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COMPANY REGISTRATION NUMBER: SC497142
HIGHLAND EGGS (SCOTLAND) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2024
HIGHLAND EGGS (SCOTLAND) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
HIGHLAND EGGS (SCOTLAND) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr G Whiteford
Mrs J Whiteford
Registered office
26-30 Marine Place
Buckie
Moray
Scotland
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
HIGHLAND EGGS (SCOTLAND) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HIGHLAND EGGS (SCOTLAND) LIMITED
YEAR ENDED 31 JULY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Highland Eggs (Scotland) Limited for the year ended 31 July 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Highland Eggs (Scotland) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Highland Eggs (Scotland) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Highland Eggs (Scotland) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Highland Eggs (Scotland) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Highland Eggs (Scotland) Limited. You consider that Highland Eggs (Scotland) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Highland Eggs (Scotland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
24 January 2025
HIGHLAND EGGS (SCOTLAND) LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
719,045
600,705
CURRENT ASSETS
Stocks
96,757
102,969
Debtors
6
108,381
134,573
Cash at bank and in hand
2,123
601
---------
---------
207,261
238,143
CREDITORS: amounts falling due within one year
7
861,172
719,720
---------
---------
NET CURRENT LIABILITIES
653,911
481,577
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
65,134
119,128
CREDITORS: amounts falling due after more than one year
8
69,612
130,869
--------
---------
NET LIABILITIES
( 4,478)
( 11,741)
--------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 4,578)
( 11,841)
-------
--------
SHAREHOLDERS DEFICIT
( 4,478)
( 11,741)
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HIGHLAND EGGS (SCOTLAND) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
Mr G Whiteford
Mrs J Whiteford
Director
Director
Company registration number: SC497142
HIGHLAND EGGS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Despite the deficit position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
15% straight line
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
176,857
772,331
43,698
5,537
998,423
Additions
107,280
119,659
226,939
---------
---------
--------
-------
------------
At 31 July 2024
284,137
891,990
43,698
5,537
1,225,362
---------
---------
--------
-------
------------
Depreciation
At 1 August 2023
46,826
314,637
32,725
3,530
397,718
Charge for the year
18,942
86,611
2,744
302
108,599
---------
---------
--------
-------
------------
At 31 July 2024
65,768
401,248
35,469
3,832
506,317
---------
---------
--------
-------
------------
Carrying amount
At 31 July 2024
218,369
490,742
8,229
1,705
719,045
---------
---------
--------
-------
------------
At 31 July 2023
130,031
457,694
10,973
2,007
600,705
---------
---------
--------
-------
------------
6. Debtors
2024
2023
£
£
Trade debtors
71,447
80,787
Other debtors
36,934
53,786
---------
---------
108,381
134,573
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
370,108
162,170
Trade creditors
134,733
186,673
Social security and other taxes
3,046
8,577
HE Feeds loan
30,341
39,207
Lower Mill of Tynet farm account
56,513
43,290
Other creditors
266,431
279,803
---------
---------
861,172
719,720
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,484
36,468
HE Feeds loan
30,341
Other creditors
48,128
64,060
--------
---------
69,612
130,869
--------
---------
9. Related party transactions
At 31 July 2024 the company owed the directors £136,281 (2023: £139,877) by way of a directors loan account. During the period rent was charged of £10,000 and feed and milk was sold totalling £76,400 (2023: 76,400) from Lower Mill of Tynet Farm Partnership. Mr G Whiteford and Mrs J Whiteford the directors and shareholders of the company are equal partners in the Lower Mill of Tynet Farm Partnership. During the year the company paid dividends of £nil (2023: £nil) to the directors.