Silverfin false 31/03/2023 01/04/2022 31/03/2023 Elma Hutcheson 02/03/2005 Neil Hutcheson 02/03/2005 09 September 2024 The principal activity of the Company during the year was that of a partner in the firm of Hutchesons of Portsoy. SC280970 2023-03-31 SC280970 bus:Director1 2023-03-31 SC280970 bus:Director2 2023-03-31 SC280970 2022-03-31 SC280970 core:CurrentFinancialInstruments 2023-03-31 SC280970 core:CurrentFinancialInstruments 2022-03-31 SC280970 core:ShareCapital 2023-03-31 SC280970 core:ShareCapital 2022-03-31 SC280970 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC280970 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC280970 core:CostValuation 2022-03-31 SC280970 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2023-03-31 SC280970 core:CostValuation 2023-03-31 SC280970 bus:OrdinaryShareClass1 2023-03-31 SC280970 2022-04-01 2023-03-31 SC280970 bus:FullAccounts 2022-04-01 2023-03-31 SC280970 bus:SmallEntities 2022-04-01 2023-03-31 SC280970 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC280970 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC280970 bus:Director1 2022-04-01 2023-03-31 SC280970 bus:Director2 2022-04-01 2023-03-31 SC280970 2021-04-01 2022-03-31 SC280970 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC280970 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC280970 (Scotland)

HUTCHESONS LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

HUTCHESONS LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

HUTCHESONS LTD.

BALANCE SHEET

AS AT 31 MARCH 2023
HUTCHESONS LTD.

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 836,649 810,047
836,649 810,047
Current assets
Debtors 4 111,632 123,676
Cash at bank and in hand 5 1,154 1,154
112,786 124,830
Creditors: amounts falling due within one year 6 ( 103,082) ( 112,501)
Net current assets 9,704 12,329
Total assets less current liabilities 846,353 822,376
Net assets 846,353 822,376
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 846,253 822,276
Total shareholders' funds 846,353 822,376

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hutchesons Ltd. (registered number: SC280970) were approved and authorised for issue by the Board of Directors on 09 September 2024. They were signed on its behalf by:

Neil Hutcheson
Director
HUTCHESONS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
HUTCHESONS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hutchesons Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 27 Seafield Terrace, Portsoy, AB45 2FB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors and partnership have confirmed that they will continue to support the company for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts received from the company's share in the partnership Hutchesons of Portsoy.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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 Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

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 initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are initially 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

2023 2022
£ £
Other investments and loans 836,649 810,047

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2022 810,047 810,047
Share of partnership profit 32,402 32,402
Drawings (5,800) (5,800)
At 31 March 2023 836,649 836,649
Carrying value at 31 March 2023 836,649 836,649
Carrying value at 31 March 2022 810,047 810,047

4. Debtors

2023 2022
£ £
Other debtors 111,632 123,676

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 1,154 1,154

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 96,507 108,821
Other creditors 6,575 3,680
103,082 112,501

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each 100 100

8. Related party transactions

At 31 March 2023 the balance due to the directors by the company amounted to £980 (2022 - £980). This loan is interest free and has no set repayment terms.