Company registration number SC010100 (Scotland)
SCOTTISH CRAFT BUTCHERS
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
SCOTTISH CRAFT BUTCHERS
COMPANY INFORMATION
Directors
Mr TG Courts (Treasurer)
Mr J Chapman
Mr JG King
Mr G Jarron
Secretary
Mr JG King
Company number
SC010100
Registered office
8 /10 Needless Road
Perth
PH2 0JW
Auditor
Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
SCOTTISH CRAFT BUTCHERS
CONTENTS
Page
Balance sheet
5
Notes to the financial statements
6 - 14
SCOTTISH CRAFT BUTCHERS
ANNUAL REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The Chairman presents his statement for the period.

 

Principal activities:

The principal activity of Scottish Craft Butchers during the year continued to be the provision of advice, support and training services to the meat trade.

 

Scottish Craft Butchers has no share capital and is a private company limited by guarantee with each member undertaking to subscribe, up to a limit of £1, such amounts as may be necessary to pay the debts and liabilities in the event of being wound up.

 

Results for the year:

The profit/(loss) for the year (after tax) amounted to (£18,653) (2023 - (£4,075)).

SCOTTISH CRAFT BUTCHERS
ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Executive Manager's review of activities and future developments

Executive Manager’s review of activities and future developments:

We have seen another year of challenges and change for our organisation and our members. The meat trade is still under what feels like continual attack from veganism, calls to reduce red meat consumption to save the planet and expectations to become more eco-friendly. Add to that rising operational costs, and increases affecting the whole supply chain that has led to dented confidence for businesses and consumers. We also must consider the continued weakening of “high street” shopping locations and extortionate energy costs.

Members have been informed of changes to legislation and guidance issued, they have then had to act accordingly.

Members have adapted well to all challenges that presented themselves. We are an industry with a strong resilience.

Another year where butchers need the regular flow of advice, support, and training services that the SCB continues to provide.

 

Circumstances have changed continually over the decades but with the guidance of its President and his Executive Committee, SCB continues to provide a meaningful service to its members through the Members Services and Training Services sides of the business.

Most meetings of the Executive Committee have been held via video conference since the start of the COVID-19 pandemic, we are now utilising a hybrid system of meetings due to the investment made in our meeting room at the office.

New members of the committee have joined over this period, finding the facility to join the meeting from home preferential to having to travel.

 

Member Services promotes the consumer facing image of SCB and Training Services operate under the name Craft Skills Scotland (CSS). Both sides aim to provide quality support to the meat industry and the craft butcher sector. They also perform the role of representing the sector and responding to consultations and consumer questions / requests. Members’ subscriptions only fund SCB. CSS is a wholly owned standalone subsidiary whose objective is to promote and sustain the craft skills of the industry.

SCB is delighted to provide administrative support to the Guild of Q Butchers. This service to over 75 butchers GB wide operates out of the Perth office, and this provides a valuable contribution to overheads.

SCB members continue to have issues over inconsistency of food safety regulation and varying interpretations on guidance, but the SCB Executive Manager’s membership of the Scottish Food Enforcement Liaison Committee continues to provide an important and useful contact with the enforcement community especially in this post COVID-19 era we are living in.

We are constantly advising members to have EHO’s recommendations formally documented so that all parties can try to achieve some semblance of uniformity of approach.

SCB has assisted where the need for allergen advice has emerged with renewed focus. Safe methods for accepting customers own re-usable containers have also been advised to members.

Representation continues to the Scottish Government’s Animal Health and Welfare Stakeholder Group and SCB is proud of its working partnerships with the likes of Quality Meat Scotland, the National Sheep Association, the Scottish Association of Meat Wholesalers, the Institute of Auctioneers and Appraisers and the National Farmers Union Scotland.

Membership has held up well given the aforesaid.  Some new shops have opened, there continues to be a few retirals, but focus is still required on assisting with succession planning, business takeover and introducing new young owners. In many cases butcher’s shops are very good and viable businesses and it is a matter of identifying potential new owners who will undoubtedly inherit successful businesses with good returns.

SCOTTISH CRAFT BUTCHERS
ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The number of shops in Membership is 353:  267 businesses (287 in 2023) plus 86 branches (82 in 2023).

 

Competition in the sector continues to be challenging with discounter supermarkets making a bigger impact not only to independents, but other established multiples. Retaining customers in the face of new economic pressures is the new challenge. Energy costs will be a worry for many members in the months and years ahead.

It has been increasingly important for SCB to provide members with guidance and advice to enable business to continue to trade profitably. Members have been kept up to speed with all the developments in the meat industry, regional meetings are a critical interface to exchange views and disseminate information. Product evaluation events have kept the independent butcher in the news highlighting quality meat products. We feel it is vitally important that all channels should be used to promote business and attract new and younger customers. It is also essential that we encourage new talent into the sector as the ageing workforce will come up for retirement.

A close relationship with Quality Meat Scotland has created heightened support and a better understanding of the Craft butcher sector and its importance to the meat industry. We are grateful to QMS and the Scotch Butchers Club for the sponsorship of the new Craft Butcher Diploma of Scotland which gives accreditation of the exceptional skills of individuals in the industry.

Both sides of the organisation – SCB and CSS continue to be well used and appreciated by the membership.

Our training arm, Craft Skills Scotland (CSS), continues to contract SDS for funding and CSS successfully tendered for Modern Apprenticeship places. 211 trainees are currently on funded training, 131 trainees achieved Modern Apprenticeships in the last contract year. 145 trainees came on to training in the last contract year while 59 of the allocated 171 places in the current contract have been taken up. 6 Craft Butcher Diplomas were presented during the year.

CSS staff changes last year affected performance this year. The ability to maintain income streams is challenging and involved costs to the company of training a new assessor. However, we feel the team is now settled and income targets are clear for 2024/2025 .

We continue to be a training provider for the Brewing, Modern Apprentice, qualification. We are working with several breweries across the country, some in rural locations which entail higher costs for delivery.

SCB continues to be an awarding body in partnership with Scottish Qualifications Authority (SQA). Distance Learning Foundation Hygiene and Foundation HACCP are delivered to our trainees.

Two Meat Managers HACCP and Hygiene Course was held during the year with the 18 candidates attending achieving a high standard of certification.

Regional meetings were held in October 2023 in – Stepps, Carfraemill, Perth, and Elgin. A further round of meetings in the same venues were held in May 2024. All have been very well attended and well received.

The newsletter has been published timeously on the first day of each month.

We have 37 Corporate members, (34 in 2023). They have been great supporters to SCB and hopefully they have gained sufficient business in return to justify their continued support. Many have made good use of free inserts or adverts in the Newsletters and the platform available through regional meetings.

The Steak Pie and Speciality Pie evaluations were held in September 2023 with the results announced at the regional meetings in October 2023.

The Beef Link, Black Pudding and Home Cured Bacon product evaluations were held in April 2024 with the results announced at the regional meetings in May 2024.

SCOTTISH CRAFT BUTCHERS
ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

“Porktober” promotional activity continues to gather interest each year with more organisations joining in. The marketing initiative has been nominated for an award at the National Pig Awards.

 

We will hold the World Haggis Championship in 2025 with the judging taking place at the trade fair along with the Scottish Pork Sausage Championship.

Increased resource to take professional photographs and generate professional press releases has generated good PR for independent butchers from these evaluations and competitions.

The winner of the World Haggis Championship 2023, Coopers Butchers in Bellshill even had a visit from the First Minister.

Our Employment Law advisers continue to enhance the services offered by SCB. A Health and Safety adviser is also retained to provide members with advice.

For the One Hundred and Fifth Annual General Meeting, SCB went to Dundee. It was held on 22nd November 2023 in the Landmark Hotel where George Jarron was re-elected as President.  The very well attended meeting was fortunate to attract top speakers – Tom Gibson QMS, Peter Myles National Sheep Association and Nigel Ovens from McCaskies Butchers in Wemyss Bay - all of whom had fantastic stories to tell that proved inspirational to all who attended.

 

The SCB Training Awards were again held in conjunction with the AGM. Generously supported by QMS and SQA this complemented what was a very positive day and again there was a great show of the emerging talent in our industry.

 

SCB remains highly accessible to members and members’ views are constantly canvassed when either telephoning, attending meetings or visited by any of the CSS assessors.

Finally, I would like to record the valuable contribution made by all members of staff. Bruce McCall continues to be the first point of contact for members and Claire Simpson who is responsible for all things training. Thanks to Joyce Miller, Gordon Wallace, Willie Kemp, Sarah Frew and Robbie Hughan, they have all been an invaluable source of support to me over the last 12 months.

Gordon King
Executive Manager
17 November 2024
SCOTTISH CRAFT BUTCHERS
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
227,854
230,461
Investments
6
260,983
224,222
488,837
454,683
Current assets
Stocks
1,384
1,837
Debtors
7
43,028
45,699
Cash at bank and in hand
46,241
75,045
90,653
122,581
Creditors: amounts falling due within one year
8
(101,883)
(81,005)
Net current (liabilities)/assets
(11,230)
41,576
Net assets
477,607
496,259
Reserves
Income and expenditure account
477,607
496,259
Members' funds
477,607
496,259

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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 17 November 2024 and are signed on its behalf by:
Mr JG King
Director
Company Registration No. SC010100
SCOTTISH CRAFT BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
1
Accounting policies
Company information

Scottish Craft Butchers is a private company limited by guarantee incorporated in Scotland. The registered office is 8 /10 Needless Road, Perth, PH2 0JW.

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, modified to include the revaluation of freehold properties, investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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:

Freehold property
0.12% Straight Line
Fixtures and fittings
20% Reducing Balance

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 surplus or deficit.

SCOTTISH CRAFT BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 7 -
1.4
Fixed asset investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value each balance sheet date. Gains and losses on remeasurement are recognised in the profit & loss for the period.

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SCOTTISH CRAFT BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
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.

 

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.

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.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.10

Operating Leases

Rentals paid under operating leases are charged to profit & Loss on a straight line basis over the lease term.

SCOTTISH CRAFT BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 9 -
1.11

Government grants

Grants are accounted under accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit & loss at the same rate as depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

1.12

Pensions

The company operate a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.

 

Fixed assets are also assessed as to whether there are indictors of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.

Allocation of expenses

An apportionment of shared expenses are allocated to members services. The application is consistent with prior years and reasonable when considered in line with profit levels.

 

A percentage of shared overheads are allocated to other organisations occupying the building, based on the space utilised. Staff time is also allocated out for services performed; this is estimated by the Chief Exec. Estimates were deemed to be reasonable and consistent.

Property Valuations

The property included in land and buildings is held at fair value.

 

The property at 8/10 Needless Road is valued at £220,000. The last formal valuation was performed in 2017, the valuation remains the same based on the directors estimates of value.

SCOTTISH CRAFT BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
3
Employees

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

2024
2023
Number
Number
Total
7
7
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,550
4,914
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
222,342
59,579
281,921
Additions
-
0
399
399
Disposals
-
0
(6,513)
(6,513)
At 31 August 2024
222,342
53,465
275,807
Depreciation and impairment
At 1 September 2023
8,747
42,713
51,460
Depreciation charged in the year
267
2,561
2,828
Eliminated in respect of disposals
-
0
(6,335)
(6,335)
At 31 August 2024
9,014
38,939
47,953
Carrying amount
At 31 August 2024
213,328
14,526
227,854
At 31 August 2023
213,595
16,866
230,461

Included in land and buildings is the property at 8/10 Needlless Road, Perth.

 

The fair value of the property has been arrived at on the basis of a valuation carried out in October 2017 by Graham and Sibbald Charted Surveyors, who are not connected with the company. The valuation of the property was £220,000, which the directors believe to still be a fair valuation.

SCOTTISH CRAFT BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
260,983
224,222
Fixed asset investments revalued

Listed investments have been revalued at market value. This is based on an independent valuation which is carried out by Redmayne Bentley an Investment Management Company who also provide stockbroking services. The original cost of the listed investments is £66,462 (2023 - £66,462)

There has been no recent valuation of the unlisted investments including the president's chain and trophies. The wholly owned subsidiary Scottish Federation of Meat Traders Association were dormant throughout the financial year.

SCOTTISH CRAFT BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Fixed asset investments
(Continued)
- 12 -

Summary of investments

 

Investment risks

 

FRS 102 requires the disclosure of information in relation to certain investment risks. Theserisks are set out by FRS 102 as follows:

 

Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

 

Market risk: this comprises currency risk, interest rate risk and other price risk.

- Currency risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in foreign exchange rates.

- Interest rate risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market interest rates.

 

Other price risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

 

The Fund has exposure to these risks because of the investments it makes to implement its investment strategy. The directors manage investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Fund’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Fund’s investment managers and monitored by the directors by regular reviews of the investment portfolios.

 

Credit risk

 

The Fund invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.

 

Analysis of direct credit risk

 

Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The directors carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.

 

Pooled investment arrangements used by the Fund comprise authorised unit trusts.

 

Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.

SCOTTISH CRAFT BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Fixed asset investments
(Continued)
- 13 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2023
224,222
Valuation changes
36,761
At 31 August 2024
260,983
Carrying amount
At 31 August 2024
260,983
At 31 August 2023
224,222
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,700
20,307
Other debtors
24,052
24,343
Prepayments and accrued income
3,276
1,049
43,028
45,699
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,672
4,188
Taxation and social security
8,653
8,245
Other creditors
63,500
51,486
Accruals and deferred income
24,058
17,086
101,883
81,005
9
Retirement benefit schemes
Defined contribution schemes

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.

The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,858 (2023 - £7,308). Contributions totalling £2,230 (2023 - £1,587) were payable to the fund at the balance sheet date and are included within creditors.

SCOTTISH CRAFT BUTCHERS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
10
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Lesley Campbell, BA, C.A.
Statutory Auditor:
Findlays Audit Limited
Date of audit report:
17 November 2024
12
Financial commitments, guarantees and contingent liabilities

The Company received grant funding from Skills Development Scotland. This grant may be repayable should the Company fail to continue to comply with the grant conditions. The grants are audited by Skills Development Scotland and comply with all conditions set.

13
Operating lease commitments

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

2024
2023
£
£
4,562
7,172
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