Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| Investment property | 5 |
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| Investments | 6 |
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| 6,157,900 | 3,204,578 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| 2,213,941 | 2,154,463 | |||
| Creditors: amounts falling due within one year | 8 | (
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| 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 | (
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| Provision for liabilities | 10 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 11 |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Whitehill Storage Company Limited (registered number:
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David George Elrick
Director |
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.
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 £.
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 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.
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.
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.
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.
| Other intangible assets | not amortised |
| Land and buildings |
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| Plant and machinery |
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| Vehicles |
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| Computer equipment |
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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.
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.
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
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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
There are no biological assets as at 31 October 2024, all grain has been harvested and is classed as stock.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 November 2023 |
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| Additions |
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| At 31 October 2024 |
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| Accumulated amortisation | |||
| At 01 November 2023 |
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| At 31 October 2024 |
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| Net book value | |||
| At 31 October 2024 |
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| At 31 October 2023 |
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| Land and buildings | Plant and machinery | Vehicles | Computer equipment | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 November 2023 |
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| Additions |
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| Disposals |
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| At 31 October 2024 |
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| Accumulated depreciation | |||||||||
| At 01 November 2023 |
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| Charge for the financial year |
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| Disposals |
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| At 31 October 2024 |
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| 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 |
| Investment property | |
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| Valuation | |
| As at 01 November 2023 |
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| Additions | 309,356 |
| As at 31 October 2024 |
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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.
Investments in subsidiaries
| 2024 | |
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| Cost | |
| At 01 November 2023 |
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| At 31 October 2024 |
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| Carrying value at 31 October 2024 |
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| Carrying value at 31 October 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Amounts owed by connected companies |
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| Corporation tax |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Taxation and social security |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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The bank loan is secured by a government guarantee.
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Obligations under finance leases and hire purchase contracts |
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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) |
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| 2024 | 2023 | ||
| £ | £ | ||
| Deferred tax |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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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.