Swanston Farm Limited - Accounts to registrar (filleted) - small 23.2.5
Swanston Farm Limited - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
SWANSTON FARM LIMITED |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SWANSTON FARM LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisors and Accountants |
Wallace House |
Maxwell Place |
Stirling |
FK8 1JU |
SOLICITORS: |
Princes Exchange |
1 Earl Grey Street |
Edinburgh |
EH3 9EE |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
BALANCE SHEET |
31 December 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks and work in progress | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Non distributable reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
BALANCE SHEET - continued |
31 December 2022 |
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 |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Swanston Farm Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
At 31 December 2022, the company had net current liabilities of £974,874 (2021 - £974,217). The company relies on the continued support of the parent company to finance its short term working capital requirements. The directors consider it appropriate to prepare the statements on a going concern basis as they expect that this support will continue for the foreseeable future. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable in relation to farming and estate management and bar and restaurant services excluding discounts and value added tax where applicable. |
TANGIBLE FIXED ASSETS |
Land and buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Heritable property is carried at market value. Any aggregate unrealised surplus or deficit arising from changes in fair value is initially recognised in profit and loss with a subsequent transfer of this value to a non-distributable reserve. |
The carrying values of tangible fixed assets are reviewed for impairment on an annual basis. |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
STOCKS |
Stocks and work in progress and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks and work in progress to their present location and condition. |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and 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 profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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. |
The deferred tax expense calculated on the valuation of land and buildings is initially recognised in profit and loss with a subsequent transfer to a non-distributable reserve to disclose the future tax charge with the unrealised valuation gain to which it relates. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | Plant and | and |
buildings | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Cost or valuation at 31 December 2022 is represented by: |
Fixtures |
Land and | Plant and | and |
buildings | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2018 | 791,404 | - | - | 791,404 |
Valuation in 2022 | 557,000 | - | - | 557,000 |
Cost | 2,447,773 | 204,182 | 336,573 | 2,988,528 |
3,796,177 | 204,182 | 336,573 | 4,336,932 |
If land and buildings had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
as restated |
£ | £ |
Cost | 2,447,773 | 2,443,748 |
Value of land in freehold land and buildings | 2,450,586 | 2,450,586 |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Tangible fixed assets with a carrying value of £3,901,723 (2021 - £3,370,286) are pledged as security for company's bank loans. |
Any aggregate unrealised surplus or deficit arising from changes in fair value is initially recognised in profit and loss with a subsequent transfer of this value to a non-distributable reserve. |
Land and buildings were valued on an open market basis by DM Hall Chartered Surveyors and Graham + Sibbald in February and March 2023 respectively. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
Additions |
Revaluations | 1,964,017 |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Investment property was valued on an open market basis by DM Hall Chartered Surveyors and Graham + Sibbald in February and March 2023 respectively. |
Fair value at 31 December 2022 is represented by: |
£ |
Valuation in 2018 | 435,838 |
Valuation in 2022 | 1,964,017 |
Cost | 2,596,642 |
4,996,497 |
7. | STOCKS AND WORK IN PROGRESS |
2022 | 2021 |
as restated |
£ | £ |
Stocks |
Work-in-progress |
Stock and work in progress valued at £311,901 (2021 - £296,150) are pledged as security for company's bank loans. |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Included in "Other creditors" are redeemable 4% £1 preference shares totalling £1,125,737 (2021 - £1,125,737). |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans due after more than five years and repayable by instalments |
545,776 |
681,491 |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
as restated |
£ | £ |
Bank loans |
Hire purchase contracts | 17,083 | 25,283 |
Santander UK PLC and Gilbert McClung (Kelso) Limited both hold charges which cover all of the assets owned by the company. |
12. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
as restated |
£ | £ |
Deferred tax | 720,221 | 303,424 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Accelerated capital allowances | (2,465 | ) |
Revalued assets | 419,262 |
Balance at 31 December 2022 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | as restated |
£ | £ |
B Ordinary | £1 | 342 | 342 |
A Ordinary | £1 | 643 | 643 |
985 | 985 |
Ordinary B shares rank pari passu to Ordinary A except for dividends. Ordinary B shareholders are not entitled to receive dividends. |
SWANSTON FARM LIMITED (REGISTERED NUMBER: SC192334) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
14. | RELATED PARTY DISCLOSURES |
Included in 'Other creditors' is a balance of £120,600 (2021 - £150,600) due to the directors from the company. The loans are interest free and no fixed terms of repayment have been agreed. |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The ultimate parent company is Swanston Farm Holdings Ltd whose registered office is at 111 Swanston Road, Edinburgh, EH10 7DS. |