| Highland Fine Cheeses Limited |
| Registered number: |
SC044504 |
| Balance Sheet |
| as at 31 May 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
1,391 |
|
|
1,882 |
| Tangible assets |
4 |
|
|
303,348 |
|
|
205,762 |
|
|
|
|
304,739 |
|
|
207,644 |
|
| Current assets |
| Stocks |
|
|
207,664 |
|
|
180,228 |
| Debtors |
5 |
|
331,842 |
|
|
177,279 |
| Cash at bank and in hand |
|
|
27,148 |
|
|
19,540 |
|
|
|
566,654 |
|
|
377,047 |
|
| Creditors: amounts falling due within one year |
6 |
|
(386,451) |
|
|
(170,365) |
|
| Net current assets |
|
|
|
180,203 |
|
|
206,682 |
|
| Total assets less current liabilities |
|
|
|
484,942 |
|
|
414,326 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(151,024) |
|
|
(14,775) |
|
| Provisions for liabilities |
|
|
|
(22,577) |
|
|
(26,452) |
|
|
| Net assets |
|
|
|
311,341 |
|
|
373,099 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
11,490 |
|
|
11,490 |
| Revaluation reserve |
9 |
|
|
112,286 |
|
|
112,286 |
| Profit and loss account |
|
|
|
187,565 |
|
|
249,323 |
|
| Shareholder's funds |
|
|
|
311,341 |
|
|
373,099 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| R Stone |
| Director |
| Approved by the board on 28 February 2022 |
|
| Highland Fine Cheeses Limited |
| Notes to the Accounts |
| for the year ended 31 May 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). They are presented in £ sterling which is the company's functional currency. |
|
|
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 which is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
5% straight line basis |
|
Plant and machinery |
25% reducing balance basis |
|
Motor vehicles |
25% reducing balance basis |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Financial instruments |
|
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and loan's to the company. Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Loan's to the company, which are repayable on demand, are measured at the undiscounted amount of the cash expected to be paid. |
|
|
Taxation |
|
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of timing differences. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
The company operates a defined benefit contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
|
Comparative amounts |
|
In order to enhance the clarity of the statutory accounts some comparative amounts have been reclassified. |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
14 |
|
17 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Intangibles: |
|
|
Cost |
|
At 1 June 2020 |
4,905 |
|
At 31 May 2021 |
4,905 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 June 2020 |
3,023 |
|
Provided during the year |
491 |
|
At 31 May 2021 |
3,514 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2021 |
1,391 |
|
At 31 May 2020 |
1,882 |
|
|
|
|
|
|
|
|
|
|
Intangible assets are trademarks held by the company. They are being written off in equal annual instalments over their estimated useful economic life of 10 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 June 2020 |
120,000 |
|
367,162 |
|
81,900 |
|
569,062 |
|
Additions |
22,926 |
|
189,301 |
|
- |
|
212,227 |
|
Disposals |
- |
|
(17,210) |
|
(35,900) |
|
(53,110) |
|
At 31 May 2021 |
142,926 |
|
539,253 |
|
46,000 |
|
728,179 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2020 |
53,460 |
|
268,872 |
|
40,968 |
|
363,300 |
|
Charge for the year |
12,919 |
|
70,749 |
|
4,851 |
|
88,519 |
|
On disposals |
- |
|
(12,614) |
|
(14,374) |
|
(26,988) |
|
At 31 May 2021 |
66,379 |
|
327,007 |
|
31,445 |
|
424,831 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2021 |
76,547 |
|
212,246 |
|
14,555 |
|
303,348 |
|
At 31 May 2020 |
66,540 |
|
98,290 |
|
40,932 |
|
205,762 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2021 |
|
2020 |
| £ |
£ |
|
Historical cost |
75,567 |
|
75,567 |
|
Cumulative depreciation based on historical cost |
37,184 |
|
33,465 |
|
|
|
|
|
|
38,383 |
|
42,102 |
|
The freehold land and buildings were revalued in June 2011 by Torrance Partnership LLP at £120,000. |
|
|
| 5 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Trade debtors |
309,311 |
|
150,548 |
|
VAT receivable |
|
|
|
|
20,581 |
|
18,691 |
|
Other debtors |
1,950 |
|
8,040 |
|
|
|
|
|
|
331,842 |
|
177,279 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans and overdrafts |
8,297 |
|
13,648 |
|
Obligations under finance lease and hire purchase contracts |
65,465 |
|
22,448 |
|
Trade creditors |
242,313 |
|
73,017 |
|
Taxation and social security costs |
20,511 |
|
27,833 |
|
Other creditors |
49,865 |
|
33,419 |
|
|
|
|
|
|
386,451 |
|
170,365 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans |
42,837 |
|
828 |
|
Obligations under finance lease and hire purchase contracts |
108,187 |
|
13,947 |
|
|
|
|
|
|
151,024 |
|
14,775 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2021 |
|
2020 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
9,591 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
1,135 |
|
14,475 |
|
|
|
|
|
|
|
|
|
|
There is a standard security over the land at Blairliath Industrial Estate. There is also a bond and floating charge over the whole assets of the Company. |
|
|
| 9 |
Revaluation reserve |
2021 |
|
2020 |
| £ |
£ |
|
|
At 1 June 2020 |
112,286 |
|
112,286 |
|
|
At 31 May 2021 |
112,286 |
|
112,286 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Other financial commitments |
2021 |
|
2020 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
12,736 |
|
7,826 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Other information |
|
|
Highland Fine Cheeses Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
Blairliath Farm |
|
Shore Road |
|
Tain |
|
Ross-shire |
|
IV19 1EB |
