1.
General Information
Stirling Potatoes Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC192529
. The registered office is Upper Dysart Farm, Montrose, Angus, DD10 9TQ.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3.
Tangible Fixed Assets and Depreciation
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Assets held under finance leases are depreciated in the same way as owned assets.
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Computer Equipment |
|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within administrative expenses in the statement of total comprehensive income.
2.4.
Investments
Investments in works of art held for capital appreciation are initially measured at cost including original cost plus transaction fees. These investments are subsequently measured at Fair Value as at the Balance Sheet date with changes in Fair Value being recognised in the Profit and Loss Account.
2.5.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
Stirling Potatoes Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.7.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8.
Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the company's contractual obligations are discharged.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2.9.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10.
Taxation
2.10.
Taxation - continued
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
Stirling Potatoes Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.12.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.13.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
3.
Turnover
Analysis of turnover by class of business is as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Sale of other vegetables | 2,614,375 | 4,408,889 | |
| Sale of potatoes | 6,879,127 | 8,679,244 | |
| 9,493,502 | 13,088,133 | ||
4.
Other Operating Income
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Royalties and similar income |
|
|
|
| Grant income |
|
|
|
| Other operating income |
|
|
|
| 184,335 | 385,408 | ||
Stirling Potatoes Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
5.
Operating Profit
The operating profit is stated after charging:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | (118) | 4,952 | |
| Operating lease rentals |
|
|
|
| Depreciation of tangible fixed assets - owned |
|
|
|
| Depreciation of tangible fixed assets - finance leases and hire purchase contracts |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Production |
|
|
|
|
|
|
||
9.
Directors' remuneration
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Company contributions to money purchase pension schemes |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
Stirling Potatoes Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
10.
Interest Payable and Similar Charges
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Finance charges payable under finance leases and hire purchase contracts | 19,231 | 11,604 | |
| Other finance charges |
|
|
|
| 79,315 | 100,593 | ||
11.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 31 March 2025 | 31 March 2024 | |||
|---|---|---|---|---|---|
| 31 March 2025 | 31 March 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
( |
|
|||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 31 March 2025 | 31 March 2024 | ||||
| £ | £ | ||||
| Profit before tax | 273,480 | 907,726 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Tax losses utilised |
|
( |
|||
| Capital allowances |
|
( |
|||
| Research and Development tax credit |
( |
( |
|||
| Difference in tax rates |
|
( |
|||
| Revenue exempt from taxation |
( |
( |
|||
| Deferred tax from unrecognised tax loss or credit |
( |
|
|||
| Group relief |
( |
( |
|||
| Total tax charge for the period | 31,972 | 195,623 | |||
|
Tax movements on capital allowances are calculated net in excess of depreciation.
|
|||||
Stirling Potatoes Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
( |
( |
( |
|
( |
| As at 31 March 2025 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
( |
( |
( |
|
( |
| As at 31 March 2025 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 March 2025 |
|
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
|
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Plant & Machinery |
|
|
|
| Motor Vehicles |
|
|
|
|
|
|
||
13.
Investments
| Other | |
|---|---|
| £ | |
| Cost | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Provision | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Net Book Value | |
| As at 31 March 2025 |
|
| As at 1 April 2024 |
|
Stirling Potatoes Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
14.
Stocks
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
15.
Debtors
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| VAT |
|
|
|
| Amounts owed by group undertakings |
|
|
|
| Amounts owed by associates | - |
|
|
|
|
|
||
16.
Creditors: Amounts Falling Due Within One Year
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other loans |
|
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Government grants within one year |
|
|
|
| Amounts owed to group undertakings |
|
|
|
|
|
|
||
17.
Creditors: Amounts Falling Due After More Than One Year
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Bank loans |
|
|
|
| Government grants after one year |
|
|
|
|
|
|
||
Of the creditors the following amounts are secured.
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 901,438 | 967,335 |
Stirling Potatoes Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
The company has granted a standard security in favour of The Agricultural Mortgage Corporation PLC over 68.28 hectares of land at Upper Dysart Farm.
The company has granted a standard security in favour of The Royal Bank of Scotland PLC over the farm buildings at Upper Dysart Farm, Montrose.
The company has granted a bond and floating charge in favour of The Royal Bank of Scotland PLC over all present and future property and undertakings of the company.
The company has granted a bond and floating charge in favour of The Agricultural Mortgage Corporation PLC over all the property or undertaking of the company.
18.
Loans
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
|
|
|
| Other loans |
|
|
|
|
|
|
||
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Bank loans |
|
|
|
An analysis of the maturity of loans is given below:
|
Amounts falling due within one year or on demand:
|
2025
|
2024
|
|
|
£
|
£
|
||
|
Bank loans due < 1 year
|
72,024
|
65,294
|
|
|
Other loans
|
100,000
|
100,000
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small}
|
|
||
|
172,024
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
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</svg>){kind=small}
|
165,294
|
|
Amounts falling due between one and two years:
|
|||
|
Bank loans due 1 - 2 years
|
76,220
|
69,502
|
|
Amounts falling due between two and five years:
|
|||
|
Bank loans due 2 - 5 years
|
255,629
|
236,451
|
|
Amounts falling due in more than five years:
|
|||
|
Bank loans due >5 years by instalment
|
497,132
|
596,088
|
Stirling Potatoes Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
19.
Obligations Under Finance Leases and Hire Purchase
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
|
|
|
||
20.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 239,208 | 257,555 | |
21.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 April 2024 |
|
257,555 |
| Reversals |
( |
(18,347) |
| Balance at 31 March 2025 |
|
239,208 |
23.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £156,849 (2024: £70,331).
At the balance sheet date contributions of £6,608 (2024: £4,453) were due to the fund and are included in other creditors.
24.
Dividends
| 31 March 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
|
|
|
Stirling Potatoes Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
25.
Reserves
|
Retained earnings
|
|
|
£
|
|
|
At 1 April 2024
|
2,530,256
|
|
Profit for the period
|
217,636
|
|
Dividends
|
(201,744)
|
|
At 31 March 2025
|
2,546,148
|
26.
Controlling Parties
The company's immediate parent undertaking is
The Stirling Group (Scotland) Limited
.
The ultimate parent undertaking is
The Stirling Group (Scotland) Limited
.
The company's ultimate controlling party is
Andrew & Anita Stirling
by virtue of their 100% ownership of the issued share capital in the company's parent entity.