Creditors: amounts falling due after more than one year
(160,000)
(301,423)
PROVISIONS FOR LIABILITIES
Deferred Taxation
(222,773)
(233,161)
(222,773)
(233,161)
NET ASSETS
2,175,567
2,123,385
CAPITAL AND RESERVES
Called up share capital
8
16,000
16,000
Capital redemption reserve
4,000
4,000
Profit and loss account
2,155,567
2,103,385
2,175,567
2,123,385
Page 1
ROBERT MILNE LIMITED
REGISTERED NUMBER:SC021497
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
The directorsconsider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directorsacknowledgetheir responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Thefinancial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on11 December 2024.
A I Milne
Director
The notes on pages 3 to 7 form part of these financial statements.
Page 2
ROBERT MILNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.
GENERAL INFORMATION
Robert Milne Limited is a private company, limited by shares, incorporated in Scotland with registration number SC021497. The registered office is Carcary Farm, Farnell, By Brechin, Angus, DD9 6UJ.
The Company's functional and presentational currency is GBP.
2.ACCOUNTING POLICIES
2.1
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
2.2
TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3
INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
Page 3
ROBERT MILNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
2.4
PENSIONS
DEFINED BENEFIT PENSION PLAN
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
2.5
TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
ROBERT MILNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
2.5
TANGIBLE FIXED ASSETS (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.
Depreciation is provided on the following basis:
Property improvements
-
4% straight line
Plant and machinery
-
12.5% reducing balance
Motor Vehicles
-
25% reducing balance
Wind turbine
-
7.69% straight line
Solar panels
-
5% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
No depreciation has been charged in heritable property.
2.6
STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
2.7
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.
3.
EMPLOYEES
The average monthly number of employees, including directors, during the year was 17 (2023 - 17).
Page 5
ROBERT MILNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
4.
TANGIBLE FIXED ASSETS
Heritable property
Property improvements
Plant and machinery
Motor Vehicles
Wind Turbine
Solar Panels
Total
£
£
£
£
£
£
£
COST OR VALUATION
At 1 July 2023
678,826
686,980
1,334,473
32,895
361,399
50,744
3,145,317
Additions
-
-
141,901
-
-
-
141,901
Disposals
(116,295)
-
(68,000)
-
-
-
(184,295)
At 30 June 2024
562,531
686,980
1,408,374
32,895
361,399
50,744
3,102,923
DEPRECIATION
At 1 July 2023
-
160,891
551,294
22,541
250,200
22,833
1,007,759
Charge for the year on owned assets
-
27,478
110,664
2,589
27,800
2,537
171,068
Disposals
-
-
(28,140)
-
-
-
(28,140)
At 30 June 2024
-
188,369
633,818
25,130
278,000
25,370
1,150,687
NET BOOK VALUE
At 30 June 2024
562,531
498,611
774,556
7,765
83,399
25,374
1,952,236
At 30 June 2023
678,826
526,089
783,179
10,354
111,199
27,911
2,137,558
Page 6
ROBERT MILNE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
5.
FIXED ASSET INVESTMENTS
Trade investments
£
COST OR VALUATION
At 1 July 2023
9,351
At 30 June 2024
9,351
6.
DEBTORS
2024
2023
£
£
Trade debtors
182,198
181,536
Other debtors
31,618
24,050
213,816
205,586
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank overdrafts
20,445
-
Bank loans
60,000
60,000
Trade creditors
231,961
198,092
Other taxation and social security
84,292
148,330
Obligations under finance lease and hire purchase contracts