Company registration number SC058135 (Scotland)
HALDANE (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HALDANE (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 10
HALDANE (UK) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
798,614
806,948
Current assets
Stocks
4
115,511
164,894
Debtors
5
379,126
386,891
Cash at bank and in hand
531,323
556,604
1,025,960
1,108,389
Creditors: amounts falling due within one year
6
(588,556)
(629,905)
Net current assets
437,404
478,484
Total assets less current liabilities
1,236,018
1,285,432
Creditors: amounts falling due after more than one year
7
(59,452)
(96,810)
Provisions for liabilities
Deferred tax liability
(181,820)
(181,640)
Government grants
(30,032)
(34,687)
(211,852)
(216,327)
Net assets
964,714
972,295
Capital and reserves
Called up share capital
8
38,298
40,314
Share premium account
28,950
29,152
Capital redemption reserve
2,016
-
0
Profit and loss reserves
895,450
902,829
Total equity
964,714
972,295
HALDANE (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 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 30 June 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 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.

The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
W F Adam
E Adam
Director
Director
Company Registration No. SC058135
HALDANE (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
40,314
29,152
-
0
720,223
789,689
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
248,750
248,750
Dividends
-
-
-
(66,144)
(66,144)
Balance at 30 June 2023
40,314
29,152
-
0
902,829
972,295
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
142,781
142,781
Dividends
-
-
-
(148,144)
(148,144)
Own shares acquired
(2,016)
(202)
-
(2,016)
(2,218)
Credit to equity for equity settled share-based payments
-
-
-
-
0
-
0
Redemption of shares
8
-
0
-
0
2,016
-
0
2,016
Balance at 30 June 2024
38,298
28,950
2,016
895,450
964,714
HALDANE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Haldane (UK) Limited is a private company, limited by shares, incorporated in Scotland. The registered office is Blackwood Way, Bankhead Industrial Estate, Glenrothes, Fife, KY7 6JF.

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
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 the foreseeable future. The directors have considered a period of 12 months from approval of the financial statements and the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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:

Plant and machinery
5%, 15%, 20% & 25% straight line
Equipment
20% - 25% straight line
Motor vehicles
25% straight line
HALDANE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -

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.

 

As permitted by the transitional provisions of FRS102 the company elected not to adopt a policy of revaluation of tangible fixed assets. The company retained the book value of land and buildings,

previously revalued at 16 April 2001 and the revaluation as at that date was held to be the deemed cost.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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 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 balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and 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.

 

HALDANE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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 and laws that have been enacted or substantively enacted by the balance sheet date and which 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.

1.10
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.

 

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of future holiday entitlement so accrued at the balance sheet date.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

 

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

HALDANE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.13
Government grants

Grants are accounted for under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in the balance sheet as a liability.

 

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

1.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

1.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

 

Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 

When payments are eventually made, they are charged to the provision carried in the balance sheet.

1.16

Hire purchase

Assets acquired under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired by hire purchase are depreciated over their useful lives. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charge to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2
Employees

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

2024
2023
Number
Number
Total
42
38
HALDANE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 July 2023
2,292,658
Additions
112,937
At 30 June 2024
2,405,595
Depreciation and impairment
At 1 July 2023
1,485,710
Depreciation charged in the year
121,271
At 30 June 2024
1,606,981
Carrying amount
At 30 June 2024
798,614
At 30 June 2023
806,948
4
Stocks
2024
2023
£
£
Raw materials
115,511
164,894
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
240,509
154,059
Amounts recoverable on contracts
86,026
170,397
Other debtors
20,588
34,993
Prepayments and accrued income
32,003
27,442
379,126
386,891
HALDANE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
76,989
123,818
Other taxation and social security
104,188
75,952
Other creditors
7,850
6,512
Accruals and deferred income
362,171
387,599
Other loans
2,196
2,196
Hire purchase liabilities
35,162
33,828
588,556
629,905

Hire purchase liabilities of £35,162 (2023 - £33,828) are secured by the relevant assets.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Hire purchase liabilities
55,243
90,405
Other loans
4,209
6,405
59,452
96,810

Hire purchase liabilities of £55,243 (2023 - £90,405) are secured by the relevant assets.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
38,298
38,298
38,298
38,298
Growth A shares of £1 each
-
2,016
-
2,016
38,298
40,314
38,298
40,314

 

9
Contingent liabilities

Grants are subject to terms and conditions laid down by the awarding authority. In the event that these conditions are not complied with in full, the authority may seek repayment of the grant already paid.

HALDANE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
10
Related party transactions

The company leases land and buildings from the ultimate holding company FERSA Ltd.

 

The rental charge for the property is variable and is agreed between the parties on an annual basis.

 

Included in other debtors is a directors loan account in the name of Mr F Scally in the amount of £0 (2023 - £2,218). This loan is interest free with no fixed repayment terms.

11
Parent company

The ultimate holding company of Haldane (UK) Limited is FERSA Ltd, a company registered in Scotland.

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