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Financial Statements |
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for the Year Ended 30 April 2021 |
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for |
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Hunter Laing & Company Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 April 2021 |
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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 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Hunter Laing & Company Limited |
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Company Information |
for the Year Ended 30 April 2021 |
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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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Balance Sheet |
30 April 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Inventories | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 12 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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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 2021 |
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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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The Coronavirus outbreak has created great uncertainty and many challenges in all companies. In order to protect the business, the directors have taken prompt action to reduce costs across the company. While the full impact of COVID-19 is still uncertain and the final impact on the company cannot be accurately predicted, the directors believe that they are in a secure financial position and will be able to trade through the current difficult climate. |
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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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Hunter Laing & Company Limited (Registered number: SC442464) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Government grants |
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ('Furlough'). The company has not directly benefited from any other forms of government assistance. |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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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 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2020 |
and 30 April 2021 |
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AMORTISATION |
Amortisation for year |
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At 30 April 2021 |
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NET BOOK VALUE |
At 30 April 2021 |
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At 30 April 2020 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Improvements |
Freehold | Long | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST |
At 1 May 2020 |
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Additions |
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At 30 April 2021 |
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DEPRECIATION |
At 1 May 2020 |
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Charge for year |
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At 30 April 2021 |
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NET BOOK VALUE |
At 30 April 2021 |
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At 30 April 2020 |
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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 2021 |
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5. | PROPERTY, PLANT AND EQUIPMENT - continued |
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Fixtures |
and | Computer |
fittings | Wood | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2020 |
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Additions |
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At 30 April 2021 |
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DEPRECIATION |
At 1 May 2020 |
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Charge for year |
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At 30 April 2021 |
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NET BOOK VALUE |
At 30 April 2021 |
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At 30 April 2020 |
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6. | FIXED ASSET INVESTMENTS |
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Investments are included at historical cost. |
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7. | INVENTORIES |
2021 | 2020 |
£ | £ |
Stocks |
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Work-in-progress |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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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 2021 |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
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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12. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 409,557 | 241,195 |
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Deferred |
tax |
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Balance at 1 May 2020 |
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Accelerated capital allowances | 168,362 |
Balance at 30 April 2021 |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 19,598 | 19,598 |
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14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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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 2021 |
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15. | RELATED PARTY DISCLOSURES |
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Hunter Laing & Company Limited is a trading subsidiary of parent company Hunter Laing Holdings Limited, whose registered office is situated at 16 Park Circus, Glasgow, Scotland, G3 6AX. |
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Directors are deemed the key management personnel. Total directors remuneration in the period was £555,236 (2020 : £445,730). |
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Included within consultancy fees are amounts paid to a company controlled by a director of Hunter Laing. Total paid in 2021, £49,739. |
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16. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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17. | POST BALANCE SHEET EVENTS |
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At the date of this report the disruption caused by the COVID-19 pandemic continues to impact all businesses, however the Company has continued to trade successfully and profitably. The Board maintain a close eye on performance and revise budgets as new information becomes available, and are confident in the Company's ability to meet all obligations as they fall due. |