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REGISTERED NUMBER: SC299016 (Scotland)















ABERCORN DAIRIES LTD.

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024






ABERCORN DAIRIES LTD. (REGISTERED NUMBER: SC299016)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABERCORN DAIRIES LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: G Naismith
J Fraser



SECRETARY: G Naismith



REGISTERED OFFICE: 11 Portland Road
Kilmarnock
Ayrshire
KA1 2BT



BUSINESS ADDRESS: Unit 22
Abercorn Street
Paisley
Renfrewshire
PA3 4AY



REGISTERED NUMBER: SC299016 (Scotland)



ACCOUNTANTS: JRD Partnership Ltd
Chartered Accountants
11 Portland Road
Kilmarnock
Ayrshire
KA1 2BT



BANKERS: Bank of Scotland
The Cross
Paisley
PA1 1DB

ABERCORN DAIRIES LTD. (REGISTERED NUMBER: SC299016)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 19,138 3,277
Tangible assets 5 70,709 56,857
89,847 60,134

CURRENT ASSETS
Stocks 7,370 6,250
Debtors 6 57,988 57,301
Cash at bank and in hand 73,056 84,228
138,414 147,779
CREDITORS
Amounts falling due within one year 7 125,297 120,129
NET CURRENT ASSETS 13,117 27,650
TOTAL ASSETS LESS CURRENT
LIABILITIES

102,964

87,784

CREDITORS
Amounts falling due after more than one
year

8

(33,584

)

(28,008

)

PROVISIONS FOR LIABILITIES (10,802 ) (10,802 )
NET ASSETS 58,578 48,974

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 58,576 48,972
SHAREHOLDERS' FUNDS 58,578 48,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

ABERCORN DAIRIES LTD. (REGISTERED NUMBER: SC299016)

BALANCE SHEET - continued
31ST MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st July 2024 and were signed on its behalf by:




G Naismith - Director



J Fraser - Director


ABERCORN DAIRIES LTD. (REGISTERED NUMBER: SC299016)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Abercorn Dairies 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. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses from third parties, is being amortised evenly over its estimated useful life of ten 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
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.
Plant and machinery etc - 25% on cost and 15% on reducing balance

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

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 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed 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 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.

ABERCORN DAIRIES LTD. (REGISTERED NUMBER: SC299016)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023 129,714
Additions 19,074
At 31st March 2024 148,788
AMORTISATION
At 1st April 2023 126,437
Charge for year 3,213
At 31st March 2024 129,650
NET BOOK VALUE
At 31st March 2024 19,138
At 31st March 2023 3,277

ABERCORN DAIRIES LTD. (REGISTERED NUMBER: SC299016)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 235,319
Additions 29,681
Disposals (9,000 )
At 31st March 2024 256,000
DEPRECIATION
At 1st April 2023 178,462
Charge for year 15,309
Eliminated on disposal (8,480 )
At 31st March 2024 185,291
NET BOOK VALUE
At 31st March 2024 70,709
At 31st March 2023 56,857

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2023 20,398
Additions 28,995
At 31st March 2024 49,393
DEPRECIATION
At 1st April 2023 425
Charge for year 7,409
At 31st March 2024 7,834
NET BOOK VALUE
At 31st March 2024 41,559
At 31st March 2023 19,973

ABERCORN DAIRIES LTD. (REGISTERED NUMBER: SC299016)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 52,091 36,500
Other debtors 5,897 20,801
57,988 57,301

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,000 6,000
Hire purchase contracts 13,293 4,322
Trade creditors 82,101 92,423
Taxation and social security 8,048 6,186
Other creditors 15,855 11,198
125,297 120,129

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 7,000 13,000
Hire purchase contracts 26,584 15,008
33,584 28,008

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are G Naismith and J Fraser.