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REGISTERED NUMBER: SC181790 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

J H MILNE (PETERHEAD) LIMITED

J H MILNE (PETERHEAD) LIMITED (REGISTERED NUMBER: SC181790)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


J H MILNE (PETERHEAD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr J H Milne, Snr
Mr R Milne



SECRETARY: Mr R Milne



REGISTERED OFFICE: 3 Keith Street
Peterhead
Aberdeenshire
AB42 1BP



REGISTERED NUMBER: SC181790 (Scotland)



ACCOUNTANTS: Bain Henry Reid
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY



BANKERS: Bank of Scotland plc
32 Broad Street
Peterhead
Aberdeenshire
AB42 1BY

J H MILNE (PETERHEAD) LIMITED (REGISTERED NUMBER: SC181790)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 54,083 54,083
Tangible assets 5 235,090 217,360
Investment property 6 341,336 253,836
630,509 525,279

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 7 250,637 279,984
Cash at bank and in hand 273,847 313,744
529,484 598,728
CREDITORS
Amounts falling due within one year 8 401,744 456,798
NET CURRENT ASSETS 127,740 141,930
TOTAL ASSETS LESS CURRENT
LIABILITIES

758,249

667,209

PROVISIONS FOR LIABILITIES 34,397 29,512
NET ASSETS 723,852 637,697

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 723,752 637,597
SHAREHOLDERS' FUNDS 723,852 637,697

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J H MILNE (PETERHEAD) LIMITED (REGISTERED NUMBER: SC181790)

BALANCE SHEET - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2025 and were signed on its behalf by:




Mr J H Milne, Snr - Director



Mr R Milne - Director


J H MILNE (PETERHEAD) LIMITED (REGISTERED NUMBER: SC181790)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

J H Milne (Peterhead) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the company's profit share from the fish processing partnership.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

J H MILNE (PETERHEAD) LIMITED (REGISTERED NUMBER: SC181790)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 42 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 54,083 6,633 60,716
AMORTISATION
At 1 September 2023
and 31 August 2024 - 6,633 6,633
NET BOOK VALUE
At 31 August 2024 54,083 - 54,083
At 31 August 2023 54,083 - 54,083

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023 117,001 315,368 432,369
Additions - 73,009 73,009
Disposals - (23,840 ) (23,840 )
At 31 August 2024 117,001 364,537 481,538
DEPRECIATION
At 1 September 2023 17,161 197,848 215,009
Charge for year 2,340 47,284 49,624
Eliminated on disposal - (18,185 ) (18,185 )
At 31 August 2024 19,501 226,947 246,448
NET BOOK VALUE
At 31 August 2024 97,500 137,590 235,090
At 31 August 2023 99,840 117,520 217,360

J H MILNE (PETERHEAD) LIMITED (REGISTERED NUMBER: SC181790)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 253,836
Additions 87,500
At 31 August 2024 341,336
NET BOOK VALUE
At 31 August 2024 341,336
At 31 August 2023 253,836

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 73,719 75,077
Other debtors 176,918 204,907
250,637 279,984

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 59,345 67,699
Hire purchase contracts 35,233 38,601
Trade creditors 41,280 91,338
Taxation 36,080 38,315
Social security and other taxes 13,413 9,214
Other creditors 6,079 3,364
Bounce Back Loan 18,333 28,329
Directors' current accounts 58,471 93,438
Accruals 133,510 86,500
401,744 456,798

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits from directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
Mr J H Milne, Snr and Mr R Milne
Balance outstanding at start of year 93,439 54,144
Amounts advanced - 39,295
Amounts repaid (34,968 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 58,471 93,439

The loans are interest free and there are no fixed terms of repayment.

10. ULTIMATE CONTROLLING PARTY

Mr J H Milne together with members of his close family control the company by virtue of 100% ownership of the issued share capital.