REGISTERED NUMBER: SC442464 (Scotland) |
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Strategic Report, |
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 30 April 2022 |
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for |
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Hunter Laing & Company Limited |
REGISTERED NUMBER: SC442464 (Scotland) |
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Strategic Report, |
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 30 April 2022 |
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for |
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Hunter Laing & Company Limited |
Hunter Laing & Company Limited (Registered number: SC442464) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2022 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Income and Retained Earnings | 7 |
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Balance Sheet | 8 |
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Notes to the Financial Statements | 9 |
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Hunter Laing & Company Limited |
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Company Information |
for the Year Ended 30 April 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Radleigh House |
1 Golf Road |
Clarkston |
Glasgow |
G76 7HU |
Hunter Laing & Company Limited (Registered number: SC442464) |
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Strategic Report |
for the Year Ended 30 April 2022 |
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The directors present their strategic report for the year ended 30 April 2022. |
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ON BEHALF OF THE BOARD: |
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Hunter Laing & Company Limited (Registered number: SC442464) |
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Report of the Directors |
for the Year Ended 30 April 2022 |
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The directors present their report with the financial statements of the company for the year ended 30 April 2022. |
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DIVIDENDS |
An interim dividend of £ |
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The total distribution of dividends for the year ended 30 April 2022 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2021 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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). 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 period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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. They 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, O'Haras Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Hunter Laing & Company Limited |
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Opinion |
We have audited the financial statements of Hunter Laing & Company Limited (the 'company') for the year ended 30 April 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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. |
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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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Hunter Laing & Company Limited |
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Matters on which we are required to report by exception |
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 or the Report of the Directors. |
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We have nothing to report in respect of the following matters where 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
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Auditors' responsibilities for the audit of the financial statements |
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. |
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- We gained an understanding of the legal and regulatory framework applicable to the company and the whisky industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters. |
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- We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations. |
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- We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties. |
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- We considered how fraud might occur in this company and designed our tests accordingly. |
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- As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
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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. |
Report of the Independent Auditors to the Members of |
Hunter Laing & Company Limited |
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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 a Report of the Auditors 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. |
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for and on behalf of
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Radleigh House |
1 Golf Road |
Clarkston |
Glasgow |
G76 7HU |
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Hunter Laing & Company Limited (Registered number: SC442464) |
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Statement of Income and Retained Earnings |
for the Year Ended 30 April 2022 |
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2022 | 2021 |
Notes | £ | £ |
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REVENUE |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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7,699,202 | 5,737,348 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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Retained earnings at beginning of year |
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Dividends | 7 | ( |
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RETAINED EARNINGS AT END OF
YEAR |
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Hunter Laing & Company Limited (Registered number: SC442464) |
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Balance Sheet |
30 April 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Property, plant and equipment | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Inventories | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 16 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Hunter Laing & Company Limited (Registered number: SC442464) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2022 |
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1. | STATUTORY INFORMATION |
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Hunter Laing & Company Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Revenue |
Sales comprise revenue from the sale of Scotch whisky and other spirits and rental income received from the storage of whisky casks, excluding value added tax and trade discounts, and is measured at the fair value of the consideration received or receivable. |
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Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from the sale of goods is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer. Revenue from the rendering of services is recognised in the period in which the services are provided. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Long leasehold | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Wood | - |
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Computer equipment | - |
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Inventories |
Inventories are valued at the lower of cost and net realisable value. Cost is defined as purchase price plus carrying costs. Net realisable value is based on estimated selling price, less the estimated costs of completion and selling. Provision is made for slow-moving or obsolete items where appropriate. |
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Hunter Laing & Company Limited (Registered number: SC442464) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Impairment of fixed assets |
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. |
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Cash and cash equivalents |
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Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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Hunter Laing & Company Limited (Registered number: SC442464) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
2022 | 2021 |
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Hunter Laing & Company Limited |
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2022 | 2021 |
£ | £ |
Directors' remuneration |
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Information regarding the highest paid director is as follows: |
2022 | 2021 |
£ | £ |
Emoluments etc |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2022 | 2021 |
£ | £ |
Depreciation - owned assets |
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Goodwill amortisation |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Foreign exchange differences |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank loan interest |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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7. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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Hunter Laing & Company Limited (Registered number: SC442464) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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8. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 May 2021 |
and 30 April 2022 |
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AMORTISATION |
At 1 May 2021 |
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Amortisation for year |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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9. | PROPERTY, PLANT AND EQUIPMENT |
Improvements |
Freehold | Long | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST |
At 1 May 2021 |
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Additions |
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At 30 April 2022 |
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DEPRECIATION |
At 1 May 2021 |
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Charge for year |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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Hunter Laing & Company Limited (Registered number: SC442464) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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9. | PROPERTY, PLANT AND EQUIPMENT - continued |
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Fixtures |
and | Computer |
fittings | Wood | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2021 |
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Additions |
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At 30 April 2022 |
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DEPRECIATION |
At 1 May 2021 |
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Charge for year |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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10. | FIXED ASSET INVESTMENTS |
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Investments are included at historical cost. |
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11. | INVENTORIES |
2022 | 2021 |
£ | £ |
Stocks |
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Work-in-progress |
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12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Intercompany debtor |
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Directors' current accounts | 32,756 | - |
VAT |
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Prepayments and accrued income |
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Hunter Laing & Company Limited (Registered number: SC442464) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 14) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Duty | 12,863 | (23,789 | ) |
Accrued expenses and deferred income |
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14. | LOANS |
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An analysis of the maturity of loans is given below: |
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2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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15. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Bank loans |
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The Clydesdale Bank holds a floating charge over the assets and undertakings of the business and has a legal charge over the property owned by the company. |
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16. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 463,646 | 409,557 |
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Deferred |
tax |
£ |
Balance at 1 May 2021 |
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Accelerated capital allowances | 54,089 |
Balance at 30 April 2022 |
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17. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | £1 | 19,598 | 19,598 |
Hunter Laing & Company Limited (Registered number: SC442464) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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18. | RESERVES |
Retained |
earnings |
£ |
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At 1 May 2021 |
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Profit for the year |
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Dividends | ( |
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At 30 April 2022 |
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19. | RELATED PARTY DISCLOSURES |
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Hunter Laing & Company Limited is a trading subsidiary of the ultimate parent company Hunter Laing Holdings Limited, whose registered office is situated at 16 Park Circus, Glasgow, Scotland, G3 6AX. A copy of the Hunter Laing Holdings Limited consolidated financial statements can be obtained from this address |
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Directors are deemed the key management personnel. |
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Included within consultancy fees are amounts paid to a company controlled by a director of Hunter Laing. |