Mein Farming Company Limited 31/03/2022 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 2022

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
		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 2022

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 2022 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 http://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 http://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

21st December 2022

Mein Farming Company Limited

Statement of financial position

31st March 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	5	5,357,568		3,790,385
		_______		_______
			5,357,568		3,790,385

Current assets
Stocks		543,193		529,701
Debtors	6	165,330		228,865
Investments	7	264,550		233,728
Cash at bank and in hand		88,544		137
		_______		_______
		1,061,617		992,431
Creditors: amounts falling due
within one year	8	( 892,325)		( 578,140)
		_______		_______
Net current assets			169,292		414,291
			_______		_______
Total assets less current liabilities			5,526,860		4,204,676

Creditors: amounts falling due
after more than one year	9		( 4,380,662)		( 3,299,938)

Provisions for liabilities			( 212,520)		( 169,437)

			_______		_______
Net assets			933,678		735,301
			_______		_______

Capital and reserves
Called up share capital	10		100		100
Profit and loss account			933,578		735,201
			_______		_______
Shareholders funds			933,678		735,301
			_______		_______

For the year ending 31 March 2022 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 Section 1A of 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 21 December 2022 , 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 2022

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

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.

Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2021: 7 ).

5. Tangible assets

	Freehold property	Tenant's Improvements	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1st April 2021	2,123,138	590,636	279,281	936,475	372,185	4,301,715
Additions	1,417,867	61,980	169,599	-	87,300	1,736,746
Disposals	-	-	( 3,850)	-	( 58,500)	( 62,350)
	_______	_______	_______	_______	_______	_______
At 31st March 2022	3,541,005	652,616	445,030	936,475	400,985	5,976,111
	_______	_______	_______	_______	_______	_______
Depreciation
At 1st April 2021	-	-	137,236	190,028	184,066	511,330
Charge for the year	-	-	30,784	46,825	62,440	140,049
Disposals	-	-	-	-	( 32,836)	( 32,836)
	_______	_______	_______	_______	_______	_______
At 31st March 2022	-	-	168,020	236,853	213,670	618,543
	_______	_______	_______	_______	_______	_______
Carrying amount
At 31st March 2022	3,541,005	652,616	277,010	699,622	187,315	5,357,568
	_______	_______	_______	_______	_______	_______
At 31st March 2021	2,123,138	590,636	142,045	746,447	188,119	3,790,385
	_______	_______	_______	_______	_______	_______

6. Debtors

	2022	2021
	£	£
Trade debtors	98,718	200,356
Other debtors	66,612	28,509
	_______	_______
	165,330	228,865
	_______	_______

7. Investments

	2022	2021
	£	£
Milk Capital Account	103,469	103,469
Arla Common Consolidation	161,081	130,259
	_______	_______
	264,550	233,728
	_______	_______

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	134,094	66,953
Trade creditors	546,692	242,365
Corporation tax	-	23,283
Other creditors	211,539	245,539
	_______	_______
	892,325	578,140
	_______	_______

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	4,380,662	3,299,938
	_______	_______

Bank loan totalling £4,227,576 is secured by a floating charge over all assets of the company and by a standard security over the freehold properties. Obligations under finance lease are secured by the assets covered by said agreements.

10. Called up share capital

Issued, called up and fully paid

	2022		2021
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

11. Related party transactions

The company owes an amount of £39,117 to the directors, no interest is accrued and the amount is repayable on demand. The directors received dividends of £41,898 during the year.

12. Controlling party

The company is under the control of the directors.