4
30/11/2019
2019-11-30
false
false
false
false
true
false
false
false
false
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false
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true
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No description of principal activities is disclosed
2018-12-01
Sage Accounts Production 20.0 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
SC278102
2018-12-01
2019-11-30
SC278102
2019-11-30
SC278102
2018-11-30
SC278102
2017-12-01
2018-11-30
SC278102
2018-11-30
SC278102
core:PlantMachinery
2018-12-01
2019-11-30
SC278102
core:MotorVehicles
2018-12-01
2019-11-30
SC278102
core:OnerousContractsExcludingVacantProperties
2018-12-01
2019-11-30
SC278102
bus:RegisteredOffice
2018-12-01
2019-11-30
SC278102
bus:OrdinaryShareClass1
2018-12-01
2019-11-30
SC278102
bus:LeadAgentIfApplicable
2018-12-01
2019-11-30
SC278102
bus:Director1
2018-12-01
2019-11-30
SC278102
bus:Director2
2018-12-01
2019-11-30
SC278102
bus:Director3
2018-12-01
2019-11-30
SC278102
bus:Director4
2018-12-01
2019-11-30
SC278102
bus:Director5
2018-12-01
2019-11-30
SC278102
bus:Director6
2018-12-01
2019-11-30
SC278102
bus:CompanySecretary1
2018-12-01
2019-11-30
SC278102
core:LandBuildings
core:ShortLeaseholdAssets
2018-11-30
SC278102
core:PlantMachinery
2018-11-30
SC278102
core:FurnitureFittingsToolsEquipment
2018-11-30
SC278102
core:MotorVehicles
2018-11-30
SC278102
core:LandBuildings
core:ShortLeaseholdAssets
2019-11-30
SC278102
core:PlantMachinery
2019-11-30
SC278102
core:FurnitureFittingsToolsEquipment
2019-11-30
SC278102
core:MotorVehicles
2019-11-30
SC278102
core:WithinOneYear
2019-11-30
SC278102
core:WithinOneYear
2018-11-30
SC278102
core:AfterOneYear
2018-11-30
SC278102
core:ShareCapital
2019-11-30
SC278102
core:ShareCapital
2018-11-30
SC278102
core:RetainedEarningsAccumulatedLosses
2019-11-30
SC278102
core:RetainedEarningsAccumulatedLosses
2018-11-30
SC278102
bus:OrdinaryShareClass1
core:ShareCapital
2019-11-30
SC278102
bus:OrdinaryShareClass1
core:ShareCapital
2018-11-30
SC278102
core:BetweenOneFiveYears
2018-11-30
SC278102
core:LandBuildings
core:ShortLeaseholdAssets
2018-12-01
2019-11-30
SC278102
core:FurnitureFittingsToolsEquipment
2018-12-01
2019-11-30
SC278102
core:LandBuildings
core:ShortLeaseholdAssets
2018-11-30
SC278102
core:MotorVehicles
2018-11-30
SC278102
bus:SmallEntities
2018-12-01
2019-11-30
SC278102
bus:Audited
2018-12-01
2019-11-30
SC278102
bus:FullAccounts
2018-12-01
2019-11-30
SC278102
bus:SmallCompaniesRegimeForAccounts
2018-12-01
2019-11-30
SC278102
bus:PrivateLimitedCompanyLtd
2018-12-01
2019-11-30
SC278102
core:ComputerEquipment
2018-12-01
2019-11-30
SC278102
core:ComputerEquipment
2019-11-30
SC278102
core:ComputerEquipment
2018-11-30
SC278102
1
2018-12-01
2019-11-30
SC278102
core:ImmediateParent
2018-12-01
2019-11-30
SC278102
core:ImmediateParent
2019-11-30
SC278102
core:ImmediateParent
2018-11-30
Company registration number:
SC278102
The Heather Gift Company Limited
Filleted financial statements
30 November 2019
The Heather Gift Company Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
The Heather Gift Company Limited
Directors and other information
|
|
|
|
|
Directors
|
J Fitzpatrick
|
(Resigned 21 December 2018)
|
|
|
G Humphreys
|
(Resigned 21 December 2018)
|
|
|
A R Moore
|
|
|
|
A S J Russell
|
|
|
|
R Scanlan
|
|
|
|
S Scanlan
|
|
|
|
|
|
|
|
|
|
|
Secretary
|
A R Moore
|
|
|
|
|
|
|
|
|
|
|
Company number
|
SC278102
|
|
|
|
|
|
|
|
|
|
|
Registered office
|
2 Dewar Square
|
|
|
|
Deans Industrial Estate
|
|
|
|
Livingston
|
|
|
|
EH54 8SA
|
|
|
|
|
|
|
|
|
|
|
Auditor
|
McDonald Gordon & Co. Ltd
|
|
|
|
29 York Place
|
|
|
|
Edinburgh
|
|
|
|
EH1 3HP
|
|
|
|
|
|
|
|
|
|
|
Accountants
|
McDonald Gordon & Co Ltd
|
|
|
|
29 York Place
|
|
|
|
Edinburgh
|
|
|
|
EH1 3HP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers
|
Bank of Scotland
|
|
|
|
|
|
|
|
Solicitors
|
McClure Naismith
|
|
|
292 St Vincent Street
|
|
|
Glasgow
|
|
|
G2 5TQ
|
|
|
|
The Heather Gift Company Limited
Statement of financial position
30 November 2019
|
|
|
2019
|
|
|
|
2018
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
|
8,236
|
|
|
|
12,356
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
8,236
|
|
|
|
12,356
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
372,963
|
|
|
|
263,193
|
|
|
Debtors
|
|
6
|
110,241
|
|
|
|
98,777
|
|
|
Cash at bank and in hand
|
|
|
27,566
|
|
|
|
25,093
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
510,770
|
|
|
|
387,063
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
7
|
(
347,787)
|
|
|
|
(
250,607)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
162,983
|
|
|
|
136,456
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
171,219
|
|
|
|
148,812
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
8
|
|
|
-
|
|
|
|
(
1,401)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
1,565)
|
|
|
|
(
2,347)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
169,654
|
|
|
|
145,064
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
10
|
|
|
1,000
|
|
|
|
1,000
|
Profit and loss account
|
|
|
|
|
168,654
|
|
|
|
144,064
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
169,654
|
|
|
|
145,064
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2020
, and are signed on behalf of the board by:
A S J Russell
Director
Company registration number:
SC278102
The Heather Gift Company Limited
Notes to the financial statements
Year ended 30 November 2019
1.
General information
The company is a private company limited by shares, registered in Scotland (
SC278102
). The address of the registered office is 2 Dewar Square, Deans Industrial Estate, Livingston, EH54 8SA. The principal activity of the company is Scottish souvenirs and gifts wholesale.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements have been rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue for the foreseeable future. Cashflow forecasts demonstrate the company has adequate resources available to operate for the foreseeable future and in addition to this the directors of the parent company Allied Imports Ltd have confirmed their support for a minimum of 12 months.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Tenants improvements
|
-
|
Straight line over the life of the lease
|
|
|
Plant and machinery
|
-
|
20 %
|
straight line
|
|
Fittings fixtures and equipment
|
-
|
10% - 33% straight line
|
|
|
Motor vehicles
|
-
|
25 %
|
reducing balance
|
|
Office Equipment
|
-
|
20 %
|
straight line
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets
.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term highly liquid investments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due
.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying an average rate. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2018:
4
).
5.
Tangible assets
|
|
Tenants improvements
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Office equipment
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
At 1 December 2018 and 30 November 2019
|
6,143
|
12,365
|
13,770
|
33,054
|
6,506
|
71,838
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
At 1 December 2018
|
4,916
|
12,365
|
13,770
|
22,368
|
6,063
|
59,482
|
|
|
|
|
Charge for the year
|
1,227
|
-
|
-
|
2,671
|
222
|
4,120
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 30 November 2019
|
6,143
|
12,365
|
13,770
|
25,039
|
6,285
|
63,602
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
|
|
At 30 November 2019
|
-
|
-
|
-
|
8,015
|
221
|
8,236
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 30 November 2018
|
1,227
|
-
|
-
|
10,686
|
443
|
12,356
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
94,134
|
92,584
|
|
Other debtors
|
|
16,107
|
6,193
|
|
|
|
_______
|
_______
|
|
|
|
110,241
|
98,777
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Other debtors
Prepayments and accrued income
6,882
5,193
Other
9,225
1,000
_______
|
_______
|
16,107
6,193
_______
|
_______
|
7.
Creditors: amounts falling due within one year
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
307,715
|
199,631
|
|
Corporation tax
|
|
6,654
|
18,003
|
|
Social security and other taxes
|
|
15,949
|
21,549
|
|
Other creditors
|
|
17,469
|
11,424
|
|
|
|
_______
|
_______
|
|
|
|
347,787
|
250,607
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Other creditors
Accruals and deferred income
13,974
4,950
Other
3,495
6,474
_______
|
_______
|
17,469
11,424
_______
|
_______
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Other creditors
|
|
-
|
1,401
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Not later than 1 year
|
|
1,401
|
4,380
|
|
Later than 1 year and not later than 5 years
|
|
-
|
1,401
|
|
|
|
_______
|
_______
|
|
|
|
1,401
|
5,781
|
|
|
|
_______
|
_______
|
|
Present value of minimum lease payments
|
|
1,401
|
5,781
|
|
|
|
_______
|
_______
|
|
|
|
|
|
10.
Called up share capital
Issued and called up
|
|
|
2019
|
|
|
|
2018
|
|
|
|
|
|
No
|
|
£
|
|
No
|
|
£
|
|
Ordinary
shares of £
1.00 each
|
|
1,000
|
|
1,000
|
|
1,000
|
|
1,000
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
11.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
- |
22,500
|
|
_______ |
_______ |
|
|
|
12.
Events after the end of the reporting period
From March 2020 there has been a global outbreak of Coronavirus Covid-19. The company has faced many challenges due to this which will have a resultant impact on its profitability. The UK Government led Coronavirus Job Retention Scheme has allowed the company to keep it's employees employed where core services have been suspended during the outbreak. In May 2020, the company applied for the Small Buinsess Grant Relief which will help the company face short term challenges. This company also has the continued support from its parent company. With this support and funding, in addition to the level of reserves in the company, the company has sufficient cash to allow them to continue trading for at least the next 12 months
.
13.
Summary audit opinion
The auditor's report for the year dated
06 November 2020
was unqualified.
The senior statutory auditor was
W R Paterson
for and on behalf of
McDonald Gordon & Co. Ltd
14.
Related party transactions
Included in trade creditors is an amount due to the parent company
Allied Imports Ltd
of £ 297,311
(2018 £ 187,021
). This is interest free and there are no set terms for repayment.
15.
Controlling party
The company is a 76% subsidiary of
Allied Imports Ltd
(CRO41654) a company registered in Ireland, Unit 804, Northwest Business Park Phase 3, Ballycoolin, Dublin 15. Consolidated financial statements for Allied Imports Ltd are available from Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1.