Craigadam Farm Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC153308 (Scotland)

Unaudited Financial Statements for the Year Ended 30th April 2021

for

Craigadam Farm Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mrs C Pickup

R E Pickup

J G R Pickup

REGISTERED OFFICE:

Craigadam Farm

Kirkpatrick Durham

Castle Douglas

DG7 3HU

REGISTERED NUMBER:

SC153308 (Scotland)

ACCOUNTANTS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

BANKERS:

The Royal Bank of Scotland

151 High Street

Dumfries

DG1 2RA

FIXED ASSETS

Tangible assets

4

192,596

183,455

Investments

5

-

16,268

192,596

199,723

CURRENT ASSETS

Stocks

34,846

36,024

Debtors

6

182,894

163,576

Cash at bank and in hand

3,827

2,610

221,567

202,210

CREDITORS

Amounts falling due within one year

7

(244,792

)

(257,658

)

NET CURRENT LIABILITIES

(23,225

)

(55,448

)

TOTAL ASSETS LESS CURRENT LIABILITIES

169,371

144,275

CREDITORS

Amounts falling due after more than one year

8

(77,899

)

(24,048

)

PROVISIONS FOR LIABILITIES

(19,338

)

(12,170

)

NET ASSETS

72,134

108,057

CAPITAL AND RESERVES

Called up share capital

70,623

70,623

Revaluation reserve

10

24,536

32,711

Retained earnings

(23,025

)

4,723

SHAREHOLDERS' FUNDS

72,134

108,057

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th January 2022 and were signed on its behalf by:

Mrs C Pickup - Director

1.	STATUTORY INFORMATION

Craigadam 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, during the year. The company sells livestock and associated byproducts as well as game shooting rights.

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.

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

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 Statement of Income and Retained Earnings, 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1st May 2020

718,054

169,168

887,222

Additions

-

61,287

61,287

Disposals

-

(7,195

)

(7,195

)

At 30th April 2021

718,054

223,260

941,314

DEPRECIATION

At 1st May 2020

598,649

105,118

703,767

Charge for year

28,589

19,802

48,391

Eliminated on disposal

-

(3,440

)

(3,440

)

At 30th April 2021

627,238

121,480

748,718

NET BOOK VALUE

At 30th April 2021

90,816

101,780

192,596

At 30th April 2020

119,405

64,050

183,455

Cost or valuation at 30th April 2021 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 1999

186,626

-

186,626

Cost

531,428

223,260

754,688

718,054

223,260

941,314

Land and buildings include buildings which originally cost £263,374. These buildings were revalued by Thomson, Roddick & Laurie, on 21st July 1999, on an open market basis, at £450,000. This revaluation has been incorporated in the accounts. The revaluation did not include the farmland.

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

Plant and

machinery

etc

£

COST OR VALUATION

At 1st May 2020

58,000

Additions

56,500

Transfer to ownership

(14,800

)

At 30th April 2021

99,700

DEPRECIATION

At 1st May 2020

23,340

Charge for year

14,215

Transfer to ownership

(9,215

)

At 30th April 2021

28,340

NET BOOK VALUE

At 30th April 2021

71,360

At 30th April 2020

34,660

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st May 2020

16,268

Disposals

(16,268

)

At 30th April 2021

-

NET BOOK VALUE

At 30th April 2021

-

At 30th April 2020

16,268

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

1,415

Amounts owed by participating interests

148,393

140,543

Other debtors

34,501

21,618

182,894

163,576

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

145,663

120,820

Hire purchase contracts

12,315

10,482

Trade creditors

49,171

57,525

Taxation and social security

-

14,103

Other creditors

37,643

54,728

244,792

257,658

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

40,834

-

Hire purchase contracts

37,065

24,048

77,899

24,048

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

834

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

49,380

34,530

The hire purchase creditors are secured against the assets which have been financed.

10.

RESERVES

Revaluation

reserve

£

At 1st May 2020

32,711

Amortised revaluation reserve

(8,175

)

At 30th April 2021

24,536

11.	RELATED PARTY DISCLOSURES

As at 30th April 2021 the company owed the sum of £29,786 (2020 - £33,975) by way of a directors' current account. This sum is interest free and has no fixed date for repayment.