Dams of Craigie Farm Limited - Period Ending 2018-01-31

REGISTRAR OF COMPANIES

Registration number: SC047380

Dams of Craigie Farm Limited

Unaudited Financial Statements

31 January 2018

Dams of Craigie Farm Limited

Contents

Accountants' Report	1
Balance Sheet	2
Notes to the Financial Statements	4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Dams of Craigie Farm Limited
for the Year Ended 31 January 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dams of Craigie Farm Limited for the year ended 31 January 2018 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/membershandbook.

This report is made solely to the Board of Directors of Dams of Craigie Farm Limited, as a body, in accordance with the terms of our engagement letter dated 22 September 2015. Our work has been undertaken solely to prepare for your approval the accounts of Dams of Craigie Farm Limited and state those matters that we have agreed to state to the Board of Directors of Dams of Craigie Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dams of Craigie Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dams of Craigie Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dams of Craigie Farm Limited. You consider that Dams of Craigie Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dams of Craigie Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

29 October 2018

Page 1

Dams of Craigie Farm Limited

(Registration number: SC047380)
Balance Sheet as at 31 January 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	1,187,554	1,147,997
Current assets
Stocks		3,288	3,392
Debtors	5	149,723	131,589
Cash and cash equivalents		40,035	9,280
		193,046	144,261
Creditors: Amounts falling due within one year	7	(200,278)	(309,359)
Net current liabilities		(7,232)	(165,098)
Total assets less current liabilities		1,180,322	982,899
Creditors: Amounts falling due after more than one year	7	(144,393)	-
Provisions for liabilities		(84,046)	(87,722)
Net assets		951,883	895,177
Capital and reserves
Allotted, called up and fully paid share capital		5,000	5,000
Revaluation reserve		831,821	828,145
Profit and loss account		115,062	62,032
Total equity		951,883	895,177

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Dams of Craigie Farm Limited

(Registration number: SC047380)
Balance Sheet as at 31 January 2018 (continued)

For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 October 2018 and signed on its behalf by:
 

.........................................

C W Russell

Director

.........................................

J M Russell

Company secretary and director

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Glenapp Manse
Glenapp Estate
Ballantrae
GIRVAN
KA26 0PG

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 January 2018 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Page 4

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Not depreciated and 2% straight line basis
Plant and equipment	15% and 20% straight line basis

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 or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Page 5

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

Trade creditors

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

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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 transaction 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.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 6

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

4	Tangible assets

	Land and buildings £	Plant and equipment  £	Total £
Cost or valuation
At 1 February 2017	1,146,673	109,761	1,256,434
Additions	46,763	-	46,763
At 31 January 2018	1,193,436	109,761	1,303,197
Depreciation
At 1 February 2017	19,248	89,189	108,437
Charge for the year	2,138	5,068	7,206
At 31 January 2018	21,386	94,257	115,643
Carrying amount
At 31 January 2018	1,172,050	15,504	1,187,554
At 31 January 2017	1,127,425	20,572	1,147,997

5

Debtors

	2018 £	2017 £
Trade debtors	99,977	101,539
Amounts owed by group undertakings and undertakings in which the company has a participating interest	39,028	29,202
Other debtors	10,718	848
	149,723	131,589

Page 7

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

6	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	4,339	153,819
Bank overdrafts	91,724	22,701
Other borrowings	97,531	72,172
	193,594	248,692

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

	2018 £	2017 £
Bank borrowings	4,339	153,819
Bank overdrafts	91,724	22,701
	96,063	176,520

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.
 

	2018 £	2017 £
Non-current loans and borrowings
Bank borrowings	144,393	-

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

	2018 £	2017 £
Bank borrowings	144,393	-

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

Page 8

Dams of Craigie Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2018 (continued)

7

Creditors

	Note	2018 £	2017 £
Due within one year
Loans and borrowings	6	193,594	248,692
Trade creditors		3,201	54,818
Other creditors		3,483	5,849
		200,278	309,359
Due after one year
Loans and borrowings	6	144,393	-

	2018 £	2017 £
After more than five years by instalments	125,432	-
	125,432	-

8

Reserves

Movements in the revaluation reserve for the current year are as follows:

	Revaluation reserve £
Brought forward	828,145
Other movement - deferred tax	3,676
Carried forward	831,821

Deferred tax has been provided on previous revaluation uplifts of land and buildings, specifically the deferred tax movement in the current financial year relates to a change in tax rates.

On the transition date to Financial Reporting Standard 102, 1 February 2015, the company elected to apply the transitional option to take previous revalued land and buildings as deemed cost, with the cost model applied going forward.

Page 9