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Registered number: 07886426










SCOTT & NEWMAN HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
R Owen 
J P Owen 




Company secretary
R K Jones



Registered number
07886426



Registered office
Sitka House
Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
SCOTT & NEWMAN HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8 - 9
Consolidated statement of financial position
 
10 - 11
Company statement of financial position
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Notes to the financial statements
 
17 - 35


 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their strategic report of the company and the group for the year ended 30 June 2024.

Business review
 
Turnover increased by £4.1m on the previous year to £20.8m which reflects market conditions.
Weather conditions restricted the supply of potatoes which severely increased freebuy prices. Our contracted growers were also affected with reduced yields and lower tonnages. This had an adverse effect on our fixed price contract sales but the Group nevertheless achieved a profit before taxation of £1.09m.
Net assets at 30 June 2024 were £3.15m which is a increase of £62k on the previous year.
Through leadership, hard work and decades of experience we can assess and make decisions swiftly to the benefit of both customers and suppliers.
We acknowledge and appreciate the enterprise and loyal support of our staff.

Principal risks and uncertainties
 
The key risk to the business is the raw material price fluctuations arising from adverse weather conditions. A policy of constant price monitoring, use of market intelligence, the futures market combined with the offset of purchase and sale contracts at fixed prices is used to mitigate the risk.
As a result of this, the group can be exposed to large fluctuations in its cash position. The directors manage this by ensuring there is sufficient cash held by the business and also having an overdraft arrangement to manage any liquidity requirements.

Financial key performance indicators
 
The directors consider that the key financial performance indicators are those that demonstrate the activity, financial performance and position of the Company, being turnover, gross profit margin, operating profit and net assets. An analysis of the performance of the Group during the year and its position at the year end with reference to these key performance indicators is provided in the business review above.

Other key performance indicators
 
The Group uses a range of other Key performance indicators to monitor and measure performance within the business on a regular basis.


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



R Owen
Director

Date: 26 March 2025

Page 1

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 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 £876,035 (2023 - £589,307).

During the year the Group declared dividends of £508,500 (2023: £1,158,900)

Directors

The directors who served during the year were:

R Owen 
J P Owen 

Future developments

The Group is continually looking for opportunities to expand to continue the path of steady growth.

Page 2

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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 auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





R Owen
Director

Date: 26 March 2025

Page 3

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & NEWMAN HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Scott & Newman Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement 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 30 June 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

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & NEWMAN 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.


Page 5

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & NEWMAN HOLDINGS LIMITED (CONTINUED)


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.


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:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 6

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & NEWMAN HOLDINGS LIMITED (CONTINUED)


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.


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.





H M Pierce (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
26 March 2025
Page 7

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
2024
2024
2024
2023
2023
2023
Note
£
£
£
£
£
£

  

Turnover
 4 
19,416,365
1,410,251
20,826,616
14,803,788
1,929,935
16,733,723

Cost of sales
  
(17,915,525)
(1,149,850)
(19,065,375)
(13,470,539)
(1,662,705)
(15,133,244)

Gross profit
  
1,500,840
260,401
1,761,241
1,333,249
267,230
1,600,479

Administrative expenses
  
(808,021)
(121,018)
(929,039)
(816,398)
(243,238)
(1,059,636)

Other operating income
 5 
25,218
-
25,218
166,110
-
166,110

Operating profit
 6 
718,037
139,383
857,420
682,961
23,992
706,953

Profit/loss on disposal of inv. in subsidiaries
  
170,664
-
170,664
-
-
-

Interest receivable and similar income
 10 
72,421
-
72,421
49,645
-
49,645

Interest payable and similar expenses
 11 
(6,919)
(3,763)
(10,682)
(219)
(3,499)
(3,718)

Profit before taxation
  
954,203
135,620
1,089,823
732,387
20,493
752,880

Tax on profit
 12 
(190,719)
(23,069)
(213,788)
(159,486)
1,094
(158,392)

Profit for the financial year
  
763,484
112,551
876,035
572,901
21,587
594,488

Profit for the year attributable to:
  

Non-controlling interests
  
-
-
-
-
5,181
5,181

Owners of the parent company
  
763,484
112,551
876,035
572,901
16,406
589,307

  
763,484
112,551
876,035
572,901
21,587
594,488

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

Page 8

 
SCOTT & NEWMAN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

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

The notes on pages 17 to 35 form part of these financial statements.

Page 9

 
SCOTT & NEWMAN HOLDINGS LIMITED
REGISTERED NUMBER: 07886426

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
335,163
216,694

  
335,163
216,694

Current assets
  

Stocks
 16 
301,427
7,569

Debtors: amounts falling due within one year
 17 
3,015,279
2,769,698

Cash at bank and in hand
 18 
1,630,543
2,255,192

  
4,947,249
5,032,459

Creditors: amounts falling due within one year
 19 
(2,102,442)
(2,162,230)

Net current assets
  
 
 
2,844,807
 
 
2,870,229

Total assets less current liabilities
  
3,179,970
3,086,923

Creditors: amounts falling due after more than one year
  
(3,438)
-

Provisions for liabilities
  

Deferred taxation
  
(29,401)
(1,808)

  
 
 
(29,401)
 
 
(1,808)

Net assets
  
3,147,131
3,085,115


Capital and reserves
  

Called up share capital 
 23 
550,700
550,700

Profit and loss account
 24 
2,596,431
2,481,306

Equity attributable to owners of the parent Company
  
3,147,131
3,032,006

Non-controlling interests
  
-
53,109

  
3,147,131
3,085,115


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R Owen
Director

Date: 26 March 2025

The notes on pages 17 to 35 form part of these financial statements.
Page 10

 
SCOTT & NEWMAN HOLDINGS LIMITED
REGISTERED NUMBER: 07886426
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024


Page 11

 
SCOTT & NEWMAN HOLDINGS LIMITED
REGISTERED NUMBER: 07886426

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
550,000
550,076

  
550,000
550,076

Current assets
  

Cash at bank and in hand
 18 
189,040
325,461

  
189,040
325,461

Creditors: amounts falling due within one year
 19 
(2,160)
(1,868)

Net current assets
  
 
 
186,880
 
 
323,593

Total assets less current liabilities
  
736,880
873,669

  

  

Net assets
  
736,880
873,669


Capital and reserves
  

Called up share capital 
 23 
550,700
550,700

Profit and loss account brought forward
  
322,969
983,147

Profit for the year
  
371,711
498,722

Other changes in the profit and loss account

  

(508,500)
(1,158,900)

Profit and loss account carried forward
  
186,180
322,969

  
736,880
873,669


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R Owen
Director

Date: 26 March 2025

The notes on pages 17 to 35 form part of these financial statements.

Page 12

 
SCOTT & NEWMAN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 July 2022
550,700
3,050,899
3,601,599
47,928
3,649,527


Comprehensive income for the year

Profit for the year
-
589,307
589,307
5,181
594,488


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,158,900)
(1,158,900)
-
(1,158,900)


Total transactions with owners
-
(1,158,900)
(1,158,900)
-
(1,158,900)



At 1 July 2023
550,700
2,481,306
3,032,006
53,109
3,085,115


Comprehensive income for the year

Profit for the year
-
876,035
876,035
-
876,035


Contributions by and distributions to owners

Dividends: Equity capital
-
(508,500)
(508,500)
-
(508,500)

Disposal of subsidiary
-
(252,410)
(252,410)
(53,109)
(305,519)


Total transactions with owners
-
(760,910)
(760,910)
(53,109)
(814,019)


At 30 June 2024
550,700
2,596,431
3,147,131
-
3,147,131


The notes on pages 17 to 35 form part of these financial statements.

Page 13

 
SCOTT & NEWMAN HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
550,700
983,147
1,533,847


Comprehensive income for the year

Profit for the year
-
498,722
498,722
Total comprehensive income for the year
-
498,722
498,722


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,158,900)
(1,158,900)


Total transactions with owners
-
(1,158,900)
(1,158,900)



At 1 July 2023
550,700
322,969
873,669


Comprehensive income for the year

Profit for the year
-
371,711
371,711
Total comprehensive income for the year
-
371,711
371,711


Contributions by and distributions to owners

Dividends: Equity capital
-
(508,500)
(508,500)


Total transactions with owners
-
(508,500)
(508,500)


At 30 June 2024
550,700
186,180
736,880


The notes on pages 17 to 35 form part of these financial statements.

Page 14

 
SCOTT & NEWMAN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
876,035
594,488

Adjustments for:

Depreciation of tangible assets
110,453
104,702

Loss on disposal of tangible assets
(47,598)
(25,144)

Interest paid
10,682
3,718

Interest received
(72,421)
(49,645)

Taxation charge
211,980
158,392

(Increase)/decrease in stocks
(293,858)
6,264

(Increase) in debtors
(245,581)
(192,025)

(Decrease)/increase in creditors
(50,557)
307,939

Corporation tax (paid)
(197,368)
(222,922)

Net cash generated from operating activities

301,767
685,767


Cash flows from investing activities

Purchase of tangible fixed assets
(281,832)
(89,586)

Sale of tangible fixed assets
100,508
39,383

Interest received
72,421
49,645

HP interest paid
(25)
(219)

Disposal of subsidiary
(305,519)
-

Net cash from investing activities

(414,447)
(777)

Cash flows from financing activities

Repayment of loans
-
(3,596)

Repayment of/new finance leases
7,188
-

Dividends paid
(508,500)
(1,158,900)

Interest paid
(10,657)
(3,499)

Net cash used in financing activities
(511,969)
(1,165,995)
Page 15

 
SCOTT & NEWMAN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Net (decrease) in cash and cash equivalents
(624,649)
(481,005)

Cash and cash equivalents at beginning of year
2,255,192
2,736,197

Cash and cash equivalents at the end of year
1,630,543
2,255,192


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,630,543
2,255,192


Page 16

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Scott & Newman Holdings Limited is a private company, limited by shares, incorporated and domiciled in England and Wales with its registered office and principal place of business at Sitka House, Sitka Drive, Shrewsbury Business Park, Shrewsbury, SY2 6LG.

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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

 
2.3

Going concern

The Directors have undertaken an excercise to review the appropriateness of the continued use of the Going Concern basis that underpins the preparation of the financial statements, following the review the Directors are confident that the company can continue trading for at least 12 months from the date of the authorisation of these financial statements, and therefoe continue to adopt the going concern basis.

Page 17

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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 18

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

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 19

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both straight line and reducing balance.

Depreciation is provided on the following basis:

Plant and machinery
-
10% and 20% on cost
Motor vehicles
-
25% on cost and 25% reducing balance
Fixtures and fittings
-
10% and 20% on cost
Computer equipment
-
20% to 25% straight line

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.

Page 20

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income 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 at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

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 first in, first out 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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 21

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Page 22

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.19

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 


4.


Turnover

The whole of the turnover is attributable to the principal business activity.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
20,136,126
14,667,018

Rest of Europe
690,490
2,066,705

20,826,616
16,733,723


Page 23

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Other operating income

2024
2023
£
£

Other operating income
25,218
166,110

25,218
166,110



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation on tangible assets
110,452
104,702

Exchange differences
(9,895)
(3,388)

Other operating lease rentals
37,400
38,000

Profit on disposal of tangible assets
(47,598)
(25,144)


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
7,645
8,477

Page 24

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
523,175
557,834

Social security costs
83,568
85,918

Cost of defined contribution scheme
16,382
17,232

623,125
660,984


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


        2024
        2023
            No.
            No.







Employees
17
17

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
120,493
157,990

Group contributions to defined contribution pension schemes
1,809
2,412

122,302
160,402



10.


Interest receivable

2024
2023
£
£


Other interest receivable
72,421
49,645

72,421
49,645

Page 25

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
5,657
3,499

Finance leases and hire purchase contracts
25
219

Other interest payable
5,000
-

10,682
3,718


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
184,387
159,933

Adjustments in respect of previous periods
-
(22)


184,387
159,911


Total current tax
184,387
159,911

Deferred tax


Origination and reversal of timing differences
29,401
(1,519)

Total deferred tax
29,401
(1,519)


Tax on profit
213,788
158,392
Page 26

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,089,823
752,880


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
272,456
154,340

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,069
(4,263)

Adjustments to tax charge in respect of prior periods
-
(22)

Short-term timing difference leading to an increase (decrease) in taxation
(65,321)
13,588

Other timing differences leading to an increase (decrease) in taxation
49
(96)

Book profit on chargeable assets
(11,900)
(5,155)

Taxation in relation to subsidiaries no longer in the group
17,435
-

Total tax charge for the year
213,788
158,392


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends
508,500
1,158,900

508,500
1,158,900

Page 27

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
51,869
410,471
128,450
21,743
612,533


Additions
-
265,728
15,757
347
281,832


Disposals
-
(212,853)
(9,153)
(22,090)
(244,096)



At 30 June 2024

51,869
463,346
135,054
-
650,269



Depreciation


At 1 July 2023
35,330
228,824
115,588
16,097
395,839


Charge for the year on owned assets
4,828
98,117
5,322
2,186
110,453


Disposals
-
(163,750)
(9,153)
(18,283)
(191,186)



At 30 June 2024

40,158
163,191
111,757
-
315,106



Net book value



At 30 June 2024
11,711
300,155
23,297
-
335,163



At 30 June 2023
16,539
181,647
12,862
5,646
216,694

Page 28

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
550,076


Disposals
(76)



At 30 June 2024
550,000





Subsidiary undertaking


The following is a subsidiary undertaking of the Company:

Name

Registered office

Holding

Scott & Newman Limited
Sitka House, Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG
100%


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
5,000
7,569

Work in progress (goods to be sold)
296,427
-

301,427
7,569


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 29

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
2,817,168
2,484,583

Other debtors
147,705
241,355

Prepayments and accrued income
50,406
43,760

3,015,279
2,769,698



18.


Cash and cash equivalents

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

Cash at bank and in hand
1,630,543
2,255,192
189,040
325,461

1,630,543
2,255,192
189,040
325,461



19.


Creditors: Amounts falling due within one year

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

Trade creditors
1,864,691
1,876,138
-
-

Corporation tax
91,929
104,910
245
369

Other taxation and social security
23,639
29,655
-
-

Obligations under finance lease and hire purchase contracts
3,750
-
-
-

Other creditors
1,033
1,823
-
-

Accruals and deferred income
117,400
149,704
1,915
1,499

2,102,442
2,162,230
2,160
1,868


Page 30

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
3,438
-

3,438
-


Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the reporting date.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
7,188
-

7,188
-


22.


Deferred taxation


Group



2024


£






At beginning of year
(1,808)


Charged to profit or loss
(27,593)



At end of year
(29,401)

Page 31

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
22.Deferred taxation (continued)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(29,401)
(1,808)

(29,401)
(1,808)

Page 32

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



550,700 (2023 - 550,700) Ordinary shares of £1.00 each
550,700
550,700



24.


Reserves

Profit and loss account

The profit and loss account represents the cumulative profits of the Group and Company since incorporation less any distributions made.

25.


Analysis of net debt





At 1 July 2023
Cash flows
New finance leases
At 30 June 2024
£

£

£

£

Cash at bank and in hand

2,255,192

(624,649)

-

1,630,543

Debt due within 1 year

-

(1,032)

-

(1,032)

Finance leases

-

-

(7,188)

(7,188)


2,255,192
(625,681)
(7,188)
1,622,323

Page 33

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Discontinued operations

During the year Scott & Newman Holdings disposed of its majority stake in Baker Farm Produce Limited.

£


Cash proceeds
171,595

171,595

Net assets disposed of:


Tangible fixed assets
(22,163)

Debtors
(237,594)

Cash
(132,132)

Creditors
138,942

 
 
(252,947)

Loss on disposal before tax
(81,352)

The net inflow of cash in respect of the sale of Baker Farms Produce Limited is as follows:

£


Cash consideration
171,595

Cash transferred on disposal
(132,132)

Net outflow of cash
39,463


27.


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 £16,382 (2023 - £17,232). Contributions totalling £1,032 (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.

Page 34

 
SCOTT & NEWMAN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

28.


Related party transactions

The Company has taken the exemption under FRS 102 not to disclose transactions with other 100% owned group companies.
Included in other debtors are amounts owed by directors and immediate family of £Nil (2023: £18,100). No interest is charged on this balance.
At the year end, there was an amount owing by DRO Investments, an entity under common control to the of Scott & Newman Limited of £Nil (2022: £60,000). No interest is charged on this balance.
Included within in creditors is a balance due from Baker Farm Produce Limited to Scott & Newman Limited of £100,000 (2023: £100,000), interest is currently charges at 3% over Barclays base rate. The interest charge in relation to the loan is £5,657 (2023: £3,499).


29.


Controlling party

Scott & Newman Holdings Limited is controlled by R Owen (Director) by virtue of his controlling shareholding.

 
Page 35