Company Registration No. SC146184 (Scotland)
BRODIE COUNTRYFARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BRODIE COUNTRYFARE LIMITED
COMPANY INFORMATION
Directors
K P Duncan
A Taylor
V S Bathgate
Secretary
LC Secretaries Limited
Company number
SC146184
Registered office
Johnstone House
52-54 Rose Street
ABERDEEN
AB10 1HA
Auditor
Johnston Carmichael LLP
Strathlossie House
Elgin Business Park
1 Kirkhill Avenue
Elgin
IV30 8DE
BRODIE COUNTRYFARE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
BRODIE COUNTRYFARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present the strategic report for the year ended 31 January 2024.

Fair review of the business

During the year to 31 January 2024 the company turnover increased from £5,611,873 to £6,219,202 with an increase in gross profit from £1,094,454 to £1,359,327 as shown on page 7.

Note 15, on page 18, details the borrowings undertaken by the Company to fund improvements and the additional Coronavirus Business Interruption Loan obtained during the pandemic. The company continues to make all repayments in line with the agreements and all loans are due to be repaid by or before 2026.

On page 8 of the financial statements, the Statement of Financial Position, shows an increase in the net asset position to £4,315,066 from £4,271,877.

It is the Director’s opinion that the Company traded well during what continues to be uncertain economic conditions.

Principal risks and uncertainties

Although the recovery following the pandemic has been positive, challenges remain due to continued global economic uncertainty and the rapid upward rise in inflation and the impact of Brexit is being seen particularly in inflationary cost pressures for many goods and services. There are also increasing pressures on wages and attracting staff into the hospitality side of the business.

Whilst inflationary pressures are easing, competition within the retail industry remains fierce and margins continue to be challenged across the retail sector. Increased online competition also puts pressure on the margins achieved by the Company. However, the Director’s believe the overall retail experience offered at Brodie, including the Restaurant, puts them in a unique position. The improvements made to the retail experience, at Brodie, continue to attract new and returning customers.

Through close contact with suppliers, together with tight operational control and a continued on-line presence, the directors are confident that these risks to the business can be successfully managed and is demonstrated through the improved gross profit achieved during the year.

Post year end the company has introduced new technology and improved online presence and sales.

The company continues to receive the support of its bank and the directors are confident that the business has sufficient resources in place to overcome any challenges faced during this period of economic uncertainty.

The company has not made any investment in research and development during the year.

The company recognises the importance of its environmental responsibilities and takes all reasonable steps to minimise its impact on the environment.

On behalf of the board

K P Duncan
Director
31 October 2024
BRODIE COUNTRYFARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be that of catering and the retailing of food, gifts and clothing.

 

During the year under review there have been no significant changes to the company's principal activities and the directors are not aware, at the date of this report, of any likely major changes to the company's activities in the next year.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £23,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K P Duncan
A Taylor
V S Bathgate
Future developments

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the Company's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of future developments.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
K P Duncan
Director
31 October 2024
BRODIE COUNTRYFARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

 

In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BRODIE COUNTRYFARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRODIE COUNTRYFARE LIMITED
- 4 -
Opinion

We have audited the financial statements of Brodie Countryfare Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

BRODIE COUNTRYFARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRODIE COUNTRYFARE LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

BRODIE COUNTRYFARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRODIE COUNTRYFARE LIMITED
- 6 -

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:    

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Fiona Munro (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
31 October 2024
Statutory Auditor
Strathlossie House
Elgin Business Park
1 Kirkhill Avenue
Elgin
IV30 8DE
BRODIE COUNTRYFARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2024
2023
Notes
£
£
Revenue
3
6,219,202
5,611,873
Cost of sales
(4,859,875)
(4,517,419)
Gross profit
1,359,327
1,094,454
Administrative expenses
(1,191,460)
(1,057,519)
Other operating income
1,000
11,178
Operating profit
4
168,867
48,113
Finance costs
7
(38,523)
(17,548)
Profit before taxation
130,344
30,565
Tax on profit
8
(64,155)
31,811
Profit for the financial year
66,189
62,376

The income statement has been prepared on the basis that all operations are continuing operations.

BRODIE COUNTRYFARE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 8 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
2,630,835
2,733,572
Current assets
Inventories
11
1,522,439
1,466,765
Trade and other receivables
12
24,100
22,530
Investments
13
50
-
0
Cash and cash equivalents
1,313,068
1,395,855
2,859,657
2,885,150
Current liabilities
14
(841,700)
(769,936)
Net current assets
2,017,957
2,115,214
Total assets less current liabilities
4,648,792
4,848,786
Non-current liabilities
15
(221,597)
(475,268)
Provisions for liabilities
Deferred tax liability
17
112,129
101,641
(112,129)
(101,641)
Net assets
4,315,066
4,271,877
Equity
Called up share capital
20
1,000
1,000
Retained earnings
21
4,314,066
4,270,877
Total equity
4,315,066
4,271,877
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
K P Duncan
Director
Company Registration No. SC146184
BRODIE COUNTRYFARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 February 2022
1,000
4,215,501
4,216,501
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
62,376
62,376
Dividends
9
-
(7,000)
(7,000)
Balance at 31 January 2023
1,000
4,270,877
4,271,877
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
66,189
66,189
Dividends
9
-
(23,000)
(23,000)
Balance at 31 January 2024
1,000
4,314,066
4,315,066
BRODIE COUNTRYFARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
271,918
52,963
Interest paid
(38,523)
(17,548)
Income taxes paid
(11,187)
(43,455)
Net cash inflow/(outflow) from operating activities
222,208
(8,040)
Investing activities
Purchase of property, plant and equipment
(38,564)
(92,270)
Purchase of investments
(50)
-
0
Net cash used in investing activities
(38,614)
(92,270)
Financing activities
Repayment of bank loans
(243,381)
(239,317)
Dividends paid
(23,000)
(7,000)
Net cash used in financing activities
(266,381)
(246,317)
Net decrease in cash and cash equivalents
(82,787)
(346,627)
Cash and cash equivalents at beginning of year
1,395,855
1,742,482
Cash and cash equivalents at end of year
1,313,068
1,395,855
BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
1
Accounting policies
Company information

Brodie Countryfare Limited is a private company limited by shares incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, ABERDEEN, AB10 1HA. The trading address is Brodie, by FORRES, IV36 2TD.

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.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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 at least the next 12 months. In arriving at this assessment the directors have considered the expected cash flows of the company and are comfortable that there are adequate resources available. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the point of sale, except for the sale of gift vouchers which are deferred and recognised at the point of redemption.

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
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values, other than freehold land, over their useful lives on the following bases:

Freehold buildings
- 2%   Straight line
Fixtures, fittings & equipment
- 25% Reducing balance
Motor vehicles
- 25% Reducing balance

Land is not depreciated.

1.5
Impairment of non-current assets

At each reporting 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).

BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -
1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price. Cost comprises the purchase price of finished goods.

1.7
Cash and cash equivalents

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

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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are 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 at a market rate of interest.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans that are classified as debt, are recognised at transaction price.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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.

BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
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 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 or loss, 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.

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 non-current 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
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.

 

Government grants are recognised in accordance with the accruals model. Government grants relating to turnover, are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 14 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

Stock is valued at the lower of cost and net realisable value of £1,522,439 (2023 - £1,466,765). This includes any provision for slow moving or obsolete stock. Calculation of such provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Retail sales
3,970,503
3,710,361
Restaurant Sales
2,248,699
1,901,512
6,219,202
5,611,873
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
6,219,202
5,611,873
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(1,000)
(7,000)
Fees payable to the company's auditor for the audit of the company's financial statements
18,500
16,000
Depreciation of owned property, plant and equipment
141,301
134,668

Government grants relate to £1,000 amortisation of grants. In the prior year, government grants include £6,000 received from Moray Council and £1,000 of grant amortisation.

5
Employees

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

2024
2023
Number
Number
Administration
11
11
Sales
106
105
Total
117
116
BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,801,074
1,659,855
Social security costs
124,490
104,397
Pension costs
31,354
25,584
1,956,918
1,789,836

 

6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
55,000
55,000
Company pension contributions to defined contribution schemes
1,321
1,321
56,321
56,321

Retirement benefits are accruing to 1 (2023 - 1) director under a defined contribution scheme.

7
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
38,523
17,188
Other finance costs:
Other interest
-
0
360
38,523
17,548
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
53,667
5,926
BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
8
Taxation
2024
2023
£
£
(Continued)
- 16 -
Deferred tax
Origination and reversal of timing differences
(21,609)
(4,286)
Changes in tax rates
32,097
(33,451)
Total deferred tax
10,488
(37,737)
Total tax charge/(credit)
64,155
(31,811)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
130,344
30,565
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
31,322
5,807
Tax effect of expenses that are not deductible in determining taxable profit
1,916
-
0
Tax effect of income not taxable in determining taxable profit
(240)
-
0
Depreciation on assets not qualifying for tax allowances
(102)
(3,977)
Amortisation on assets not qualifying for tax allowances
-
0
(190)
Adjust opening deferred tax to average rate
31,259
(33,451)
Taxation charge/(credit) for the year
64,155
(31,811)

An increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) was substantively enacted on 24 May 2021.

 

Deferred tax has been calculated using the rate effective in the period it is expected to reverse.

9
Dividends
2024
2023
£
£
Final paid
23,000
7,000
BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
10
Property, plant and equipment
Freehold buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
3,728,495
1,135,110
94,822
4,958,427
Additions
5,460
33,104
-
0
38,564
At 31 January 2024
3,733,955
1,168,214
94,822
4,996,991
Depreciation and impairment
At 1 February 2023
1,253,575
915,390
55,890
2,224,855
Depreciation charged in the year
72,727
58,841
9,733
141,301
At 31 January 2024
1,326,302
974,231
65,623
2,366,156
Carrying amount
At 31 January 2024
2,407,653
193,983
29,199
2,630,835
At 31 January 2023
2,474,920
219,720
38,932
2,733,572

The carrying value of land which is not depreciated comprises:

2024
2023
£
£
Freehold
96,700
96,700
11
Inventories
2024
2023
£
£
Finished goods and goods for resale
1,522,439
1,466,765

The inventories held include a provision of £59,085 in the current year and £52,885 in 2023.

12
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
24,100
22,530
BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
13
Current asset investments
2024
2023
£
£
Unlisted investments
50
-
0

The directors consider that the carrying amounts approximate to their fair values.

14
Current liabilities
2024
2023
Notes
£
£
Bank loans
16
252,059
242,769
Trade payables
154,778
185,391
Corporation tax
48,406
5,926
Government grants
18
1,000
1,000
Other payables
385,457
334,850
841,700
769,936
15
Non-current liabilities
2024
2023
Notes
£
£
Bank loans and overdrafts
16
202,597
455,268
Government grants
18
19,000
20,000
221,597
475,268
16
Borrowings
2024
2023
£
£
Bank loans
454,656
698,037
Payable within one year
252,059
242,769
Payable after one year
202,597
455,268

One bank loan is repayable by June 2025 in monthly instalments of £13,636 (inclusive of interest). Interest is chargeable at 2.3% over the Bank of England base rate. This bank loan is secured by a first ranking standard security over the heritable property and a floating charge over all other assets of the company.

 

A Coronavirus Business Interruption loan is repayable by May 2026 in monthly instalments of £8,333. Interest is charged at 3.99% over the Bank of England base rate on the balance.

BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
112,129
101,641
2024
Movements in the year:
£
Liability at 1 February 2023
101,641
Charge to profit or loss
10,488
Liability at 31 January 2024
112,129
18
Government grants
2024
2023
£
£
Arising from government grants
20,000
21,000

Deferred income is included in the financial statements as follows:

Current liabilities
1,000
1,000
Non-current liabilities
19,000
20,000
20,000
21,000
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
31,354
25,584

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
-
1,000
-
1,000
Ordinary A Shares of £1 each
600
-
600
-
Ordinary B Shares of £1 each
400
-
400
-
1,000
1,000
1,000
1,000

Ordinary shares carry full voting rights but no rights to fixed income or repayment of capital. Distributions are at the discretion of the company.

21
Retained earnings
2024
2023
£
£
At the beginning of the year
4,270,877
4,215,501
Profit for the year
66,189
62,376
Dividends declared and paid in the year
(23,000)
(7,000)
At the end of the year
4,314,066
4,270,877

Retained earnings represents accumulated profits less distributions.

 

 

22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
23,014
25,000
Between two and five years
-
0
47,917
23,014
72,917
23
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
20,765
24,613

Amounts due to related parties are interest free with no fixed terms of repayment.

BRODIE COUNTRYFARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
24
Directors' transactions

Dividends totalling £23,000 (2023 - £7,000) were paid in the year in respect of shares held by the company's directors.

25
Ultimate controlling party

The company is controlled by the director, K P Duncan who holds 60% of the issued share capital.

 

 

26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
66,189
62,376
Adjustments for:
Taxation charged/(credited)
64,155
(31,811)
Finance costs
38,523
17,548
Depreciation and impairment of property, plant and equipment
141,301
134,668
Movements in working capital:
Increase in inventories
(55,674)
(132,838)
(Increase)/decrease in trade and other receivables
(1,570)
60
Increase in trade and other payables
19,994
3,960
Decrease in deferred income
(1,000)
(1,000)
Cash generated from operations
271,918
52,963
27
Analysis of changes in net funds
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
1,395,855
(82,787)
1,313,068
Borrowings excluding overdrafts
(698,037)
243,381
(454,656)
697,818
160,594
858,412
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