REGISTERED NUMBER: |
T.l.c. Potatoes Ltd. |
Financial Statements For The Year Ended 30 June 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
BANKERS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Capital redemption reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 property | 0% on cost, 5% reducing balance and 10% on cost |
Property improvements | 5% on cost |
Plant and machinery | 5% 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 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year |
Balance at 30 June 2024 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 500 | 500 |
8. | RESERVES |
Capital redemption reserve |
£ |
At 1 November 2022 | - |
Purchase of own shares | 1,500 |
At 30 June 2023 | 1,500 |
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. |
for and on behalf of |
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. |