Company registration number SC225871 (Scotland)
Blairgowrie Fruit Packers Limited
unaudited financial statements
for the year ended 30 November 2023
Pages for filing with Registrar
Blairgowrie Fruit Packers Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Blairgowrie Fruit Packers Limited
Balance sheet
as at 30 November 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
184,776
205,233
Current assets
Debtors
4
267,242
274,972
Cash at bank and in hand
11,453
7,920
278,695
282,892
Creditors: amounts falling due within one year
5
(11,682)
(19,593)
Net current assets
267,013
263,299
Total assets less current liabilities
451,789
468,532
Creditors: amounts falling due after more than one year
6
(9,119)
(10,178)
Provisions for liabilities
(28,133)
(17,551)
Net assets
414,537
440,803
Capital and reserves
Called up share capital
250,000
250,000
Profit and loss reserves
164,537
190,803
Total equity
414,537
440,803
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Blairgowrie Fruit Packers Limited
Balance sheet (continued)
as at 30 November 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
TPM Thomson
Director
Company Registration No. SC225871
Blairgowrie Fruit Packers Limited
Notes to the financial statements
for the year ended 30 November 2023
- 3 -
1
Accounting policies
Company information
Blairgowrie Fruit Packers Limited is a private company limited by shares incorporated in Scotland. The registered office is Bramblebank Works, Blairgowrie, Perthshire, PH10 7HY.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention, and include the results of the company's operations, all of which are continuing.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
4 - 10% reducing balance basis
Plant and machinery
10 - 25% reducing balance basis
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.
Blairgowrie Fruit Packers Limited
Notes to the financial statements (continued)
for the year ended 30 November 2023
1
Accounting policies (continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Classification of financial liabilities
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.
Blairgowrie Fruit Packers Limited
Notes to the financial statements (continued)
for the year ended 30 November 2023
1
Accounting policies (continued)
- 5 -
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Blairgowrie Fruit Packers Limited
Notes to the financial statements (continued)
for the year ended 30 November 2023
1
Accounting policies (continued)
- 6 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
408,502
1,228,974
1,637,476
Depreciation and impairment
At 1 December 2022
266,889
1,165,354
1,432,243
Depreciation charged in the year
7,152
13,305
20,457
At 30 November 2023
274,041
1,178,659
1,452,700
Carrying amount
At 30 November 2023
134,461
50,315
184,776
At 30 November 2022
141,613
63,620
205,233
Blairgowrie Fruit Packers Limited
Notes to the financial statements (continued)
for the year ended 30 November 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
37,173
77,243
Other debtors
230,069
197,729
267,242
274,972
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,847
5,499
Taxation and social security
10,559
Other creditors
7,835
3,535
11,682
19,593
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
9,119
10,178
7
Profit and loss reserve
Profit and loss reserves include all current and prior period retained profits and losses.
Blairgowrie Fruit Packers Limited
Notes to the financial statements (continued)
for the year ended 30 November 2023
- 8 -
8
Related party transactions
At the year end the company was due from Thomas Thomson (Blairgowrie) Ltd £223,512 (2022 - £197,729). The company also both bought and sold services to Thomas Thomson (Blairgowrie) Limited who have a common director in TPM Thomson.
The company bought goods and services to a value of £47 (2022 - £Nil) and sales to it of £Nil (2022 - £Nil). In addition the company surrendered taxable losses to Thomas Thomson (Blairgowrie) Limited and received payment of £7,171(2022 - £32,589) for these.
The company sold and bought services to entities involving D McIntyre and H Corrigall during the year, both of whom are directors in the company.
During the year, the company made sales of £68,989 (2022 - £73,517) and £Nil (2022 - £Nil) and bought services to a value of £Nil (2022 - £4,320) respectively to entities involving those directors. At the year end £44,451 (2022 - £77,243) and £Nil (2022 - £Nil) is due to the company and £Nil (2022 - £Nil) and £Nil (2022 - £Nil) is due by the company to D McIntyre and H Corrigall respectively and these amounts are included in trade debtors and trade creditors.
9
Parent company
The company is controlled by Thomas Thomson (Blairgowrie) Limited, a company which TPM Thomson is a director, and holds 75% of the share capital.