Mein Farming Company Limited 31/03/2019 iXBRL

Mein Farming Company Limited 31/03/2019 iXBRL

MEIN FARMING COMPANY LIMITED - Company Information

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Company registration number: SC415844
Mein Farming Company Limited
Unaudited filleted financial statements
31 March 2019
Mein Farming Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Mein Farming Company Limited
Directors and other information
Directors Mr D Hyslop
Mr D J Hyslop
Mr M Hyslop
Company number SC415844
Registered office 123 Irish Street
Dumfries
DG1 2PE
Business address Meinside
Eaglesfield
Lockerbie
DG11 3JT
Accountants Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
Mein Farming Company Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Mein Farming Company Limited
Year ended 31st March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mein Farming Company Limited for the year ended 31st March 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Mein Farming Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mein Farming Company Limited and state those matters that we have agreed to state to the board of directors of Mein Farming Company Limited as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mein Farming Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Mein Farming Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mein Farming Company Limited. You consider that Mein Farming Company 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 financial statements of Mein Farming Company 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 financial statements.
Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
6th December 2019
Mein Farming Company Limited
Statement of financial position
31st March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 3,653,781 1,469,812
_______ _______
3,653,781 1,469,812
Current assets
Stocks 408,113 390,313
Debtors 6 246,876 236,027
Investments 7 201,842 206,145
Cash at bank and in hand 115 9
_______ _______
856,946 832,494
Creditors: amounts falling due
within one year 8 ( 608,538) ( 675,588)
_______ _______
Net current assets 248,408 156,906
_______ _______
Total assets less current liabilities 3,902,189 1,626,718
Creditors: amounts falling due
after more than one year 9 ( 3,545,551) ( 1,451,133)
_______ _______
Net assets 356,638 175,585
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 356,538 175,485
_______ _______
Shareholders funds 356,638 175,585
_______ _______
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;
- 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 December 2019 , and are signed on behalf of the board by:
Mr D Hyslop
Director
Company registration number: SC415844
Mein Farming Company Limited
Notes to the financial statements
Year ended 31st March 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 123 Irish Street, Dumfries, DG1 2PE.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. 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 profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Tenant's Improvements - 0 % reducing balance
Farm Equipment & Machinery - 10 % reducing balance
Fixtures & Fittings - 5 % straight line
Motor Vehicles and Tractors - 25 % reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received using the performance model.
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.
4. Employee numbers
The average number of persons employed by the company during the year, including directors, amounted to 5 (2018: 4).
5. Tangible assets
Freehold property Tenant's Improvements Farm Equipment & Machinery Fixtures & Fittings Motor vehicles Total
£ £ £ £ £ £
Cost
At 1st April 2018 - 405,910 244,358 879,469 187,745 1,717,482
Additions 2,042,573 178,804 24,830 - 30,000 2,276,207
Disposals - - ( 2,550) - - ( 2,550)
_______ _______ _______ _______ _______ _______
At 31st March 2019 2,042,573 584,714 266,638 879,469 217,745 3,991,139
_______ _______ _______ _______ _______ _______
Depreciation
At 1st April 2018 - - 84,780 55,261 107,629 247,670
Charge for the year - - 18,186 43,972 27,530 89,688
_______ _______ _______ _______ _______ _______
At 31st March 2019 - - 102,966 99,233 135,159 337,358
_______ _______ _______ _______ _______ _______
Carrying amount
At 31st March 2019 2,042,573 584,714 163,672 780,236 82,586 3,653,781
_______ _______ _______ _______ _______ _______
At 31st March 2018 - 405,910 159,578 824,208 80,116 1,469,812
_______ _______ _______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 187,297 225,267
Other debtors 59,579 10,760
_______ _______
246,876 236,027
_______ _______
7. Investments
2019 2018
£ £
Milk Capital Account 103,469 103,469
Arla Common Consolidation 98,373 102,676
_______ _______
201,842 206,145
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts (secured) 122,545 285,228
Trade creditors 235,163 236,080
Other creditors 250,830 154,280
_______ _______
608,538 675,588
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 3,545,551 1,451,133
_______ _______
Bank loan totalling £2,996,846 is secured by a floating charge over all assets of the company.
10. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Directors advances, credits and guarantees
2019 2018
£ £
Mr D Hyslop - 6,888
Mr D J Hyslop - 8,060
_______ | _______ |
- 14,948
_______ | _______ |
12. Related party transactions
The company owes an amount of £66,651 to the directors, no interest is accrued and the amount is repayable on demand. The directors received dividends of £32,660 during the year.
13. Controlling party
The company is under the control of the directors .