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REGISTERED NUMBER: SC146976 (Scotland)















T.l.c. Potatoes Ltd.

Financial Statements For The Year Ended 30 June 2024






T.l.c. Potatoes Ltd. (Registered number: SC146976)






Contents of the Financial Statements
For The Year Ended 30 June 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


T.l.c. Potatoes Ltd.

Company Information
For The Year Ended 30 June 2024







DIRECTORS: C R Baker
G F J Backx



REGISTERED OFFICE: The Office
Wardend
Durris
Banchory
AB31 6DA



REGISTERED NUMBER: SC146976 (Scotland)



AUDITORS: Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU



BANKERS: Virgin Money
1 Queen's Cross
Aberdeen
AB15 4XU

T.l.c. Potatoes Ltd. (Registered number: SC146976)

Abridged Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 853,574 767,143
Investments 5 250 250
853,824 767,393

CURRENT ASSETS
Stocks 299,464 342,255
Debtors 142,918 170,711
Cash at bank 201,626 300,363
644,008 813,329
CREDITORS
Amounts falling due within one year 799,625 853,291
NET CURRENT LIABILITIES (155,617 ) (39,962 )
TOTAL ASSETS LESS CURRENT LIABILITIES 698,207 727,431

PROVISIONS FOR LIABILITIES 6 25,188 12,685
NET ASSETS 673,019 714,746

CAPITAL AND RESERVES
Called up share capital 7 500 500
Capital redemption reserve 8 1,500 1,500
Retained earnings 8 671,019 712,746
SHAREHOLDERS' FUNDS 673,019 714,746

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 21 August 2024 and were signed on its behalf by:




C R Baker - Director



G F J Backx - Director


T.l.c. Potatoes Ltd. (Registered number: SC146976)

Notes to the Financial Statements
For The Year Ended 30 June 2024

1. STATUTORY INFORMATION

T.l.c. Potatoes 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.

The 2023 accounting period was shortened to align with the parent company's accounting period. The financial statements covered the period 1 November 2022 to 30 June 2023. The comparatives are not entirely comparable.

The company is reliant on the continued financial support, in respect of loan balances, of HZPC-UK Limited, its parent company in order to continue as a going concern. An assessment has been made by group management which concluded HZPC-UK Limited has sufficient available headroom within its liquidity funding to provide such support if required. Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and meet liabilities as they full due. Thus they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned members of the group and any parent undertaking.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), and the amount of revenue can be measured reliably.

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:
Freehold property0% on cost, 5% reducing balance and 10% on cost
Property improvements5% on cost
Plant and machinery5% on cost, 10% on cost, 16.67% on cost, 20% on cost, 33.33% on cost

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.

Stocks
Stocks are stated at the lower of cost and estimated selling price less cost to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of production overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made of 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.


T.l.c. Potatoes Ltd. (Registered number: SC146976)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

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. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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 amounts 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.

T.l.c. Potatoes Ltd. (Registered number: SC146976)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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 measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

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.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2023 1,387,902
Additions 152,385
At 30 June 2024 1,540,287
DEPRECIATION
At 1 July 2023 620,759
Charge for year 65,954
At 30 June 2024 686,713
NET BOOK VALUE
At 30 June 2024 853,574
At 30 June 2023 767,143

T.l.c. Potatoes Ltd. (Registered number: SC146976)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 July 2023
and 30 June 2024 250
NET BOOK VALUE
At 30 June 2024 250
At 30 June 2023 250

6. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 25,188 12,685

Deferred
tax
£   
Balance at 1 July 2023 12,685
Provided during year 12,503
Balance at 30 June 2024 25,188

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary £1 500 500

8. RESERVES


Capital redemption
reserve
£   
At 1 November 2022-
Purchase of own shares1,500
At 30 June 20231,500

In 2023 the company repurchased 1,500 of its own £1 shares.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)
for and on behalf of Kingswood Allotts Limited, Statutory Auditor

T.l.c. Potatoes Ltd. (Registered number: SC146976)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

10. ULTIMATE CONTROLLING PARTY

The company is controlled by HZPC-UK Limited, 2 Wharf Road, Crowle, Scunthorpe, North Lincolnshire, DN17 4HS (incorporated in England and Wales) which is controlled by HZPC Holding B.V., Edinsonweg 5, 8501 XG Joure, Netherlands (incorporated in the Netherlands). Group accounts are publicly available on the HZPC website.