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

REGISTERED NUMBER: SC384241 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2019

for

Traquair Farms Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Property, plant and equipment

4

312,919

306,146

CURRENT ASSETS

Inventories

5

153,279

153,353

Debtors

6

240,127

342,038

Cash at bank and in hand

416

7,323

393,822

502,714

CREDITORS

Amounts falling due within one year

7

235,604

237,337

NET CURRENT ASSETS

158,218

265,377

TOTAL ASSETS LESS CURRENT LIABILITIES

471,137

571,523

CREDITORS

Amounts falling due after more than one year

8

(259,780

)

(269,675

)

PROVISIONS FOR LIABILITIES

(8,500

)

(19,000

)

NET ASSETS

202,857

282,848

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

201,857

281,848

SHAREHOLDERS' FUNDS

202,857

282,848

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 and authorised for issue on 14 April 2020 and were signed on its behalf by:

R J Traquair - Director

Mrs A V Traquair - Director

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.

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 (2018 - 6 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Farm

Farm

Buildings

Plant in

plant and

and sheds

buildings

machinery

£

£

£

COST

At 1 October 2018

210,933

171,769

126,822

Additions

-

-

40,750

Disposals

-

-

(9,783

)

At 30 September 2019

210,933

171,769

157,789

DEPRECIATION

At 1 October 2018

-

116,367

91,153

Charge for year

-

17,177

14,016

Eliminated on disposal

-

-

(7,827

)

At 30 September 2019

-

133,544

97,342

NET BOOK VALUE

At 30 September 2019

210,933

38,225

60,447

At 30 September 2018

210,933

55,402

35,669

Computer

and

Motor

office

Tractors

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2018

22,813

1,878

2,106

536,321

Additions

-

-

-

40,750

Disposals

-

-

-

(9,783

)

At 30 September 2019

22,813

1,878

2,106

567,288

DEPRECIATION

At 1 October 2018

18,986

1,563

2,106

230,175

Charge for year

765

63

-

32,021

Eliminated on disposal

-

-

-

(7,827

)

At 30 September 2019

19,751

1,626

2,106

254,369

NET BOOK VALUE

At 30 September 2019

3,062

252

-

312,919

At 30 September 2018

3,827

315

-

306,146

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant in

buildings

£

COST

At 1 October 2018

and 30 September 2019

50,000

DEPRECIATION

At 1 October 2018

15,000

Charge for year

5,000

At 30 September 2019

20,000

NET BOOK VALUE

At 30 September 2019

30,000

At 30 September 2018

35,000

5.	INVENTORIES

30/9/19

30/9/18

£

£

Valuation

142,829

142,903

Sundry stocks

10,450

10,450

153,279

153,353

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/19

30/9/18

£

£

Trade debtors

43,649

25,097

Other debtors

27,278

27,288

Directors' current accounts

157,804

278,933

VAT

11,167

6,351

Prepayments

229

4,369

240,127

342,038

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/19

30/9/18

£

£

Bank loans and overdrafts

66,292

19,492

Other loans

11,400

40,000

Hire purchase contracts

11,933

7,333

Trade creditors

113,045

75,966

Tax

-

72,713

Social security and other taxes

666

570

Other creditors

11,030

11,030

Loans from shareholders

14,438

4,433

Accrued expenses

6,800

5,800

235,604

237,337

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/19

30/9/18

£

£

Bank loans - 1-2 years

19,081

19,081

Bank loans - 2-5 years

215,360

232,872

Hire purchase contracts

25,339

17,722

259,780

269,675

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/9/19

30/9/18

£

£

Bank overdraft

46,800

-

Bank loans

253,933

271,445

Hire purchase contracts

37,272

25,055

338,005

296,500

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2019 and

30 September 2018:

30/9/19

30/9/18

£

£

R J Traquair and Mrs A V Traquair

Balance outstanding at start of year

278,933

158,221

Amounts advanced

81,901

(187,834

)

Amounts repaid

(203,030

)

308,546

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

157,804

278,933

At the 30th September 2019, directors owed the Company £157,804 (2018 - £278,933).