Silverfin false false 31/10/2024 01/11/2023 31/10/2024 Cicely Margaret Elrick 31/12/1993 Colin William Elrick 31/03/2023 David George Elrick 01/08/2013 Gordon Elrick 31/12/1993 28 July 2025 The principal activity of the Company during the financial year was planting, harvesting, drying and storage of grain. SC115096 2024-10-31 SC115096 bus:Director1 2024-10-31 SC115096 bus:Director2 2024-10-31 SC115096 bus:Director3 2024-10-31 SC115096 bus:Director4 2024-10-31 SC115096 2023-10-31 SC115096 core:CurrentFinancialInstruments 2024-10-31 SC115096 core:CurrentFinancialInstruments 2023-10-31 SC115096 core:Non-currentFinancialInstruments 2024-10-31 SC115096 core:Non-currentFinancialInstruments 2023-10-31 SC115096 core:ShareCapital 2024-10-31 SC115096 core:ShareCapital 2023-10-31 SC115096 core:RetainedEarningsAccumulatedLosses 2024-10-31 SC115096 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC115096 core:OtherResidualIntangibleAssets 2023-10-31 SC115096 core:OtherResidualIntangibleAssets 2024-10-31 SC115096 core:LandBuildings 2023-10-31 SC115096 core:PlantMachinery 2023-10-31 SC115096 core:Vehicles 2023-10-31 SC115096 core:ComputerEquipment 2023-10-31 SC115096 core:LandBuildings 2024-10-31 SC115096 core:PlantMachinery 2024-10-31 SC115096 core:Vehicles 2024-10-31 SC115096 core:ComputerEquipment 2024-10-31 SC115096 core:CostValuation 2023-10-31 SC115096 core:CostValuation 2024-10-31 SC115096 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-10-31 SC115096 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-10-31 SC115096 core:MoreThanFiveYears 2024-10-31 SC115096 core:MoreThanFiveYears 2023-10-31 SC115096 bus:OrdinaryShareClass1 2024-10-31 SC115096 2023-11-01 2024-10-31 SC115096 bus:FilletedAccounts 2023-11-01 2024-10-31 SC115096 bus:SmallEntities 2023-11-01 2024-10-31 SC115096 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 SC115096 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 SC115096 bus:Director1 2023-11-01 2024-10-31 SC115096 bus:Director2 2023-11-01 2024-10-31 SC115096 bus:Director3 2023-11-01 2024-10-31 SC115096 bus:Director4 2023-11-01 2024-10-31 SC115096 core:LandBuildings core:TopRangeValue 2023-11-01 2024-10-31 SC115096 core:PlantMachinery 2023-11-01 2024-10-31 SC115096 core:Vehicles 2023-11-01 2024-10-31 SC115096 core:ComputerEquipment core:TopRangeValue 2023-11-01 2024-10-31 SC115096 2022-11-01 2023-10-31 SC115096 core:OtherResidualIntangibleAssets 2023-11-01 2024-10-31 SC115096 core:LandBuildings 2023-11-01 2024-10-31 SC115096 core:ComputerEquipment 2023-11-01 2024-10-31 SC115096 core:CurrentFinancialInstruments 2023-11-01 2024-10-31 SC115096 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 SC115096 core:MoreThanFiveYears 2023-11-01 2024-10-31 SC115096 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 SC115096 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC115096 (Scotland)

WHITEHILL STORAGE COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

WHITEHILL STORAGE COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

WHITEHILL STORAGE COMPANY LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2024
WHITEHILL STORAGE COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 9,325 0
Tangible assets 4 4,950,441 2,315,800
Investment property 5 893,286 583,930
Investments 6 304,848 304,848
6,157,900 3,204,578
Current assets
Stocks 459,675 331,331
Debtors 7 1,576,375 1,140,567
Cash at bank and in hand 177,891 682,565
2,213,941 2,154,463
Creditors: amounts falling due within one year 8 ( 2,042,323) ( 1,909,200)
Net current assets 171,618 245,263
Total assets less current liabilities 6,329,518 3,449,841
Creditors: amounts falling due after more than one year 9 ( 3,516,995) ( 984,582)
Provision for liabilities 10 ( 489,975) ( 410,723)
Net assets 2,322,548 2,054,536
Capital and reserves
Called-up share capital 11 2 2
Profit and loss account 2,322,546 2,054,534
Total shareholder's funds 2,322,548 2,054,536

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Whitehill Storage Company Limited (registered number: SC115096) were approved and authorised for issue by the Board of Directors on 28 July 2025. They were signed on its behalf by:

David George Elrick
Director
WHITEHILL STORAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
WHITEHILL STORAGE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Whitehill Storage Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Whitehill, New Deer, Turriff, AB53 6UH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is a subsidiary qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Change in accounting estimate

The Company has updated the depreciation rate charged for Plant and Machinery from 5 years straight line to 20% reducing balance. Under the old rate, depreciation for the year would have been £166,296, but under the new rate is £111,355 . Motor vehicles rate has also changed from 4 years straight line to 25% reducing balance. Under the old rate, depreciation for the year would have been £326,366, but under the new rate is £263,413.

Turnover

Turnover represents amounts receivable for planting, harvesting, drying, storage of grain and RHI Income net of VAT and trade discounts. Turnover is recognised on an accruals basis at the point the service or goods have been supplied.

Employee benefits

Short term 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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 4 years straight line

Freehold land is not depreciated totalling £1,619,024.

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.

Leases

The Company as lessee
Assets held under hire purchase contracts are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

The Company as lessor
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Interests in subsidiaries 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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

There are no biological assets as at 31 October 2024, all grain has been harvested and is classed as stock.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 13

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 November 2023 0 0
Additions 9,325 9,325
At 31 October 2024 9,325 9,325
Accumulated amortisation
At 01 November 2023 0 0
At 31 October 2024 0 0
Net book value
At 31 October 2024 9,325 9,325
At 31 October 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 November 2023 1,481,152 2,036,227 1,558,025 2,675 5,078,079
Additions 2,285,951 110,716 721,027 0 3,117,694
Disposals 0 0 ( 215,500) 0 ( 215,500)
At 31 October 2024 3,767,103 2,146,943 2,063,552 2,675 7,980,273
Accumulated depreciation
At 01 November 2023 481,365 1,513,310 766,152 1,452 2,762,279
Charge for the financial year 55,943 111,355 263,413 447 431,158
Disposals 0 0 ( 163,605) 0 ( 163,605)
At 31 October 2024 537,308 1,624,665 865,960 1,899 3,029,832
Net book value
At 31 October 2024 3,229,795 522,278 1,197,592 776 4,950,441
At 31 October 2023 999,787 522,917 791,873 1,223 2,315,800

5. Investment property

Investment property
£
Valuation
As at 01 November 2023 583,930
Additions 309,356
As at 31 October 2024 893,286

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 October 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transactions for similar properties.

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 November 2023 304,848
At 31 October 2024 304,848
Carrying value at 31 October 2024 304,848
Carrying value at 31 October 2023 304,848

7. Debtors

2024 2023
£ £
Trade debtors 913,753 704,213
Amounts owed by Group undertakings 289,748 52,814
Amounts owed by connected companies 97,059 67,962
Corporation tax 0 1,923
Other debtors 275,815 313,655
1,576,375 1,140,567

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 47,211 10,000
Trade creditors 693,595 736,431
Amounts owed to Group undertakings 264,659 450,781
Taxation and social security 84,709 86,730
Obligations under finance leases and hire purchase contracts 417,757 396,787
Other creditors 534,392 228,471
2,042,323 1,909,200

Obligations under finance leases and hire purchase contracts are secured over the asset in which the agreement relates to.

The bank loan is secured by a government guarantee.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 2,623,970 300,167
Obligations under finance leases and hire purchase contracts 893,025 684,415
3,516,995 984,582

Obligations under finance leases and hire purchase contracts are secured over the asset in which the agreement relates to.

A bank loan is secured by a government guarantee.

A bank loan is secured over the asset in which the agreement relates to.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 2,458,014 283,500

For the above bank loan, a Bond and Floating charge is in place over the whole of the Company's property and undertaking. In addition, there are Personal Bond and First Ranking Standard Securities in place over feuhold land and buildings.

10. Provision for liabilities

2024 2023
£ £
Deferred tax 489,975 410,723

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to Directors 55,595 27,008
Amounts owed from Directors (1,290) (17,836)

During the year to 31/10/2024, £28,587 was paid to directors, leaving amounts due to directors of £55,595.
During the year to 31/10/2024, £,1993 was advanced to directors and £18,539 was paid by directors, leaving amounts due from directors of £1,290.
The above are treated as interest free loans, with no fixed repayment terms.

Other related party transactions

2024 2023
£ £
Due by the company to related party 132,553 207,286

There is no interest charged and no fixed repayment terms.

The company has taken advantage of the exemptions included in FRS 102 33.1A not to disclose transactions with wholly owned group companies this year.