Registered number: SC465482
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
COMPANY INFORMATION
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
CONTENTS
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present the strategic report of the company for the year ended 30 June 2024.
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.
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.
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.
Staff turnover continues to be low due to the continuing focus on staff morale, training, and their wellbeing.
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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
The directors who served during the year were:
There are no material changes planned or expected in the Company for the foreseeable future.
The Company is currently undertaking research and development to improve control and automation systems as well as enhancements to feed strategies.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
There have been no significant events affecting the Company since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
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 policies. The 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).
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.
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.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED (CONTINUED)
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.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14 City Quay
DD1 3JA
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
REGISTERED NUMBER: SC465482
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 26 form part of these financial statements.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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:
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.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
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:
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.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
12.TAXATION (CONTINUED)
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.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 22
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 23
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Profit and loss account
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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EAST COAST VINERS GRAIN (DRUMLITHIE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
East Coast Viners (Holdings) Limited is the parent and sole shareholder of the Company.
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