Registered number
SC044504
Highland Fine Cheeses Limited
Unaudited Filleted Accounts
31 May 2024
Highland Fine Cheeses Limited
Registered number: SC044504
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 6,895 1,375
Tangible assets 4 462,867 277,882
469,762 279,257
Current assets
Stocks 187,971 198,571
Debtors 5 253,323 205,589
Cash at bank and in hand 235,016 498,701
676,310 902,861
Creditors: amounts falling due within one year 6 (434,113) (170,849)
Net current assets 242,197 732,012
Total assets less current liabilities 711,959 1,011,269
Creditors: amounts falling due after more than one year 7 (133,531) (142,796)
Provisions for liabilities (73,768) (37,245)
Net assets 504,660 831,228
Capital and reserves
Called up share capital 22,980 22,980
Share premium 988,600 988,600
Revaluation reserve 9 112,286 112,286
Profit and loss account (619,206) (292,638)
Shareholders' funds 504,660 831,228
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Stone
Director
Approved by the board on 26 February 2025
Highland Fine Cheeses Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). They are presented in £ sterling which is the company's functional currency.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods which is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings Nil - 5% straight line basis/over lease term
Plant and machinery 25% reducing balance basis
Motor vehicles 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined benefit contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 4,660
Additions 7,183
At 31 May 2024 11,843
Amortisation
At 1 June 2023 3,285
Provided during the year 1,663
At 31 May 2024 4,948
Net book value
At 31 May 2024 6,895
At 31 May 2023 1,375
Intangible assets are trademarks and a website held by the company. They are being written off in equal annual instalments over their estimated useful economic life of 10 years and 5 years respectively.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 202,720 556,890 54,043 813,653
Additions - 276,434 76,824 353,258
Disposals - (43,037) (66,000) (109,037)
At 31 May 2024 202,720 790,287 64,867 1,057,874
Depreciation
At 1 June 2023 92,296 403,652 39,823 535,771
Charge for the year 8,753 104,684 15,714 129,151
On disposals - (32,102) (37,813) (69,915)
At 31 May 2024 101,049 476,234 17,724 595,007
Net book value
At 31 May 2024 101,671 314,053 47,143 462,867
At 31 May 2023 110,424 153,238 14,220 277,882
Freehold land and buildings: 2024 2023
£ £
Historical cost 69,401 69,401
Cumulative depreciation based on historical cost 44,330 40,920
25,071 28,481
The freehold land and buildings were revalued in June 2011 by Torrance Partnership LLP at £120,000.
5 Debtors 2024 2023
£ £
Trade debtors 213,445 170,892
VAT 27,124 28,770
Other debtors 12,754 5,927
253,323 205,589
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,752 10,487
Obligations under finance lease and hire purchase contracts 60,618 62,714
Trade creditors 115,359 90,445
Taxation and social security costs 14,028 (7,312)
Other creditors 233,356 14,515
434,113 170,849
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,081 20,130
Obligations under finance lease and hire purchase contracts 63,450 51,416
Other creditors 60,000 71,250
133,531 142,796
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 15,000 26,250
There is a standard security over the land at Blairliath Industrial Estate. There is also a floating charge over all assets of the Company.
9 Revaluation reserve 2024 2023
£ £
At 1 June 2023 112,286 112,286
At 31 May 2024 112,286 112,286
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 3,120 1,042
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
R Stone
Directors loan account (5,715) (61,591) 61,729 (5,577)
(5,715) (61,591) 61,729 (5,577)
The above loan remains outstanding. There are no fixed terms of repayment and no interest is charged.
12 Other information
Highland Fine Cheeses Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Blairliath Farm
Shore Road
Tain
Ross-shire
IV19 1EB
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