Company registration number SC118083 (Scotland)
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
COMPANY INFORMATION
Directors
K McCubbin
S Macinnes
S Livingstone
C Macaskill
H G Young
K L Miller
C F Bryce
S Guest
B Kendrick
Mr N Gubbins
(Appointed 1 August 2024)
Secretary
K McCubbin
Company number
SC118083
Registered office
Unit 6B
13 Harbour Road
Inverness
United Kingdom
IV1 1SY
Accountants
Azets
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
77,061
83,652
Investments
4
42
36
77,103
83,688
Current assets
Stocks
177,211
176,176
Debtors
5
50,805
58,572
Cash at bank and in hand
135,061
179,090
363,077
413,838
Creditors: amounts falling due within one year
6
(140,809)
(168,785)
Net current assets
222,268
245,053
Total assets less current liabilities
299,371
328,741
Creditors: amounts falling due after more than one year
7
(10)
(9)
Provisions for liabilities
(4,421)
(5,418)
Net assets
294,940
323,314
Capital and reserves
Called up share capital
10
6,277
5,387
Revaluation reserve
11
42,242
44,162
Capital redemption reserve
12
85,401
85,401
Profit and loss reserves
13
161,020
188,364
Total equity
294,940
323,314
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
C Macaskill
Director
Company Registration No. SC118083
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information
Highland Wholefoods Workers Co-operative Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 6B, 13 Harbour Road, Inverness, United Kingdom, IV1 1SY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
straight line over the useful life of the property
Plant and equipment
12.5% and 20% reducing balance and 4 years straight line
Cycles
25% on cost
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on 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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.15
Short term debtors are measured at transaction price, less any impairment.
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
17
16
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Cycles
Computers
Total
£
£
£
£
£
Cost
At 1 March 2024
75,000
54,150
4,486
85,730
219,366
Additions
3,352
3,352
At 28 February 2025
75,000
54,150
4,486
89,082
222,718
Depreciation and impairment
At 1 March 2024
13,394
41,152
2,783
78,385
135,714
Depreciation charged in the year
2,679
3,144
1,083
3,037
9,943
At 28 February 2025
16,073
44,296
3,866
81,422
145,657
Carrying amount
At 28 February 2025
58,927
9,854
620
7,660
77,061
At 29 February 2024
61,606
12,998
1,703
7,345
83,652
4
Fixed asset investments
2025
2024
£
£
Other investments other than loans
42
36
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
4
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 March 2024
36
Valuation changes
6
At 28 February 2025
42
Carrying amount
At 28 February 2025
42
At 29 February 2024
36
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
35,897
49,111
Corporation tax recoverable
5,383
Other debtors
3,858
5,632
Prepayments and accrued income
5,667
3,829
50,805
58,572
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
132,117
147,562
Corporation tax
6,815
Other taxation and social security
4,116
3,378
Other creditors
1,126
7,755
Accruals and deferred income
3,450
3,275
140,809
168,785
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
10
9
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
4,534
5,512
Short term timing differences
(113)
(94)
4,421
5,418
2025
Movements in the year:
£
Liability at 1 March 2024
5,418
Credit to profit or loss
(997)
Liability at 28 February 2025
4,421
9
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,713
4,654
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the year end the company had outstanding contributions payable of £1,130 (2024 - £922).
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Non Voting shares of £1 each
6,267
5,378
6,267
5,378
Ordinary Voting shares of £1 each
10
9
10
9
6,277
5,387
6,277
5,387
HIGHLAND WHOLEFOODS WORKERS CO-OPERATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
10
Called up share capital
(Continued)
- 10 -
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
10
9
10
9
Preference shares classified as liabilities
10
9
Ordinary non voting shares and ordinary voting shares rank equally in all aspects other than the right to vote where the Ordinary non voting shares hold no voting rights and the Ordinary voting shares hold one vote each.
During the year the company issued 889 ordinary non voting shares, 1 ordinary voting share and 1 preference share for cash at par.
11
Revaluation reserve
The revaluation reserve relates to the revaluation of freehold properties.
12
Capital redemption reserve
The capital redemption reserve relates to the equity component of shares bought back by the company.
13
Profit and loss reserves
The profit and loss account includes all current and prior year retained profits or losses less dividends paid.
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
18,450
18,450
15
Directors' transactions
During the year the directors withdrew funds of £4,500 (2024 - £10,000) and introduced funds of £nil (2024 - £4,500). The amount due to the directors at the year end was £nil (2024 - £4,500) and is included within other creditors.
Loans with directors are repayable on demand and no interest is charged.
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