Company Registration No. SC286347 (Scotland)
Highland Feather Fresh Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Highland Feather Fresh Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Highland Feather Fresh Limited
Balance sheet
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,951,111
1,912,437
Investments
4
1
1
1,951,112
1,912,438
Current assets
Stocks
213,541
244,440
Debtors
5
533,191
201,719
Cash at bank and in hand
256,473
634
1,003,205
446,793
Creditors: amounts falling due within one year
6
(741,607)
(553,358)
Net current assets/(liabilities)
261,598
(106,565)
Total assets less current liabilities
2,212,710
1,805,873
Creditors: amounts falling due after more than one year
7
(381,595)
(632,703)
Provisions for liabilities
(172,912)
(145,460)
Net assets
1,658,203
1,027,710
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
1,608,203
977,710
Total equity
1,658,203
1,027,710
Highland Feather Fresh Limited
Balance sheet (continued)
As at 31 March 2024
2

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 31 March 2024 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 member has 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.

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
John Gordon
Director
Company Registration No. SC286347
Highland Feather Fresh Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information

Highland Feather Fresh Limited is a private company limited by shares incorporated in Scotland. The registered office is Torridon House, Beechwood Park, Inverness, IV2 3BW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Reporting period

The prior year accounts were prepared for a 16 month period from 1 December 2021 to 31 March 2023 therefore the comparative figures stated in the profit and loss account and the related notes are not comparable.

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.

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 freehold
0 - 2% per annum straight line basis
Land and buildings leasehold
2% per annum straight line basis
Plant and machinery
10% per annum reducing balance basis and 10% per annum straight line basis
Fixtures, fittings & equipment
25% per annum reducing balance basis
Motor vehicles
25% per annum 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.

Highland Feather Fresh Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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.

1.7
Cash at bank and in hand

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.

1.8
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.

Highland Feather Fresh Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, 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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

1.9
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.

1.10
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.

Highland Feather Fresh Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

 

2024
2023
Number
Number
Total
15
14
Highland Feather Fresh Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
1,413,939
3,013,510
4,427,449
Additions
56,960
114,661
171,621
At 31 March 2024
1,470,899
3,128,171
4,599,070
Depreciation and impairment
At 1 April 2023
329,990
2,185,022
2,515,012
Depreciation charged in the year
22,969
109,978
132,947
At 31 March 2024
352,959
2,295,000
2,647,959
Carrying amount
At 31 March 2024
1,117,940
833,171
1,951,111
At 31 March 2023
1,083,949
828,488
1,912,437
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1
1
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
274,877
194,911
Other debtors
258,314
6,808
533,191
201,719
Highland Feather Fresh Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
306,977
134,348
Trade creditors
168,700
54,154
Corporation tax
190,653
30,556
Other taxation and social security
10,402
8,933
Other creditors
64,875
325,367
741,607
553,358

The bank loan and overdraft are secured by a floating charge held over the company's assets. In addition there is a standard security held over the free range poultry unit at Balmuchy Farm. Personal guarantees from John Gordon (director) totalling £3,147,000 are supported by a standard security held over Woodside and Rosefarm.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
302,743
Other creditors
381,595
329,960
381,595
632,703
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
246,590
-

The loans are provided interest free.

2024-03-312023-04-01false11 September 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityJohn GordonAntonia GordonJohn GordonfalseSC2863472023-04-012024-03-31SC2863472024-03-31SC2863472023-03-31SC286347core:LandBuildings2024-03-31SC286347core:OtherPropertyPlantEquipment2024-03-31SC286347core:LandBuildings2023-03-31SC286347core:OtherPropertyPlantEquipment2023-03-31SC286347core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC286347core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC286347core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-31SC286347core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-31SC286347core:CurrentFinancialInstruments2024-03-31SC286347core:CurrentFinancialInstruments2023-03-31SC286347core:Non-currentFinancialInstruments2024-03-31SC286347core:Non-currentFinancialInstruments2023-03-31SC286347core:ShareCapital2024-03-31SC286347core:ShareCapital2023-03-31SC286347core:RetainedEarningsAccumulatedLosses2024-03-31SC286347core:RetainedEarningsAccumulatedLosses2023-03-31SC286347bus:CompanySecretaryDirector12023-04-012024-03-31SC286347core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-31SC286347core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-31SC286347core:PlantMachinery2023-04-012024-03-31SC286347core:FurnitureFittings2023-04-012024-03-31SC286347core:MotorVehicles2023-04-012024-03-31SC2863472021-12-012023-03-31SC286347core:LandBuildings2023-03-31SC286347core:OtherPropertyPlantEquipment2023-03-31SC2863472023-03-31SC286347core:LandBuildings2023-04-012024-03-31SC286347core:OtherPropertyPlantEquipment2023-04-012024-03-31SC286347core:WithinOneYear2024-03-31SC286347core:WithinOneYear2023-03-31SC286347bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC286347bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC286347bus:FRS1022023-04-012024-03-31SC286347bus:AuditExemptWithAccountantsReport2023-04-012024-03-31SC286347bus:Director12023-04-012024-03-31SC286347bus:Director22023-04-012024-03-31SC286347bus:CompanySecretary12023-04-012024-03-31SC286347bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP