Maesquoy Farms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC343177 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2019

for

Maesquoy Farms Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J E Sinclair

Mrs A Sinclair

SECRETARY:

Mrs A Sinclair

REGISTERED OFFICE:

Maesquoy

Harray

Orkney

KW17 2LE

REGISTERED NUMBER:

SC343177 (Scotland)

ACCOUNTANTS:

Orcadia

Chartered Accountants

1 - 3 East Road

Kirkwall

Orkney

KW15 1HZ

BANKERS:

Bank of Scotland

56 Albert Street

Kirkwall

Orkney

KW15 1HJ

FIXED ASSETS

391,349

Tangible assets

4

351,816

CURRENT ASSETS

414,708

Stocks

441,322

74,713

Debtors

21,765

489,421

463,087

CREDITORS

287,249

Amounts falling due within one year

239,881

202,172

NET CURRENT ASSETS

223,206

593,521

TOTAL ASSETS LESS CURRENT LIABILITIES

575,022

CREDITORS

(225,001

)

Amounts falling due after more than one year

5

(175,000

)

(43,800

)

PROVISIONS FOR LIABILITIES

(46,965

)

324,720

NET ASSETS

353,057

CAPITAL AND RESERVES

2

Called up share capital

2

324,718

Retained earnings

353,055

324,720

SHAREHOLDERS' FUNDS

353,057

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 January 2020 and were signed on its behalf by:

J E Sinclair - Director

Mrs A Sinclair - Director

1.	STATUTORY INFORMATION

Maesquoy Farms Limited 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

Turnover represents net sales of livestock and crop, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on reducing balance

Stocks

Livestock and crop are valued at a percentage of market value, with purchased animals valued at cost. Other stocks

are valued at the lower of cost or net realisable value.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2018

672,002

Additions

4,500

At 30 April 2019

676,502

DEPRECIATION

At 1 May 2018

280,653

Charge for year

44,033

At 30 April 2019

324,686

NET BOOK VALUE

At 30 April 2019

351,816

At 30 April 2018

391,349

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2019

2018

£

£

Repayable by instalments

Bank loans more 5 yr by instal

75,000

100,000

6.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Bank loans

36,002

39,124

Amounts falling due between two and five years:

Bank loans - 2-5 years

100,000

111,001

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

75,000

100,000

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

150,852

160,297

Bank loans

211,002

250,125

Hire purchase contracts

14,000

50,817

375,854

461,239

The bank loan and overdraft are secured by a Bond and Floating Charge, over the whole assets of the company,

created in favour of the Bank of Scotland.

The company operates certain items of plant & machinery on hire purchase terms.