Traquair Farms Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC384241 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2017

for

Traquair Farms Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R J Traquair

Mrs A V Traquair

REGISTERED OFFICE:

Wellington Farm

Millerhill

Dalkeith

Midlothian

EH22 1SA

REGISTERED NUMBER:

SC384241 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Property, plant and equipment

4

334,496

365,623

CURRENT ASSETS

Inventories

5

154,296

160,667

Debtors

6

271,113

42,339

Cash at bank and in hand

4,151

24,014

429,560

227,020

CREDITORS

Amounts falling due within one year

7

399,954

391,714

NET CURRENT ASSETS/(LIABILITIES)

29,606

(164,694

)

TOTAL ASSETS LESS CURRENT LIABILITIES

364,102

200,929

CREDITORS

Amounts falling due after more than one year

8

(73,755

)

(188,967

)

PROVISIONS FOR LIABILITIES

(28,000

)

(28,000

)

NET ASSETS/(LIABILITIES)

262,347

(16,038

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

261,347

(17,038

)

SHAREHOLDERS' FUNDS

262,347

(16,038

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 5 May 2018 and were signed on its behalf by:

R J Traquair - Director

Mrs A V Traquair - Director

1.	STATUTORY INFORMATION

Traquair Farms Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Farm Buildings and sheds

-

not provided

Plant in buildings

-

10% on cost

Farm plant and machinery

-

10% on cost

Tractors

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer and office equipment

-

25% on cost

Stocks

Inventories 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	PROPERTY, PLANT AND EQUIPMENT

Farm

Farm

Buildings

Plant in

plant and

and sheds

buildings

machinery

£

£

£

COST

At 1 October 2016

and 30 September 2017

210,933

171,769

124,203

DEPRECIATION

At 1 October 2016

-

82,013

66,132

Charge for year

-

17,177

12,421

At 30 September 2017

-

99,190

78,553

NET BOOK VALUE

At 30 September 2017

210,933

72,579

45,650

At 30 September 2016

210,933

89,756

58,071

Computer

and

Motor

office

Tractors

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2016

and 30 September 2017

22,813

1,878

2,106

533,702

DEPRECIATION

At 1 October 2016

16,833

1,385

1,716

168,079

Charge for year

1,196

99

234

31,127

At 30 September 2017

18,029

1,484

1,950

199,206

NET BOOK VALUE

At 30 September 2017

4,784

394

156

334,496

At 30 September 2016

5,980

493

390

365,623

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

Plant in

buildings

£

COST

At 1 October 2016

and 30 September 2017

50,000

DEPRECIATION

At 1 October 2016

5,000

Charge for year

5,000

At 30 September 2017

10,000

NET BOOK VALUE

At 30 September 2017

40,000

At 30 September 2016

45,000

5.	INVENTORIES

30/9/17

30/9/16

£

£

Valuation

143,846

150,217

Sundry stocks

10,450

10,450

154,296

160,667

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Trade debtors

42,697

27,679

Other debtors

49,807

10

Directors' current accounts

158,221

-

VAT

16,024

10,185

Prepayments

4,364

4,465

271,113

42,339

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Bank loans and overdrafts

8,881

102,393

Other loans

77,667

-

Hire purchase contracts

7,333

7,333

Trade creditors

112,725

93,754

Tax

135,719

23,636

Social security and other taxes

776

550

Other creditors

11,181

11,000

Loans from shareholders

39,874

21,147

Directors' current accounts

-

124,470

Accrued expenses

5,798

7,431

399,954

391,714

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/17

30/9/16

£

£

Bank loans - 1-2 years

9,081

31,623

Bank loans - 2-5 years

39,618

124,955

Hire purchase contracts

25,056

32,389

73,755

188,967

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/9/17

30/9/16

£

£

Bank overdraft

-

67,297

Bank loans

57,580

191,674

Hire purchase contracts

32,389

39,722

89,969

298,693

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2017 and

30 September 2016:

30/9/17

30/9/16

£

£

J Traquair and Mrs M Traquair

Balance outstanding at start of year

(124,177

)

(127,554

)

Amounts advanced

56,810

8,677

Amounts repaid

(5,300

)

(5,300

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(72,667

)

(124,177

)

R J Traquair and Mrs A V Traquair

Balance outstanding at start of year

(293

)

(24,410

)

Amounts advanced

180,131

50,670

Amounts repaid

(26,617

)

(26,553

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

153,221

(293

)

At the 30th September 2017, directors owed the Company £80,554 (2016 - the Company owed the directors

£124,470).