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 |