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Unaudited Financial Statements for the Year Ended 30 September 2018 |
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William McMillan Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 September 2018 |
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for |
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William McMillan Limited |
William McMillan Limited (Registered number: SC022241) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2018 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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William McMillan Limited (Registered number: SC022241) |
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Balance Sheet |
30 September 2018 |
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30.9.18 | 30.9.17 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
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CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
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PROVISIONS FOR LIABILITIES | ( |
) | ( |
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NET LIABILITIES | ( |
) | ( |
) |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
) | ( |
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SHAREHOLDERS' FUNDS | ( |
) | ( |
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William McMillan Limited (Registered number: SC022241) |
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Balance Sheet - continued |
30 September 2018 |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act
2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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William McMillan Limited (Registered number: SC022241) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2018 |
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1. | STATUTORY INFORMATION |
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William McMillan Limited is a private company, limited by shares, domiciled in Scotland, registration number |
SC022241. The registered office is Unit 5 Frances Industrial Park, Wemyss Road, Dysart, Kirkcaldy, Fife, KY1 |
2XZ. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods in respect of bacon and meat processing, excluding value added tax. |
Sales are recognised at the point at which the goods are delivered. |
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Tangible fixed assets and depreciation |
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Plant and machinery etc | - |
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Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental |
costs of acquisition. |
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The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all |
tangible fixed assets are depreciated to nil value. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. Cost is represented by purchase price. |
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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. |
William McMillan Limited (Registered number: SC022241) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are |
depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of |
the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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Going concern |
At the year-end, the company had net liabilities of £231,130 (2017: £234,021) which indicates that the company may |
not be a going concern, although it has traded profitably since the year ended 30th September 2013. Based on long |
term business plans, the directors are confident that the company will continue to trade profitably in future periods |
and generate sufficient cash flows to meet its obligations as they fall due for payment. At the year ended 30 |
September 2018, £378,342 (2017: £366,970) is due to related party Fife Creamery Limited which has common |
shareholders. There is a preference to paying third party debts ahead of this related party debt, and the Board of Fife |
Creamery Limited have advised that no payments will be sought which would negatively impact on the business of |
William McMillan Limited. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is |
probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably |
estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value |
of money is material. |
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Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is |
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an |
outflow with respect to any one item included in the same class of obligations may be small. |
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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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William McMillan Limited (Registered number: SC022241) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2017 |
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Additions |
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Disposals | ( |
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At 30 September 2018 |
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DEPRECIATION |
At 1 October 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 October 2017 |
and 30 September 2018 |
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DEPRECIATION |
At 1 October 2017 |
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Charge for year |
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At 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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William McMillan Limited (Registered number: SC022241) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.18 | 30.9.17 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.18 | 30.9.17 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.18 | 30.9.17 |
£ | £ |
Hire purchase contracts |
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Amounts owed to associates | 132,877 | 394,989 |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Preference shares | 1,300 | 1,300 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.9.18 | 30.9.17 |
£ | £ |
Hire purchase contracts | 10,716 | 20,237 |
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Hire purchase contracts are secured on the assets to which they relate. |
William McMillan Limited (Registered number: SC022241) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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9. | RELATED PARTY DISCLOSURES |
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Fife Creamery Limited |
Common ownership |
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Sales during the year - £569,283 (2017: £582,122) |
Amounts due at year-end included in trade debtors - £41,990 (2017: £57,519) |
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Purchases during the year - £317,988 (2017: £320,263) |
Amounts due at the year-end included in trade creditors - £287,456 (2017: £29,500) |
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An interest-free loan of £132,877 (2017: £394,989) is due to Fife Creamery Limited and there are no fixed |
repayment terms. £262,112 (2017: £nil) has been repaid during the year. |