase contracts 140,152 59,621
Trade creditors 803,014 918,755
Invoice factoring account 297,836 348,503
1,732,808 1,628,378

Hire purchase and finance lease liabilities are secured on the assets to which they relate. Trade creditors have a secured balance of £803,014 relating to stock financing.

The factoring account is held with Clydesdale Bank and the total debtors earmarked against the facility at 31st October 2023 were £297,836. The bank hold a charge over the trade debtors of the company.

Bank loans of £156,735 are secured over the property owned at Kinross.

The Clydesdale Bank plc has a floating charge over the assets of the company.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by A J Henderson and G N Henderson, directors, who together hold 100% of the issued share capital of the company.