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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

COMPANY INFORMATION


Directors
John Inglis Forbes 
Ryan Daly 
Graham Forbes 
Richard Stephen 




Registered number
SC465482



Registered office
Broadwood
Drumlithie

Stonehaven

AB39 3XA




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA




Bankers
Barclays Bank PLC
163-165 Union Street

Aberdeen

AB11 6SL





 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 26


 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

INTRODUCTION
 
The directors present the strategic report of the company for the year ended 30 June 2024.

BUSINESS REVIEW
 
The principal activity of the company continues to be that of the manufacture and supply of compound animal feedstock and associated agricultural products and services.
During the year, our turnover decreased by 12.04% to £56,414,737 
(2023 £64,140,257). The decrease in turnover can be attributed to a decrease in commiduty prices. A disappointing pre-tax loss of £99,028 has arisen (2023 profit: £162,065) principally due to this and continuing pressure on input costs.
The business has continued to cope well with the unpredictable market conditions due to its knowledge of the markets and its close working relationships with customers.
A successful first harvest season with our new grain dryer system was enjoyed which reduced costs and waiting times. The company continues to undertake a program of improvements in mill systems. This investment is continuing to maintain and improve existing systems and results in industry leading processes and procedures being embedded in the business.
With the haulage fleet replacements last year, a successful year was enjoyed with improvements in reliability and a reduction in costs. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
Global supply chain shortages and the volatility of prices have continued making it another challenging year. We believe that the knowledge and experience of our senior management ensured that we have the flexibility to adapt to this environment. 
The company continues to develop and train out its in-house health & safety systems. These systems are above and beyond industry standards and are helping us to eliminate as far as practical the risks of working. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
Due to the diverse nature of the business, it is not possible to easily summarise the KPIs used to measure the business. The primary focus however continues to be the review of the cost of producing and delivering a tonne of feed in line with developing new products for our large diverse customer base. 

OTHER KEY PERFORMANCE INDICATORS
 
Staff turnover continues to be low due to the continuing focus on staff morale, training, and their wellbeing.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors are responsible under section 172 of the Companies Act to promote the success of the Company for the benefit of its members as a whole and in doing so have regard for the needs of wider society and stakeholders. The directors consider their current key stakeholder to be the bank.


This report was approved by the board on 27 March 2025 and signed on its behalf.



John Inglis Forbes
Director

Page 1

 
EAST COAST VINERS GRAIN (DRUMLITHIE) 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 Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £607,548 (2023 - loss £367,688).

No dividends were paid during the current or previous year and no final dividend is recommended by the directors.

Directors

The directors who served during the year were:

John Inglis Forbes 
Ryan Daly 
Graham Forbes 
Richard Stephen 

Future developments

There are no material changes planned or expected in the Company for the foreseeable future.

Research and development activities

The Company is currently undertaking research and development to improve control and automation systems as well as enhancements to feed strategies.

Page 2

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Engagement with suppliers, customers and others

Maintaining regular and open contact with senior management of key suppliers and customers is a priority of the board to ensure effective communication as a foundation of strong business relationships, ensuring that contracts are commercial but fair and that suppliers and customers are satisfied with the company's conduct.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has taken advantage of the exemption under Schedule 7, 20A(2) of SI 2018/1155 not to disclose information concerning greenhouse gas emissions, energy consumption and energy efficiency as this is included within the East Coast Viners (Holdings) Limited consolidated financial statements for the period.

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 March 2025 and signed on its behalf.
 





John Inglis Forbes
Director

Page 3

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

Opinion


We have audited the financial statements of East Coast Viners Grain (Drumlithie) Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 Company's affairs as at 30 June 2024 and of its loss 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 Company 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 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

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS GRAIN (DRUMLITHIE) 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.


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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED (CONTINUED)


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 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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.


Page 6

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED (CONTINUED)


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.





Douglas Rae (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

28 March 2025
Page 7

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
56,414,737
64,140,257

Cost of sales
  
(56,172,427)
(63,321,455)

GROSS PROFIT
  
242,310
818,802

Administrative expenses
  
(544,193)
(475,700)

Other operating income
 5 
277,500
153,092

OPERATING (LOSS)/PROFIT
 6 
(24,383)
496,194

Interest receivable and similar income
 10 
2,255
2,449

Interest payable and similar expenses
 11 
(420,056)
(336,578)

(LOSS)/PROFIT BEFORE TAX
  
(442,184)
162,065

Tax on (loss)/profit
 12 
(165,364)
(529,753)

LOSS FOR THE FINANCIAL YEAR
  
(607,548)
(367,688)

OTHER COMPREHENSIVE INCOME FOR THE YEAR
  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
(607,548)
(367,688)

The notes on pages 11 to 26 form part of these financial statements.

Page 8

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
REGISTERED NUMBER: SC465482

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 13 
6,822,186
6,307,364

  
6,822,186
6,307,364

CURRENT ASSETS
  

Stocks
 14 
2,307,947
2,508,856

Debtors: amounts falling due within one year
 15 
15,501,176
15,667,499

Cash at bank and in hand
  
1,252,928
28,136

  
19,062,051
18,204,491

Creditors: amounts falling due within one year
 16 
(16,724,735)
(14,207,630)

NET CURRENT ASSETS
  
 
 
2,337,316
 
 
3,996,861

TOTAL ASSETS LESS CURRENT LIABILITIES
  
9,159,502
10,304,225

Creditors: amounts falling due after more than one year
 17 
(2,966,472)
(3,691,802)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 20 
(1,077,115)
(888,960)

  
 
 
(1,077,115)
 
 
(888,960)

NET ASSETS
  
5,115,915
5,723,463


CAPITAL AND RESERVES
  

Called up share capital 
 21 
1
1

Profit and loss account
 22 
5,115,914
5,723,462

  
5,115,915
5,723,463


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




John Inglis Forbes
Graham Forbes
Director
Director

The notes on pages 11 to 26 form part of these financial statements.

Page 9

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

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
1
6,091,150
6,091,151


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(367,688)
(367,688)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(367,688)
(367,688)



At 1 July 2023
1
5,723,462
5,723,463


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(607,548)
(607,548)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(607,548)
(607,548)


AT 30 JUNE 2024
1
5,115,914
5,115,915


The notes on pages 11 to 26 form part of these financial statements.

Page 10

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

East Coast Viners Grain (Drumlithie) Limited is a private company, limited by shares, incorporated in Scotland with the registration number SC465482. The company's registered office is at Broadwood, Drumlithie, Stonehaven, Aberdeenshire, AB39 3XA.

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 financial statements are presented in Sterling, which is the functional currency of the Company and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of East Coast Viners (Holdings) Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

Page 11

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TURNOVER

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover 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 turnover is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

OPERATING LEASES: THE COMPANY 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.

 
2.5

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 12

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
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

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 13

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.12

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 the relevant method where appropriate.

Depreciation is provided on the following basis:

Plant and machinery
-
7.5% - 25.0%
Motor vehicles
-
10.0% - 20.0%
Office equipment
-
7.5% - 20.0%

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.

No depreciation has been charged on heritable property since transition to FRS102 as the directors are of the opinion that the residual value is not materially lower than the net book value.

Page 14

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
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

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.

Page 15

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 16

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Judgement is used to assess whether there has been any impairment in the value of stock, debtors, and fixed assets in the year.


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Grain store income
14,853,468
16,189,052

Pig income
74,672
62,672

Spratts income
4,420,325
5,084,627

Storage, drying & handling income
494,480
174,089

Mill income
36,571,792
42,629,580

Lorry & mechanic income
-
237

56,414,737
64,140,257


2024
2023
£
£

United Kingdom
56,414,737
64,140,257


All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Other operating income
277,500
153,092



6.


OPERATING (LOSS)/PROFIT

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Exchange differences
(316)
3,280

Page 17

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
15,250
13,250

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


EMPLOYEES

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


2024
2023
£
£

Wages and salaries
2,289,805
2,317,586

Social security costs
286,083
265,479

Cost of defined contribution scheme
57,345
70,344

2,633,233
2,653,409


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


        2024
        2023
            No.
            No.







Employees
66
67


9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
190,715
178,840

Company contributions to defined contribution pension schemes
2,642
2,642

193,357
181,482


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

Page 18

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
2,255
2,449


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
369,362
319,038

Finance leases and hire purchase contracts
50,694
17,540

420,056
336,578


12.


TAXATION


2024
2023
£
£

CORPORATION TAX


Adjustments in respect of previous periods
(22,791)
311


DEFERRED TAX


Origination and reversal of timing differences
188,155
529,442


TAX ON (LOSS)/PROFIT
165,364
529,753
Page 19

 
EAST COAST VINERS GRAIN (DRUMLITHIE) 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 the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(442,184)
162,065


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(110,546)
40,516

EFFECTS OF:


Capital allowances for year in excess of depreciation
(188,893)
(568,393)

Adjustments to tax charge in respect of prior periods
(22,791)
311

Short-term timing difference leading to an increase (decrease) in taxation
188,155
529,442

Book profit on chargeable assets
738
3,143

Unrelieved tax losses carried forward
(524,734)
524,734

Group relief
823,435
-

TOTAL TAX CHARGE FOR THE YEAR
165,364
529,753


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The company has tax losses arising in the UK of £Nil (2023 - £2,098,934) available indefinitely for offset against future taxable profits.
The only other factors expected to affect future tax charges are those imposed by HMRC.

Page 20

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 July 2023
1,702,265
4,551,521
2,023,465
245,568
8,522,819


Additions
-
299,811
798,583
142,677
1,241,071


Disposals
-
(63,450)
(263,500)
-
(326,950)



At 30 June 2024

1,702,265
4,787,882
2,558,548
388,245
9,436,940



DEPRECIATION


At 1 July 2023
-
1,456,540
704,656
54,259
2,215,455


Charge for the year on owned assets
-
332,396
104,011
51,699
488,106


Charge for the year on financed assets
-
-
140,690
-
140,690


Disposals
-
(32,773)
(196,724)
-
(229,497)



At 30 June 2024

-
1,756,163
752,633
105,958
2,614,754



NET BOOK VALUE



At 30 June 2024
1,702,265
3,031,719
1,805,915
282,287
6,822,186



At 30 June 2023
1,702,265
3,094,981
1,318,809
191,309
6,307,364




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,702,265
1,702,265


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
1,188,816
996,390

Page 21

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


STOCKS

2024
2023
£
£

Raw materials and consumables
703,779
771,855

Work in progress (goods to be sold)
381,372
351,514

Finished goods and goods for resale
1,222,796
1,385,487

2,307,947
2,508,856



15.


DEBTORS

2024
2023
£
£


Trade debtors
12,886,346
13,578,448

Other debtors
2,360,102
1,729,263

Prepayments and accrued income
254,728
359,788

15,501,176
15,667,499



16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
748,184
1,145,582

Bank loans
178,685
101,598

Trade creditors
2,790,588
2,069,817

Amounts owed to group undertakings
11,451,135
9,517,059

Other taxation and social security
84,985
86,376

Obligations under finance lease and hire purchase contracts
306,577
236,772

Other creditors
1,164,581
1,050,426

16,724,735
14,207,630


Page 22

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
2,464,386
3,179,623

Net obligations under finance leases and hire purchase contracts
502,086
512,179

2,966,472
3,691,802


The bank overdraft and bank loans are secured in favour of Barclays Bank PLC who hold a floating charge over the whole of the assets of the group to which the company belongs and a standard security over the property. There is also a cross corporate governance guarantee throughout the group and associated entities.
Obligations under finance lease and hire purchase contracts are secured against the relevant tangible fixed assets.


18.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
178,685
101,598

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
191,232
108,730

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
573,154
375,094

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
1,700,000
2,695,799

2,643,071
3,281,221


There are two bank loans with Barclays Bank PLC. The first loan for the original sum of £1,837,000 is repayable in 8 equal annual instalments and a final balancing payment in the year to 30 June 2029. Interest is charged at a variable market rate.
The second loan for the original sum of £1,700,000 is repayable in full in the year to 30 June 2031. Interest is charged at a fixed market rate.

Page 23

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
306,577
236,772

Between 1-5 years
502,086
512,179

808,663
748,951


20.


DEFERRED TAXATION




2024


£






At beginning of year
(888,960)


Charged to profit or loss
(188,155)



AT END OF YEAR
(1,077,115)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,077,115)
(888,960)


21.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2023 - 1) Ordinary share of £1.00
1
1



22.


RESERVES

Profit and loss account

The profit and loss account is a distributable reserve which includes all current and prior year retained profits or losses.

Page 24

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately 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 £57,345 (2023 - £70,344). Contributions totalling £11,528 (2023 - £12,163) were payable to the fund at the reporting date and are included in creditors.


24.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
259,501
197,693

Later than 1 year and not later than 5 years
552,124
554,779

811,625
752,472


25.


TRANSACTIONS WITH DIRECTORS

The following loan is repayable on demand, and interest is charged and paid on the outstanding balance at the HMRC official rate, on a monthly basis.

Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan

58,076

8,633

-
 
66,709
 

Page 25

 
EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


RELATED PARTY TRANSACTIONS

The directors consider themselves to be the only key management personnel and remuneration is disclosed per note 9. 

2024 Sales
2024 Purchases
2023 Sales
2023 Purchases
£
£
£
£
Transactions with related parties
Entities with control, joint control or significant influence over the Company

7,613,529

7,281,216

8,904,742
 
8,794,970
 

2024
2023
£
£

Amounts owed by related parties


Entities with control, joint control or significant influence over the Company
6,582,191
6,566,409

Key management personnel
66,709
63,239

Amounts owed to related parties


Entities with control, joint control or significant influence over the Company
(373,860)
(395,892)


27.


CONTROLLING PARTY

East Coast Viners (Holdings) Limited is the parent and sole shareholder of the Company.


Page 26