Traquair Farms Ltd - Accounts to registrar (filleted) - small 18.2

Traquair Farms Ltd - Accounts to registrar (filleted) - small 18.2

TRAQUAIR FARMS LTD - Company Information

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REGISTERED NUMBER: SC384241 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2018

for

Traquair Farms Ltd
Traquair Farms Ltd (Registered number: SC384241)






Contents of the Financial Statements
for the Year Ended 30 September 2018




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Traquair Farms Ltd

Company Information
for the Year Ended 30 September 2018







DIRECTORS: R J Traquair
Mrs A V Traquair





REGISTERED OFFICE: Wellington Farm
Millerhill
Dalkeith
Midlothian
EH22 1SA





REGISTERED NUMBER: SC384241 (Scotland)





ACCOUNTANTS: Douglas Home & Co Ltd
Chartered Accountants
47-49 The Square
Kelso
Roxburghshire
TD5 7HW
Page 1
Traquair Farms Ltd (Registered number: SC384241)

Statement of Financial Position
30 September 2018

30/9/18 30/9/17
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 306,146 334,496

CURRENT ASSETS
Inventories 5 153,353 154,296
Debtors 6 342,038 221,316
Cash at bank and in hand 7,323 4,151
502,714 379,763
CREDITORS
Amounts falling due within one year 7 237,337 350,157
NET CURRENT ASSETS 265,377 29,606
TOTAL ASSETS LESS CURRENT
LIABILITIES
571,523
364,102

CREDITORS
Amounts falling due after more than one
year
8
(269,675
)
(73,755
)

PROVISIONS FOR LIABILITIES (19,000 ) (28,000 )
NET ASSETS 282,848 262,347

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 281,848 261,347
SHAREHOLDERS' FUNDS 282,848 262,347

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The notes form part of these financial statements

Page 2 continued...
Traquair Farms Ltd (Registered number: SC384241)

Statement of Financial Position - continued
30 September 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 March 2019 and were signed on its behalf by:




R J Traquair - Director



Mrs A V Traquair - Director


The notes form part of these financial statements

Page 3
Traquair Farms Ltd (Registered number: SC384241)

Notes to the Financial Statements
for the Year Ended 30 September 2018

1. STATUTORY INFORMATION

Traquair Farms Ltd is a private company, limited by shares , registered in Scotland. The company's registered
number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Farm Buildings and sheds - not provided
Plant in buildings - 10% on cost
Farm plant and machinery - 10% on cost
Tractors - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer and office equipment - 25% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.

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.

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.

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.

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.

Page 4 continued...
Traquair Farms Ltd (Registered number: SC384241)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2018

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Farm Farm
Buildings Plant in plant and
and sheds buildings machinery
£    £    £   
COST
At 1 October 2017 210,933 171,769 124,203
Additions - - 2,619
At 30 September 2018 210,933 171,769 126,822
DEPRECIATION
At 1 October 2017 - 99,190 78,553
Charge for year - 17,177 12,600
At 30 September 2018 - 116,367 91,153
NET BOOK VALUE
At 30 September 2018 210,933 55,402 35,669
At 30 September 2017 210,933 72,579 45,650

Computer
and
Motor office
Tractors vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2017 22,813 1,878 2,106 533,702
Additions - - - 2,619
At 30 September 2018 22,813 1,878 2,106 536,321
DEPRECIATION
At 1 October 2017 18,029 1,484 1,950 199,206
Charge for year 957 79 156 30,969
At 30 September 2018 18,986 1,563 2,106 230,175
NET BOOK VALUE
At 30 September 2018 3,827 315 - 306,146
At 30 September 2017 4,784 394 156 334,496

Page 5 continued...
Traquair Farms Ltd (Registered number: SC384241)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2018

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant in
buildings
£   
COST
At 1 October 2017
and 30 September 2018 50,000
DEPRECIATION
At 1 October 2017 10,000
Charge for year 5,000
At 30 September 2018 15,000
NET BOOK VALUE
At 30 September 2018 35,000
At 30 September 2017 40,000

5. INVENTORIES
30/9/18 30/9/17
£    £   
Valuation 142,903 143,846
Sundry stocks 10,450 10,450
153,353 154,296

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/18 30/9/17
£    £   
Trade debtors 25,097 42,697
Other debtors 27,288 10
Directors' current accounts 278,933 158,221
VAT 6,351 16,024
Prepayments 4,369 4,364
342,038 221,316

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/18 30/9/17
£    £   
Bank loans and overdrafts 19,492 8,881
Other loans 40,000 77,667
Hire purchase contracts 7,333 7,333
Trade creditors 75,966 112,725
Tax 72,713 85,922
Social security and other taxes 570 776
Other creditors 11,030 11,181
Loans from shareholders 4,433 39,874
Accrued expenses 5,800 5,798
237,337 350,157

Page 6 continued...
Traquair Farms Ltd (Registered number: SC384241)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2018

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/18 30/9/17
£    £   
Bank loans - 1-2 years 19,081 9,081
Bank loans - 2-5 years 232,872 39,618
Hire purchase contracts 17,722 25,056
269,675 73,755

9. SECURED DEBTS

The following secured debts are included within creditors:

30/9/18 30/9/17
£    £   
Bank loans 271,445 57,580
Hire purchase contracts 25,055 32,389
296,500 89,969

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2018 and
30 September 2017:

30/9/18 30/9/17
£    £   
R J Traquair and Mrs A V Traquair
Balance outstanding at start of year 158,221 (293 )
Amounts advanced (187,834 ) (26,617 )
Amounts repaid 308,546 185,131
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 278,933 158,221

At the 30th September 2018, directors owed the Company £278,933 (2017 - £158,221).

Page 7