Company No:
Contents
| DIRECTORS | Katrina Clark |
| Rheanne Clark | |
| Ricky Clark | |
| Robert Clark |
| SECRETARY | LC Secretaries Limited |
| REGISTERED OFFICE | 37 St Clement Street |
| Aberdeen | |
| AB11 5FU | |
| United Kingdom |
| COMPANY NUMBER | SC131429 (Scotland) |
| AUDITOR | Hall Morrice LLP |
| Statutory Auditor | |
| 6 & 7 Queen's Terrace | |
| Aberdeen | |
| AB10 1XL |
| BANKERS | Bank of Scotland |
| 48 Upperkirkgate | |
| Aberdeen | |
| AB10 1BA |
The directors present their Strategic Report for the financial year ended 31 October 2025.
REVIEW OF THE BUSINESS
During the financial year, the Company continued to have steady growth with existing customers.
We generated turnover of £17,247,559 (2024 – £16,211,343) with a gross profit of £3,829,444 (2024 - £3,786,210). After expenses and the addition of other income, loss before taxation was £43,801 (2024 - profit of £234,763).
After tax loss for 2025 was £37,934 (2024– profit of £170,513).
The net current asset position of the company as at the financial year end amounted to £380,151 (2023 - £661,792).
The net asset position of the company as at the financial year end amounted to £1,652,516 (2023 - £1,910,753).
PRINCIPAL RISKS AND UNCERTAINTIES
The 2025/2026 financial year has started off more promising than what was a tough year previously for the company.
We have increased our dry goods and fish sectors within the business and sales are continuing to grow.
The closure of King Foods mid-February has seen an increase of new accounts being opened.
Challenges for the business will be down to global markets and the cost price of beef and chicken especially. Prices have stabilised but are never to be taken for granted that they will maintain economic stability.
DEVELOPMENT AND PERFORMANCE
The employment of a new sales representative gave us the opportunity to expand our customer base and offer a bigger range of products.
The dry goods range that was introduced has been increasing with the demand to expand further as we develop relationships with our customer base on what they require.
Due to the steady growth of the business, we have created more employment opportunities especially for those unfortunately involved in the closure of other companies in our sector.
The directors are satisfied that the group has performed as well as could be expected in what was a tough financial year. We are committed to continue and develop areas within the business to meet customer requirements and establish itself within the catering butcher Sector in 2026/2027.
Approved by the Board of Directors and signed on its behalf by:
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Robert Clark
Director |
The directors present their annual report on the affairs of the company, together with the financial statements and auditors’ report, for the financial year ended 31 October 2025.
PRINCIPAL ACTIVITIES
DIVIDENDS
The directors paid a dividend of £420,000 in the current financial year (2024: £428,750).
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Hall Morrice LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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Robert Clark
Director |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Gordon McWilliam (Aberdeen) Limited for the financial year ended 31 October 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the accounting policies, and the related notes 1 to 21, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements of Gordon McWilliam (Aberdeen) Limited (the ‘company’):
* Give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its loss for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Without qualifying our opinion, we draw attention to the going concern accounting policy, which contains further narrative related to the going concern of the company.
Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:
* Ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;
* Identified the laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;
* Focused on the specific laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance regulations;
* Focused on the specific laws and regulations we consider may have an indirect effect on the financial statements that are central to the entity's ability to trade including those relating to food safety;
* Reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations;
* Made enquiries of management and inspected legal correspondence; and
* Ensured the engagement team remained alert to instances of non-compliance throughout the audit.
In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:
* Obtained an understanding of the entity's operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement;
* Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud;
* Vouched balances and reconciling items in key control account reconciliations to supporting documentation;
* Carried out detailed testing, on a sample basis, to verify the completeness, occurrence, existence and accuracy of transactions and balances;
* Carried out detailed testing to verify the completeness, occurrence, validity, existence and accuracy of income including cut-off testing and ensuring income recognition is in line with stated accounting policies;
* Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;
* Tested journal entries to identify any unusual transactions;
* Performed analytical procedures to identify any significant or unusual transactions;
* Investigated the business rationale behind any significant or unusual transactions; and
* Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates.
We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.
Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Statutory Auditor
Aberdeen
AB10 1XL
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Other operating income | 4 |
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| Operating (loss)/profit | (
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| Interest receivable and similar income | 5 |
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| Interest payable and similar expenses | 5 | (
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| (Loss)/profit before taxation | 6 | (
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| Tax on (loss)/profit | 9 |
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| (Loss)/profit for the financial year | (
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| Other comprehensive income | 0 | 0 | ||
| Total comprehensive (loss)/income | (
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 12 |
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| 1,575,518 | 1,736,153 | |||
| Current assets | ||||
| Stocks | 13 |
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| Debtors | 14 |
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| Cash at bank and in hand |
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| 2,578,769 | 2,898,049 | |||
| Creditors: amounts falling due within one year | 15 | (
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| Net current (liabilities)/assets | (6,763) | 380,151 | ||
| Total assets less current liabilities | 1,568,755 | 2,116,304 | ||
| Creditors: amounts falling due after more than one year | 16 | (
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| Provision for liabilities | 17 | (
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| Net assets | 1,194,582 | 1,652,516 | ||
| Capital and reserves | 19 | |||
| Called-up share capital |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholder's funds | 1,194,582 | 1,652,516 |
The financial statements of Gordon McWilliam (Aberdeen) Limited (registered number:
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Robert Clark
Director |
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| At 01 November 2023 |
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| Dividends paid on equity shares (note 10) |
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| At 01 November 2024 |
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| At 31 October 2025 |
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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.
Gordon McWilliam (Aberdeen) 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 37 St Clement Street, Aberdeen, AB11 5FU, United Kingdom.
The principal activities are set out in the Directors' Report.
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 items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
FRS 102 reduced disclosure framework
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the ultimate parent of the group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit and loss of the group. The company's ultimate parent company during the period was Triple MC Limited and the company has taken advantage of the following disclosure exemptions under FRS 102.
From preparing a Statement of cash flows under the requirements of FRS 102 Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d);
From the financial instrument disclosures, required under FRS 102 Section 11 Basic Financial Instruments paragraphs 11.39 to 11.48A and Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
Not to disclose details of transactions and balances with other members of the group.
The financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, the directors have considered the company’s current financial position, post year end performance, available sources of funding and detailed cash flow forecasts covering at least 12 months from the date of approval of these financial statements.
Since the year end, the company has seen signs of improving trading conditions with sales increasing after closure of a competitor. The company has also benefited from more favourable purchasing terms through participation in a buyers’ group. Operational performance has strengthened through improved efficiencies across the production line, contributing to a reduction in costs. The meat prices in the UK have also become more stable post year end. This has led to an overall increase in gross profit margin. The company continues to maintain a healthy bank balance post year end, further supporting liquidity throughout the assessment period.
The directors considered the £350,000 preference share redemption due in April 2027 by the parent undertaking, Triple MC Limited. This redemption is ordinarily funded through dividends from the company; however, the holder of the preference shares has signed a confirmation that the payment may be deferred if settlement on the due date would adversely affect the company’s ability to continue trading.
Based on these factors and the directors’ cash flow forecasts, the company is expected to have sufficient resources to meet its obligations as they fall due. The ability to defer the preference share redemption, if required, provides additional flexibility in managing liquidity. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements and have therefore adopted the going concern basis of accounting.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the company and the company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
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| Fixtures and fittings | 10 -
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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.
The company as lessee
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 Comprehensive Income 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. 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.
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. 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.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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.
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
In the application of the company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year
of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the company’s accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
The company provides for defective stock and stock losses. The amount recognised as a provision is the best estimate of the stock write off required based on historical experience and current evidence available.
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Determination of appropriate useful economic lives is a key judgement and the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
In assessing the recoverability of debtors, amounts falling due within one year, the directors have made the assumption that any impairment resulting from the non-recoverability of the debtors owed to the company will not be in excess of the bad debt provision that has been put in place. The directors believe that the bad debt provision represents an appropriate estimate and as a result no further provisioning is required. The provision is based on reviews of specific balances, including, historic collectability and the aging of the balance.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Turnover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom.
| 2025 | 2024 | ||
| £ | £ | ||
| Management fees receivable | 17,800 | 36,698 | |
| Grants receivable | 0 | 131,166 | |
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| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable and similar income |
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| Interest payable and similar expenses | (
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| (23,953) | (19,679) |
(Loss)/profit before taxation is stated after charging/(crediting):
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 12) |
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| Government grants |
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| Operating lease rentals |
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| Loss on disposal of fixed assets |
|
|
|
| Fees payable to the company's auditor for the audit of the company's financial statements |
|
|
| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Admin |
|
|
|
| Factory |
|
|
|
| Drivers |
|
|
|
| Retail shop |
|
|
|
|
|
|
Their aggregate remuneration comprised:
| 2025 | 2024 | ||
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other retirement benefit costs |
|
|
|
| 2,513,971 | 2,593,917 |
| 2025 | 2024 | ||
| £ | £ | ||
| Directors' emoluments |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on (loss)/profit | |||
| UK corporation tax |
|
|
|
| Adjustments in respect of prior years | |||
| UK corporation tax |
|
|
|
| Total current tax |
|
|
|
| Deferred tax | |||
| Origination and reversal of timing differences | (
|
(
|
|
| Adjustments in respect of prior periods | 0 | (3,779) | |
| Total deferred tax | (
|
(
|
|
| Total tax on (loss)/profit | (
|
|
The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| (Loss)/profit before taxation | (43,801) | 234,763 | |
| Tax on (loss)/profit at standard UK corporation tax rate of 25% (2024: 25%) | (
|
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
|
|
| Fixed asset differences | 5,736 | 5,716 | |
| Adjustments to tax charge in respect of previous periods - deferred tax | 0 | (3,779) | |
| Adjustments to tax charge in respect of previous periods | 0 | 3,404 | |
| Group relief surrendered/(claimed) | (768) | 0 | |
| Total tax (credit)/charge for year | (5,867) | 64,250 |
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial year: | |||
| Final dividend | 420,000 | 428,750 | |
| Goodwill | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 November 2024 |
|
|
|
| At 31 October 2025 |
|
|
|
| Accumulated amortisation | |||
| At 01 November 2024 |
|
|
|
| At 31 October 2025 |
|
|
|
| Net book value | |||
| At 31 October 2025 |
|
|
|
| At 31 October 2024 |
|
|
| Land and buildings |
Vehicles | Fixtures and fittings | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 November 2024 |
|
|
|
|
|||
| Additions |
|
|
|
|
|||
| Disposals |
|
(
|
|
(
|
|||
| At 31 October 2025 |
|
|
|
|
|||
| Accumulated depreciation | |||||||
| At 01 November 2024 |
|
|
|
|
|||
| Charge for the financial year |
|
|
|
|
|||
| Disposals |
|
(
|
|
(
|
|||
| At 31 October 2025 |
|
|
|
|
|||
| Net book value | |||||||
| At 31 October 2025 | 1,147,481 | 131,035 | 297,002 | 1,575,518 | |||
| At 31 October 2024 | 1,189,180 | 202,823 | 344,150 | 1,736,153 | |||
| Leased assets included above: | |||||||
| Net book value | |||||||
| At 31 October 2025 | 0 | 52,123 | 0 | 52,123 | |||
| At 31 October 2024 | 0 | 80,498 | 0 | 80,498 |
Freehold property with a carrying amount of £1,147,481 (2024 - £1,189,180) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
| 2025 | 2024 | ||
| £ | £ | ||
| Stocks |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by parent undertakings (note 20) |
|
|
|
| VAT recoverable |
|
|
|
| Other debtors |
|
|
|
| Prepayments |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
|
| Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
| Directors loans (note 20) |
|
|
|
| Other loans |
|
|
|
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| Payroll taxes payable |
|
|
|
| Accruals |
|
|
|
| Other creditors |
|
|
|
|
|
|
The bank holds a standard security and floating charge over all assets of the company. There is also a standard security over the premises held by the company at 53 Wellington Street, Aberdeen, AB11 5BT.
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
|
| Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
|
|
|
| Bank loans | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 236,861 | 261,216 |
| Finance leases | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 51,739 | 81,461 |
| Directors loans | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 365,000 | 165,000 |
| Total borrowings including finance leases | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 653,600 | 507,677 |
| 2025 | 2024 | ||
| £ | £ | ||
| Deferred tax |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| Credited to the Profit and Loss Account |
|
|
|
| At the end of financial year | (
|
(
|
The deferred taxation balance is made up as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Accelerated capital allowances | (
|
(
|
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
| Presented as follows: | |||
| Called-up share capital presented as equity | 37,500 | 37,500 |
The company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the company is a wholly owned member.
Transactions with related parties or connected persons
Amounts owed by related parties
| 2025 | 2024 | ||
| £ | £ | ||
| Other related parties | 30,109 | 98,106 |
Amounts owed to related parties
| 2025 | 2024 | ||
| £ | £ | ||
| Other related parties | 165,930 | 181,460 |
Transactions with related parties - Sales
| 2025 | 2024 | ||
| £ | £ | ||
| Other related parties | 1,435,434 | 1,320,819 |
Transactions with related parties - Purchases
| 2025 | 2024 | ||
| £ | £ | ||
| Other related parties | 151,851 | 148,666 |
Transactions with the entity’s directors (or members of its governing body)
Amounts owed to directors
As at 31 October 2025 the company was due a director £365,000 (2024 - £165,000). These loans are interest free with no set repayment terms.
Parent Company:
|
|
| 9 Ash Grove, Portlethen, Aberdeenshire, AB12 4XE |