Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312024-05-312023-06-01falseClothing retailer55truefalsefalse SC642176 2023-06-01 2024-05-31 SC642176 2022-06-01 2023-05-31 SC642176 2024-05-31 SC642176 2023-05-31 SC642176 2022-06-01 SC642176 c:CompanySecretary1 2023-06-01 2024-05-31 SC642176 c:Director1 2023-06-01 2024-05-31 SC642176 c:Director2 2023-06-01 2024-05-31 SC642176 c:Director3 2023-06-01 2024-05-31 SC642176 c:Director4 2023-06-01 2024-05-31 SC642176 c:Director5 2023-06-01 2024-05-31 SC642176 c:RegisteredOffice 2023-06-01 2024-05-31 SC642176 d:PlantMachinery 2023-06-01 2024-05-31 SC642176 d:MotorVehicles 2023-06-01 2024-05-31 SC642176 d:FurnitureFittings 2023-06-01 2024-05-31 SC642176 d:CurrentFinancialInstruments 2024-05-31 SC642176 d:CurrentFinancialInstruments 2023-05-31 SC642176 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 SC642176 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 SC642176 d:ShareCapital 2024-05-31 SC642176 d:ShareCapital 2023-05-31 SC642176 d:ShareCapital 2022-06-01 SC642176 d:SharePremium 2023-06-01 2024-05-31 SC642176 d:SharePremium 2024-05-31 SC642176 d:SharePremium 2023-05-31 SC642176 d:SharePremium 2022-06-01 SC642176 d:CapitalRedemptionReserve 2023-06-01 2024-05-31 SC642176 d:CapitalRedemptionReserve 2024-05-31 SC642176 d:CapitalRedemptionReserve 2023-05-31 SC642176 d:CapitalRedemptionReserve 2022-06-01 SC642176 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 SC642176 d:RetainedEarningsAccumulatedLosses 2024-05-31 SC642176 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 SC642176 d:RetainedEarningsAccumulatedLosses 2023-05-31 SC642176 d:RetainedEarningsAccumulatedLosses 2022-06-01 SC642176 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-05-31 SC642176 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 SC642176 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2024-05-31 SC642176 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-05-31 SC642176 c:OrdinaryShareClass1 2023-06-01 2024-05-31 SC642176 c:OrdinaryShareClass1 2024-05-31 SC642176 c:FRS102 2023-06-01 2024-05-31 SC642176 c:Audited 2023-06-01 2024-05-31 SC642176 c:FullAccounts 2023-06-01 2024-05-31 SC642176 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC642176 d:Subsidiary1 2023-06-01 2024-05-31 SC642176 d:Subsidiary1 1 2023-06-01 2024-05-31 SC642176 c:Consolidated 2024-05-31 SC642176 c:ConsolidatedGroupCompanyAccounts 2023-06-01 2024-05-31 SC642176 2 2023-06-01 2024-05-31 SC642176 6 2023-06-01 2024-05-31 SC642176 7 2023-06-01 2024-05-31 SC642176 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC642176










HOGGS OF FIFE (HOLDINGS) LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

COMPANY INFORMATION


Directors
Mrs A M Gibson 
Mr R F Gibson 
Mr J S Lamond 
Mrs A E Lang 
Mrs C M McLaren 




Company secretary
Mr J S Lamond



Registered number
SC642176



Registered office
Eden Valley Business Park

Cupar

Fife

KY15 4RB




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Statement of Financial Position
9
Company Statement of Financial Position
10
Consolidated Statement of Changes in Equity
11
Company Statement of Changes in Equity
12
Consolidated Statement of Cash Flows
13
Consolidated Analysis of Net Debt
14
Notes to the Financial Statements
15 - 28


 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
Hoggs of Fife (Holdings) Limited is the parent company of Hoggs of Fife Limited, a country clothing and workwear retailer selling both their own brand and their sub-brand, Fife Country along with other branded products.  Based in Fife with distribution of their products to the UK Retail Trade, and direct retailing via its own home-shopping catalogues and eCommerce, and augmented by its Fife-based Retail Store, the company’s strategy is to grow sales and profit in all customer groups and product categories, underpinned by product development and improvement, and supported by excellent customer service.  

Business review
 
The inflationary pressures, which first appeared in the previous year, continued to exert pressure on sales to the consumer, affecting both the Trade and Retail sectors. These inflationary pressures began to ease towards the end of the year, but not before again affecting significant increases in several cost areas. In an effort to maintain margins, the company’s selling prices continued to rise, exerting pressure on consumer demand. Stock levels continued to fall, compared to previous, Covid-19 affected years, where the company had attempted to safeguard sales by stockpiling key lines. The strength of the company’s product range continued to attract new business interest, both at home and abroad, standing the company in good stead for the future.

Principal risks and uncertainties
 
The Directors and Management Team routinely monitor all risks and uncertainties, taking appropriate actions to mitigate where and when necessary. Volatile global uncertainty continued to introduce complexity to sales predictions. Volatile currency markets also impact the company’s product costs and, where possible, currency is bought forward at times of more advantageous rates. Cyber Security remains a key risk for the Company, and the Company continues to mitigate the risks associated with data security through outsourcing its I.T. to a specialist I.T. Services Provider.

Financial key performance indicators
 
Sales of £11.4M were up on 2023 (£11.1M), and Gross Margin was up from 49.3% to 49.8%. Profit Before Tax decreased to £1,497k (2023 - £1,535k) with Net Operating Profit Margin decreasing to 12.38% (2023 - 13.80%). Working Capital Ratio increased to 7.7 (2023 - 7.2)

Other key performance indicators
 
The Consolidated Statement of Financial Position for the Group on page 9 of the Financial Statements shows the Group's Financial Position at the year end with Net Assets of £9.1M (2023 - £8.5M).


This report was approved by the board on 7 February 2025 and signed on its behalf.



Mr R F Gibson
Director

Page 1

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,085,102 (2023 - £1,219,553).

Particulars of dividends are detailed in the notes to the financial statements. 

Directors

The directors who served during the year were:

Mrs A M Gibson 
Mr R F Gibson 
Mr J S Lamond 
Mrs A E Lang 
Mrs C M McLaren 

Future developments

Within the subsidiary, in order to secure future sales growth, the company's strategy is to continue developing relationships with retail and agri businesses, and product development will reflect products which appeal to all target markets. To service the expectations of both B2B and B2C customers, and the move towards greater remote buying, the company will continue to invest in technology which facilitates this.

Page 2

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 February 2025 and signed on its behalf.
 





Mr R F Gibson
Director

Page 3

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOGGS OF FIFE (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Hoggs of Fife (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statements of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 May 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 4

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOGGS OF FIFE (HOLDINGS) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOGGS OF FIFE (HOLDINGS) LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group financial statements.


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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above 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 would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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


Page 6

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOGGS OF FIFE (HOLDINGS) LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Greg Stapley (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants & Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

10 February 2025
Page 7

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

  

Turnover
 4 
11,429,817
11,076,177

Cost of sales
  
(5,734,296)
(5,612,040)

Gross profit
  
5,695,521
5,464,137

Distribution costs
  
(2,534,451)
(2,436,199)

Administrative expenses
  
(1,746,857)
(1,500,636)

Other operating income
 5 
598
201

Operating profit
 6 
1,414,811
1,527,503

Interest receivable and similar income
 10 
86,375
16,607

Interest payable and similar expenses
 11 
(4,056)
(8,915)

Profit before taxation
  
1,497,130
1,535,195

Tax on profit
 13 
(412,028)
(315,642)

Profit for the financial year
  
1,085,102
1,219,553

Profit for the year attributable to:
  

Owners of the parent Company
  
1,085,102
1,219,553

  
1,085,102
1,219,553

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 28 form part of these financial statements.

Page 8

 
HOGGS OF FIFE (HOLDINGS) LIMITED
REGISTERED NUMBER: SC642176

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
£
£

Fixed assets
  

Tangible fixed assets
 14 
242,184
278,485

  
242,184
278,485

Current assets
  

Stocks and work in progress
 16 
4,506,790
6,375,104

Debtors: amounts falling due within one year
 17 
1,285,618
1,040,556

Bank and cash balances
  
4,400,525
2,211,085

  
10,192,933
9,626,745

Creditors: amounts falling due within one year
 18 
(1,317,646)
(1,331,707)

Net current assets
  
 
 
8,875,287
 
 
8,295,038

Total assets less current liabilities
  
9,117,471
8,573,523

Provisions for liabilities
  

Deferred taxation
 20 
(58,629)
(67,283)

  
 
 
(58,629)
 
 
(67,283)

Net assets
  
9,058,842
8,506,240


Capital and reserves
  

Called up share capital 
 21 
21,300
21,300

Profit and loss account
 22 
9,037,542
8,484,940

  
9,058,842
8,506,240


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2025.




Mr R F Gibson
Director

The notes on pages 15 to 28 form part of these financial statements.

Page 9

 
HOGGS OF FIFE (HOLDINGS) LIMITED
REGISTERED NUMBER: SC642176

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
£
£

Fixed assets
  

Investments
 15 
7,400,000
7,400,000

  
7,400,000
7,400,000

Current assets
  

Debtors: amounts falling due within one year
 17 
144,870
548

Cash at bank and in hand
  
115,240
117,085

  
260,110
117,633

Creditors: amounts falling due within one year
 18 
(147,370)
(2,705)

Net current assets
  
 
 
112,740
 
 
114,928

Total assets less current liabilities
  
7,512,740
7,514,928

  

  

Net assets
  
7,512,740
7,514,928


Capital and reserves
  

Called up share capital 
 21 
21,300
21,300

Share premium account
 22 
7,357,400
7,357,400

Capital redemption reserve
 22 
21,300
21,300

Profit and loss account brought forward
  
114,928
117,872

Profit for the year
  
530,312
423,056

Other changes in the profit and loss account

  

(532,500)
(426,000)

Profit and loss account carried forward
  
112,740
114,928

  
7,512,740
7,514,928


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2025.


Mr R F Gibson
Director

The notes on pages 15 to 28 form part of these financial statements.

Page 10

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 June 2022
21,300
7,691,387
7,712,687



Profit for the year
-
1,219,553
1,219,553

Dividends: Equity capital
-
(426,000)
(426,000)



At 1 June 2023
21,300
8,484,940
8,506,240



Profit for the year
-
1,085,102
1,085,102

Dividends: Equity capital
-
(532,500)
(532,500)


At 31 May 2024
21,300
9,037,542
9,058,842


The notes on pages 15 to 28 form part of these financial statements.

Page 11

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 June 2022
21,300
7,357,400
21,300
117,872
7,517,872



Profit for the year
-
-
-
423,056
423,056

Dividends: Equity capital
-
-
-
(426,000)
(426,000)



At 1 June 2023
21,300
7,357,400
21,300
114,928
7,514,928



Profit for the year
-
-
-
530,312
530,312

Dividends: Equity capital
-
-
-
(532,500)
(532,500)


At 31 May 2024
21,300
7,357,400
21,300
112,740
7,512,740


The notes on pages 15 to 28 form part of these financial statements.

Page 12

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,085,102
1,219,553

Adjustments for:

Depreciation of tangible assets
81,548
84,068

Interest paid
4,056
8,915

Interest received
(86,375)
(16,607)

Taxation charge
412,028
315,721

Decrease/(increase) in stocks
1,868,314
(813,616)

(Increase)/decrease in debtors
(245,062)
385,758

(Decrease)/increase in creditors
(76,443)
108,619

Corporation tax (paid)
(358,300)
(608,380)

Net cash generated from operating activities

2,684,868
684,031


Cash flows from investing activities

Purchase of tangible fixed assets
(45,247)
(111,325)

Sale of tangible fixed assets
-
406

Interest received
86,375
16,607

Net cash from investing activities

41,128
(94,312)

Cash flows from financing activities

Dividends paid
(532,500)
(426,000)

Interest paid
(4,056)
(8,915)

Net cash used in financing activities
(536,556)
(434,915)

Net increase in cash and cash equivalents
2,189,440
154,804

Cash and cash equivalents at beginning of year
2,211,085
2,056,281

Cash and cash equivalents at the end of year
4,400,525
2,211,085


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,400,525
2,211,085

4,400,525
2,211,085


The notes on pages 15 to 28 form part of these financial statements.

Page 13

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2024




At 1 June 2023
Cash flows
At 31 May 2024
£

£

£

Cash at bank and in hand

2,211,085

2,189,440

4,400,525


2,211,085
2,189,440
4,400,525

The notes on pages 15 to 28 form part of these financial statements.

Page 14

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Hoggs of Fife (Holdings) Limited is a private company, limited by shares, domiciled in Scotland with registration number SC642176. The registered office is Eden Valley Business Park, Cupar, Fife, United Kingdom, KY15 4RB.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Page 15

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10.00 - 20.00%
Motor vehicles
-
25.00%
Fixtures and fittings
-
14.30 - 33.33%

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.

 
2.5

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 weighted average 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.

 
2.6

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.

 
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.

Page 16

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Holiday pay accrual

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

 
2.10

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results in the future could differ from those estimates.  In this regard, the Directors believe that the critical accounting policies where judgments or estimations are necessary applied are summarised below. 
Tangible Fixed Assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.
Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Stock Provision
Stock is valued at the lower of cost and net realisable value. This includes any provisions for slow moving or obsolete stock. Calculation of such provisions requires judgments to be made on various aspects of stock based on forecasts and historical trading.
The Directors review the valuation method on a regular basis to ensure that the carrying value of stock remains appropriate. Due consideration is given to amounts realised following the year end in relation to stock included in the financial statements at the year end.

Page 19

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
11,179,953
10,849,409

Rest of Europe
213,725
212,559

Rest of the world
36,139
14,209

11,429,817
11,076,177



5.


Other operating income

2024
2023
£
£

Other operating income
598
201

598
201



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
12,891
(74,858)

Other operating lease rentals
241,724
208,102

Depreciation charge for year
81,548
84,068


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
24,500
17,750

Page 20

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,348,989
1,382,447

Social security costs
134,535
146,741

Cost of defined contribution scheme
266,403
156,149

1,749,927
1,685,337


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
5
3
5
5



Staff
47
48
-
-

52
51
5
5


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
155,486
201,848

Group contributions to defined contribution pension schemes
104,828
88,726

260,314
290,574


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £112,804 (2023 - £142,233).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £23,945 (2023 - £23,331).

Page 21

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Interest receivable

2024
2023
£
£


Bank interest receivable
86,375
16,607

86,375
16,607


11.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
4,056
8,915

4,056
8,915


12.


Dividends

2024
2023
£
£


Dividends - ordinary
532,500
426,000

Page 22

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
420,682
294,002


Deferred tax


Deferred tax
(8,654)
21,640


Tax on profit
412,028
315,642

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,497,130
1,535,195


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
374,283
383,799

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
129
(3,477)

Capital allowances for year in excess of depreciation
8,655
(12,870)

Short term timing difference leading to an increase (decrease) in taxation
(8,654)
21,640

Changes in provisions leading to an increase (decrease) in the tax charge
37,615
-

Effect of changes in corporation tax rates
-
(73,450)

Total tax charge for the year
412,028
315,642

Page 23

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2023
442,347
19,400
472,983
934,730


Additions
18,094
-
27,153
45,247



At 31 May 2024

460,441
19,400
500,136
979,977



Depreciation


At 1 June 2023
240,488
19,400
396,357
656,245


Charge for the year on owned assets
38,471
-
43,077
81,548



At 31 May 2024

278,959
19,400
439,434
737,793



Net book value



At 31 May 2024
181,482
-
60,702
242,184



At 31 May 2023
201,859
-
76,626
278,485

Page 24

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
7,400,000



At 31 May 2024
7,400,000






Net book value



At 31 May 2024
7,400,000



At 31 May 2023
7,400,000


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Hoggs of Fife Limited
Eden Valley Business Park, Cupar, Fife, KY15 4RB
Ordinary
100%


16.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
4,506,790
6,375,104

4,506,790
6,375,104


Page 25

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
966,267
843,781
-
-

Other debtors
161,422
27,536
144,870
548

Prepayments and accrued income
157,929
169,239
-
-

1,285,618
1,040,556
144,870
548



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
143,187
124,836
-
-

Amounts owed to group undertakings
-
-
144,870
-

Other taxation and social security
545,726
665,726
-
-

Other creditors
7,520
7,389
-
48

Accruals and deferred income
621,213
533,756
2,500
2,657

1,317,646
1,331,707
147,370
2,705



19.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
5,528,214
3,082,402
115,240
117,633


Financial liabilities

Financial liabilities measured at amortised cost
771,920
665,981
147,370
2,705


Financial assets measured at amortised cost comprise trade debtors, amounts owed by group companies, other debtors and cash.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group companies, other creditors and accruals.

Page 26

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

20.


Deferred taxation


Group



2024


£






At beginning of year
(67,283)


Utilised in year
8,654



At end of year
(58,629)





Group
Group
2024
2023
£
£

Accelerated capital allowances
(58,629)
(67,283)

(58,629)
(67,283)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



21,300 Ordinary shares of £1.00 each
21,300
21,300



22.


Reserves

Share premium account

The share premium account includes amounts above the nominal value received for shares issued.

Capital redemption reserve

The capital redemption reserve includes the par value of cancelled ordinary shares.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 27

 
HOGGS OF FIFE (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £266,403 (2023 - £156,149). Contributions totaling £79 (2023 - £nil) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 31 May 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
223,128
229,827

Later than 1 year and not later than 5 years
16,970
40,284

240,098
270,111

25.


Transactions with directors

At the year end, balances due from directors were £nil (2023 - £48).


26.


Related party transactions

The Company has elected to take the exemption available under FRS 102 s33.1A, and therefore, has not disclosed transactions between the Company and other wholly owned members of the Group, of which Hoggs of Fife (Holdings) Limited is the ultimate parent. 
During the year the Group incurred rental costs of £131,104
 (2023 - £131,104) in respect of properties owned by an associated company, Clunie Investments Ltd. At the year end the Group was due £145,733 (2023 - £302) from Clunie Investments Ltd.
Key management personnel for the Group include directors of Hoggs of Fife (Holdings) Limited and its subsidiary, Hoggs of Fife Limited, who together have authority and responsibility for planning, directing and controlling the activities of the Group. The total compensation paid to key management personnel for services provided to the Group was £316,458
 (2023 - £362,819).


27.


Controlling party

There is no ultimate controlling party.


Page 28