Dams of Craigie Farm Limited - Period Ending 2019-01-31

REGISTRAR OF COMPANIES

Registration number: SC047380

Dams of Craigie Farm Limited

Unaudited Financial Statements

31 January 2019

Dams of Craigie Farm Limited

Contents

Accountants' Report	1
Balance Sheet	2
Notes to the Financial Statements	4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Dams of Craigie Farm Limited
for the Year Ended 31 January 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dams of Craigie Farm Limited for the year ended 31 January 2019 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/membershandbook.

This report is made solely to the Board of Directors of Dams of Craigie Farm Limited, as a body, in accordance with the terms of our engagement letter dated 22 September 2015. Our work has been undertaken solely to prepare for your approval the accounts of Dams of Craigie Farm Limited and state those matters that we have agreed to state to the Board of Directors of Dams of Craigie Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dams of Craigie Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dams of Craigie Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dams of Craigie Farm Limited. You consider that Dams of Craigie Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dams of Craigie Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

16 October 2019

Page 1

Dams of Craigie Farm Limited

(Registration number: SC047380)
Balance Sheet as at 31 January 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	1,158,125	1,187,554
Current assets
Stocks		5,598	3,288
Debtors	5	220,010	149,723
Cash and cash equivalents		27,293	40,035
		252,901	193,046
Creditors: Amounts falling due within one year	6	(201,873)	(200,278)
Net current assets/(liabilities)		51,028	(7,232)
Total assets less current liabilities		1,209,153	1,180,322
Creditors: Amounts falling due after more than one year	6	(139,987)	(144,393)
Provisions for liabilities		(84,046)	(84,046)
Net assets		985,120	951,883
Capital and reserves
Allotted, called up and fully paid share capital		5,000	5,000
Revaluation reserve		831,821	831,821
Profit and loss account		148,299	115,062
Total equity		985,120	951,883

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Dams of Craigie Farm Limited

(Registration number: SC047380)
Balance Sheet as at 31 January 2019 (continued)

For the financial year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 October 2019 and signed on its behalf by:
 

.........................................

C W Russell

Director

.........................................

J M Russell

Company secretary and director

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2019

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Glenapp Manse
Glenapp Estate
Ballantrae
GIRVAN
KA26 0PG

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 4

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Not depreciated and 2% straight line basis
Plant and equipment	15% and 20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Page 5

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

Page 6

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)

4	Tangible assets

	Land and buildings £	Plant and equipment  £	Total £
Cost or valuation
At 1 February 2018	1,193,436	109,761	1,303,197
At 31 January 2019	1,193,436	109,761	1,303,197
Depreciation
At 1 February 2018	21,386	94,257	115,643
Charge for the year	25,520	3,909	29,429
At 31 January 2019	46,906	98,166	145,072
Carrying amount
At 31 January 2019	1,146,530	11,595	1,158,125
At 31 January 2018	1,172,050	15,504	1,187,554

5

Debtors

	2019 £	2018 £
Trade debtors	162,350	99,977
Amounts owed by group undertakings and undertakings in which the company has a participating interest	47,524	39,028
Other debtors	10,136	10,718
	220,010	149,723

Page 7

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)

6

Creditors

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	7	197,627	193,594
Trade creditors		559	3,201
Other creditors		3,687	3,483
		201,873	200,278
Due after one year
Loans and borrowings	7	139,987	144,393

	2019 £	2018 £
After more than five years by instalments	120,362	125,432
	120,362	125,432

7	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	4,491	4,339
Bank overdrafts	93,637	91,724
Other borrowings	99,499	97,531
	197,627	193,594

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

	2019 £	2018 £
Bank borrowings	4,491	4,339
Bank overdrafts	93,637	91,724
	98,128	96,063

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.
 

Page 8

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	139,987	144,393

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

	2019 £	2018 £
Bank borrowings	139,987	144,393

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

8

Reserves

Deferred tax has been provided on previous revaluation uplifts of land and buildings, specifically the deferred tax movement in the current financial year relates to a change in tax rates.

On the transition date to Financial Reporting Standard 102, 1 February 2015, the company elected to apply the transitional option to take previous revalued land and buildings as deemed cost, with the cost model applied going forward.

Page 9