Crop Services (Scotland) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC106517 (Scotland)

Crop Services (Scotland) Limited

Financial Statements

for the Year Ended 31st January 2021

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Directors:

D N G Stephen

C S Stephen

A C G Stephen

R M Taylor

Secretary:

Mrs A Stephen

Registered office:

Maxwellheugh

Spylaw Road

Kelso

Roxburghshire

TD5 8DL

Registered number:

SC106517 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

2,517,308

2,410,044

Investments

5

1,250

1,250

2,518,558

2,411,294

Current assets

Stocks

1,175,151

1,132,064

Debtors

6

860,285

909,656

Cash at bank

136,138

80,094

2,171,574

2,121,814

Creditors

Amounts falling due within one year

7

1,218,379

1,217,305

Net current assets

953,195

904,509

Total assets less current liabilities

3,471,753

3,315,803

Creditors

Amounts falling due after more than one year

8

(305,799

)

(360,797

)

Provisions for liabilities

(145,164

)

(254,307

)

Net assets

3,020,790

2,700,699

Capital and reserves

Called up share capital

30,000

30,000

Share premium

13,325

13,325

Other reserves

126,675

126,675

Fair value reserve

1,198,554

1,198,554

Retained earnings

1,652,236

1,332,145

3,020,790

2,700,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2021 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 29th October 2021 and were signed on its behalf by:

A C G Stephen - Director

C S Stephen - Director

1.	Statutory information

Crop Services (Scotland) 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 arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed assets

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

Freehold property

-

10% on cost and 2% on cost

Plant and machinery

-

at varying rates on cost and at variable rates on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, bank loans, hire purchase contracts and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, accruals and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

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

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 the statement of income and retained earnings 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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was 49 (2020 - 52 ) .

4.	Tangible fixed assets

Freehold

Plant and

property

machinery

Totals

£

£

£

Cost

At 1st February 2020

1,456,342

3,473,724

4,930,066

Additions

-

479,096

479,096

Disposals

-

(234,519

)

(234,519

)

At 31st January 2021

1,456,342

3,718,301

5,174,643

Depreciation

At 1st February 2020

150,742

2,369,280

2,520,022

Charge for year

27,200

110,113

137,313

At 31st January 2021

177,942

2,479,393

2,657,335

Net book value

At 31st January 2021

1,278,400

1,238,908

2,517,308

At 31st January 2020

1,305,600

1,104,444

2,410,044

5.	Fixed asset investments

Other

investments

£

Cost

At 1st February 2020

and 31st January 2021

1,250

Net book value

At 31st January 2021

1,250

At 31st January 2020

1,250

6.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

800,113

856,830

Other debtors

60,172

52,826

860,285

909,656

7.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

-

105,197

Hire purchase contracts

259,099

217,830

Trade creditors

458,160

632,521

Taxation and social security

142,359

133,786

Other creditors

358,761

127,971

1,218,379

1,217,305

8.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Hire purchase contracts

255,799

360,797

Other creditors

50,000

-

305,799

360,797

9.	Secured debts

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

514,898

578,627

Hire purchase contracts are secured against the assets to which they relate.