Company Registration No. SC492001 (Scotland)
Campbells of Beauly Limited
Unaudited financial statements
for the year ended 31 March 2020
Pages for filing with the Registrar
Campbells of Beauly Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Campbells of Beauly Limited
Statement of financial position
As at 31 March 2020
Page 1
2020
2019
Note
£
£
£
£
Fixed assets
Intangible assets
3
1,156
1,233
Tangible assets
4
492,187
384,098
493,343
385,331
Current assets
Stocks
211,762
230,921
Debtors
5
14,123
14,832
Cash at bank and in hand
35,096
51,633
260,981
297,386
Creditors: amounts falling due within one year
6
(94,961)
(178,566)
Net current assets
166,020
118,820
Total assets less current liabilities
659,363
504,151
Creditors: amounts falling due after more than one year
7
(63,901)
-
Provisions for liabilities
(19,900)
(6,927)
Net assets
575,562
497,224
Capital and reserves
Called up share capital
8
500,000
500,000
Profit and loss reserves
75,562
(2,776)
Total equity
575,562
497,224
Campbells of Beauly Limited
Statement of financial position (continued)
As at 31 March 2020
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 January 2021 and are signed on its behalf by:
John Sugden
Director
Company Registration No. SC492001
Campbells of Beauly Limited
Notes to the financial statements
For the year ended 31 March 2020
Page 3
1
Accounting policies
Company information
Campbells of Beauly Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Highland Tweed House, High Street, Beauly, IV4 7BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
5% per annum straight line basis
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Campbells of Beauly Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 4
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
0% - 2% per annum straight line basis
Plant and machinery
20% per annum straight line basis
Fixtures, fittings and equipment
20% per annum straight line basis
Computer equipment
20% per annum straight line basis
Motor vehicles
20% per annum straight line basis
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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.
Campbells of Beauly Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 5
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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
paymen
ts 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. A
m
ounts 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Campbells of Beauly Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other 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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Campbells of Beauly Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 7
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 17 (2019 - 17).
2020
2019
Number
Number
Total
17
17
3
Intangible fixed assets
Trademarks
£
Cost
At 1 April 2019 and 31 March 2020
1,541
Amortisation and impairment
At 1 April 2019
308
Amortisation charged for the year
77
At 31 March 2020
385
Carrying amount
At 31 March 2020
1,156
At 31 March 2019
1,233
Campbells of Beauly Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
359,235
162,094
521,329
Additions
131,445
22,345
153,790
At 31 March 2020
490,680
184,439
675,119
Depreciation and impairment
At 1 April 2019
22,560
114,671
137,231
Depreciation charged in the year
8,813
36,888
45,701
At 31 March 2020
31,373
151,559
182,932
Carrying amount
At 31 March 2020
459,307
32,880
492,187
At 31 March 2019
336,675
47,423
384,098
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
13,580
14,832
Other debtors
543
-
14,123
14,832
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
38,999
44,253
Corporation tax
19,591
8,985
Other taxation and social security
6,422
8,666
Other creditors
29,949
116,662
94,961
178,566
Campbells of Beauly Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 9
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
63,901
-
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
150,000 ordinary A shares of £1 each
150,000
150,000
150,000 ordinary B shares of £1 each
150,000
150,000
100,000 ordinary C shares of £1 each
100,000
100,000
100,000 ordinary D shares of £1 each
100,000
100,000
500,000
500,000
9
Directors' transactions
During the year the company paid interest totalling £2,042 (2019 - £2,027) on loans from directors. The rate of interest charged on the loan was 2.5% (2019 - 2.5%).
At the year end there was a balance of £543 (2019 - £82,689 creditor) due from the directors.
2020-03-31
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