Benzies Farming Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC257127 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

BENZIES FARMING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P E Benzie

H M Benzie

C J Duguid

SECRETARY:

H M Benzie

REGISTERED OFFICE:

Gairnieston Farm

Turriff

Aberdeenshire

AB53 5RP

REGISTERED NUMBER:

SC257127 (Scotland)

FIXED ASSETS

Tangible assets

5

453,403

527,483

Investments

6

843,116

780,663

1,296,519

1,308,146

CURRENT ASSETS

Stocks

3,725,500

3,538,300

Debtors

7

863,687

754,682

Cash at bank

14,553

17,355

4,603,740

4,310,337

CREDITORS

Amounts falling due within one year

8

3,444,682

3,219,226

NET CURRENT ASSETS

1,159,058

1,091,111

TOTAL ASSETS LESS CURRENT LIABILITIES

2,455,577

2,399,257

CREDITORS

Amounts falling due after more than one year

9

(128,851

)

(202,510

)

PROVISIONS FOR LIABILITIES

(109,373

)

(131,120

)

NET ASSETS

2,217,353

2,065,627

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,217,253

2,065,527

SHAREHOLDERS' FUNDS

2,217,353

2,065,627

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 13 March 2024 and were signed on its behalf by:

P E Benzie - Director

1.	STATUTORY INFORMATION

Benzies Farming 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover represents the amounts receivable for the sale of produce and is recognised at point of supply.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2022

1,441,330

Additions

32,500

At 31 May 2023

1,473,830

DEPRECIATION

At 1 June 2022

913,847

Charge for year

106,580

At 31 May 2023

1,020,427

NET BOOK VALUE

At 31 May 2023

453,403

At 31 May 2022

527,483

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 June 2022

780,663

Additions

62,453

At 31 May 2023

843,116

NET BOOK VALUE

At 31 May 2023

843,116

At 31 May 2022

780,663

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

598,379

553,414

Other debtors

265,308

201,268

863,687

754,682

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

9,500

9,671

Hire purchase contracts

92,633

85,448

Trade creditors

1,004,460

741,068

Taxation and social security

122,069

36,068

Other creditors

2,216,020

2,346,971

3,444,682

3,219,226

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

24,389

33,853

Hire purchase contracts

104,462

168,657

128,851

202,510

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

33,889

43,524

The bank loan is secured by a floating charge over the company's assets and a government guarantee.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P E Benzie.