Craigadam Farm Limited - Accounts to registrar (filleted) - small 22.3
Craigadam Farm Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30th April 2022 |
| for |
| Craigadam Farm Limited |
| Craigadam Farm Limited (Registered number: SC153308) |
| Contents of the Financial Statements |
| for the Year Ended 30th April 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 6 |
| Craigadam Farm Limited |
| Company Information |
| for the Year Ended 30th April 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Dumfries Enterprise Park |
| Heathhall |
| Dumfries |
| DUMFRIESSHIRE |
| DG1 3SJ |
| BANKERS: |
| 151 High Street |
| Dumfries |
| DG1 2RA |
| Craigadam Farm Limited (Registered number: SC153308) |
| Balance Sheet |
| 30th April 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 9 |
| Retained earnings | 73,236 | (23,025 | ) |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| Craigadam Farm Limited (Registered number: SC153308) |
| Notes to the Financial Statements |
| for the Year Ended 30th April 2022 |
| 1. | STATUTORY INFORMATION |
| Craigadam Farm Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Land and buildings | - |
| Plant and machinery etc | - |
| 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 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 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. |
| Craigadam Farm Limited (Registered number: SC153308) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th April 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st May 2021 |
| Additions |
| At 30th April 2022 |
| DEPRECIATION |
| At 1st May 2021 |
| Charge for year |
| At 30th April 2022 |
| NET BOOK VALUE |
| At 30th April 2022 |
| At 30th April 2021 |
| Craigadam Farm Limited (Registered number: SC153308) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th April 2022 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 30th April 2022 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 1999 | 186,626 | - | 186,626 |
| Cost | 531,428 | 238,153 | 769,581 |
| 718,054 | 238,153 | 956,207 |
| 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 2021 |
| and 30th April 2022 |
| DEPRECIATION |
| At 1st May 2021 |
| Charge for year |
| At 30th April 2022 |
| NET BOOK VALUE |
| At 30th April 2022 |
| At 30th April 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 167,146 | 148,393 |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Craigadam Farm Limited (Registered number: SC153308) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th April 2022 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 834 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Hire purchase contracts | 28,718 | 49,380 |
| The hire purchase creditors are secured against the assets which have been financed. |
| 9. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1st May 2021 |
| Amortised revaluation reserve | (8,175 | ) |
| At 30th April 2022 |
| 10. | RELATED PARTY DISCLOSURES |
| As at 30th April 2022 the company owed the sum of £29,549 (2021 - £29,786) by way of a directors' current account. This sum is interest free and has no fixed date for repayment. |