North Tarwathie Farm Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC317240 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

NORTH TARWATHIE FARM LIMITED

Page

Company Information

1

Income Statement

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

Mr A Meredith

Mrs R Meredith

Mr R Meredith

Mr W Meredith

SECRETARY:

Mr R Meredith

REGISTERED OFFICE:

51-53 High Street

Turriff

Aberdeenshire

AB53 4EJ

REGISTERED NUMBER:

SC317240 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

TURNOVER

1,607,408

1,844,641

Cost of sales

844,085

949,888

GROSS PROFIT

763,323

894,753

Administrative expenses

433,489

499,326

329,834

395,427

Other operating income

7,550

14,678

OPERATING PROFIT and

PROFIT BEFORE TAXATION

337,384

410,105

Tax on profit

65,134

79,613

PROFIT FOR THE FINANCIAL YEAR

272,250

330,492

FIXED ASSETS

Intangible assets

5

8,650

8,650

Tangible assets

6

2,469,368

2,515,220

2,478,018

2,523,870

CURRENT ASSETS

Stocks

817,995

832,385

Debtors

7

118,164

147,535

Cash at bank and in hand

943,172

649,083

1,879,331

1,629,003

CREDITORS

Amounts falling due within one year

8

698,907

676,115

NET CURRENT ASSETS

1,180,424

952,888

TOTAL ASSETS LESS CURRENT LIABILITIES

3,658,442

3,476,758

PROVISIONS FOR LIABILITIES

89,303

89,869

NET ASSETS

3,569,139

3,386,889

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

3,568,139

3,385,889

SHAREHOLDERS' FUNDS

3,569,139

3,386,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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.

The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2021 and were signed on its behalf by:

Mr A Meredith - Director

1.	STATUTORY INFORMATION

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of nil years.

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

-

25% on reducing balance, 15% on reducing balance and 2% on cost

Stocks

Stocks 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 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.

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 7 (2019 - 8 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2020

2019

£

£

Depreciation - owned assets

98,617

102,250

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2019

and 31 March 2020

8,650

NET BOOK VALUE

At 31 March 2020

8,650

At 31 March 2019

8,650

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

1,634,117

1,303,832

2,937,949

Additions

-

72,630

72,630

Disposals

-

(44,770

)

(44,770

)

At 31 March 2020

1,634,117

1,331,692

2,965,809

DEPRECIATION

At 1 April 2019

-

422,729

422,729

Charge for year

-

98,617

98,617

Eliminated on disposal

-

(24,905

)

(24,905

)

At 31 March 2020

-

496,441

496,441

NET BOOK VALUE

At 31 March 2020

1,634,117

835,251

2,469,368

At 31 March 2019

1,634,117

881,103

2,515,220

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

93,055

119,124

VAT

25,109

28,411

118,164

147,535

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

63,833

29,250

Trade creditors

99,440

127,269

Tax

65,700

70,838

Social security and other taxes

3,048

3,415

Other creditors

54,550

41,249

Directors' loan accounts

412,336

404,094

698,907

676,115

9.	DIRECTOR'S LOANS

The following advances and credits from directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

Mr A Meredith and Mrs R Meredith

Balance outstanding at start of year

47,047

7,514

Amounts advanced

6,084

39,533

Amounts repaid

(341

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

52,790

47,047

Mr R Meredith

Balance outstanding at start of year

116,469

111,863

Amounts advanced

1,397

4,606

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

117,866

116,469

Mr W Meredith

Balance outstanding at start of year

240,578

240,578

Amounts advanced

1,102

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

241,680

240,578

The loans are interest free and there are no fixed terms of repayment.

10.	DIVIDENDS PAID TO DIRECTORS