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Company No: SC027384 (Scotland)

A.W. HERD & SONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

A.W. HERD & SONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

A.W. HERD & SONS LIMITED

BALANCE SHEET

As at 31 March 2024
A.W. HERD & SONS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 98,475 86,370
Investments 4 200 200
98,675 86,570
Current assets
Stocks 22,050 23,274
Debtors 5 286,229 271,989
Cash at bank and in hand 1,863 1,601
310,142 296,864
Creditors: amounts falling due within one year 6 ( 158,972) ( 117,783)
Net current assets 151,170 179,081
Total assets less current liabilities 249,845 265,651
Creditors: amounts falling due after more than one year 7 ( 36,901) ( 34,259)
Provision for liabilities ( 1,676) ( 4,247)
Net assets 211,268 227,145
Capital and reserves
Called-up share capital 8 10,000 10,000
Profit and loss account 201,268 217,145
Total shareholder's funds 211,268 227,145

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of A.W. Herd & Sons Limited (registered number: SC027384) were approved and authorised for issue by the Director on 14 March 2025. They were signed on its behalf by:

Gordon Brown
Director
A.W. HERD & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
A.W. HERD & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A.W. Herd & Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 308 Great Western Road, Aberdeen, AB10 6PL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Short term 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.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. An impairment loss is recognised immediately in profit or loss, 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 profit or loss, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 12 12

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 62,983 233,459 296,442
Additions 0 17,724 17,724
Disposals 0 ( 1,850) ( 1,850)
At 31 March 2024 62,983 249,333 312,316
Accumulated depreciation
At 01 April 2023 0 210,072 210,072
Charge for the financial year 0 4,880 4,880
Disposals 0 ( 1,111) ( 1,111)
At 31 March 2024 0 213,841 213,841
Net book value
At 31 March 2024 62,983 35,492 98,475
At 31 March 2023 62,983 23,387 86,370

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 200 200
At 31 March 2024 200 200
Carrying value at 31 March 2024 200 200
Carrying value at 31 March 2023 200 200

The unlisted investment is not publicly traded and its fair value cannot be otherwise measured reliably. The unlisted investment is therefore measured at cost less impairment in accordance with FRS 102 Section 11 Basic Financial Instruments paragraph 11.14 (d) (ii).

5. Debtors

2024 2023
£ £
Trade debtors 4,281 9,096
Amounts owed by parent undertakings 202,620 181,530
Corporation tax 0 4,697
Other debtors 79,328 76,666
286,229 271,989

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 97,318 83,051
Trade creditors 51,283 25,654
Other taxation and social security 3,234 2,856
Obligations under finance leases and hire purchase contracts 1,993 0
Other creditors 5,144 6,222
158,972 117,783

The bank overdraft is secured by a standard security over 277 Rosemount Place, Aberdeen as owned by the company. The bank also holds a floating charge and an assignation of life insurance over the director for £300,000.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 28,704 34,259
Obligations under finance leases and hire purchase contracts 8,197 0
36,901 34,259

The bank loan is repayable in monthly instalments ending in May 2030 with interest being charged at fixed rate of 2.5%.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 6,481 12,037

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

9. Related party transactions

Transactions with the entity's director

As at 31 March 2024 the company was due the director £395 (2023 - the director was due the company £724). The loan is interest fee with no set repayment terms.

Other related party transactions

2024 2023
£ £
Amounts due from related parties - Entities with control, joint control or significant influence over the company. 202,620 181,530
Other related parties 56,744 73,975

During the year the company was invoiced costs totalling £26,232 (2023 - £4,422) by related parties.

Also during the year the company invoiced sales totalling £35,710 (2023 - £42,315) to related parties.