Mein Farming Company Limited 31/03/2018 iXBRL

MEIN FARMING COMPANY LIMITED - Company Information

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Company registration number: SC415844

Mein Farming Company Limited

Unaudited filleted financial statements

31 March 2018

Mein Farming Company Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Mein Farming Company Limited

Directors and other information


	Directors	Mr D Hyslop
		Mr D J Hyslop
		Mr M Hyslop


	Company number	SC415844


	Registered office	123 Irish Street
		Dumfries
		DG1 2PE


	Business address	Meinside
		Eaglesfield
		Lockerbie
		DG11 3JT


	Accountants	Carson & Trotter
		123 Irish Street
		Dumfries
		DG1 2PE

Mein Farming Company Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Mein Farming Company Limited

Year ended 31st March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mein Farming Company Limited for the year ended 31st March 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.

This report is made solely to the board of directors of Mein Farming Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mein Farming Company Limited and state those matters that we have agreed to state to the board of directors of Mein Farming Company Limited as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mein Farming Company Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Mein Farming Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mein Farming Company Limited. You consider that Mein Farming Company 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 financial statements of Mein Farming Company 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 financial statements.

Carson & Trotter

Chartered Accountants

123 Irish Street

Dumfries

DG1 2PE

Mein Farming Company Limited

Statement of financial position

31st March 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,469,812		1,343,779
		_______		_______
			1,469,812		1,343,779

Current assets
Stocks		390,313		394,410
Debtors	6	236,027		43,627
Investments	7	206,145		206,054
Cash at bank and in hand		9		-
		_______		_______
		832,494		644,091
Creditors: amounts falling due
within one year	8	( 675,588)		( 1,087,010)
		_______		_______
Net current assets/(liabilities)			156,906		( 442,919)
			_______		_______
Total assets less current liabilities			1,626,718		900,860

Creditors: amounts falling due
after more than one year	9		( 1,451,133)		( 812,752)

Provisions for liabilities			-		( 36,163)

			_______		_______
Net assets			175,585		51,945
			_______		_______

Capital and reserves
Called up share capital	10		100		100
Profit and loss account			175,485		51,845
			_______		_______
Shareholders funds			175,585		51,945
			_______		_______

For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 November 2018 , and are signed on behalf of the board by:

Mr D Hyslop

Director

Company registration number: SC415844

Mein Farming Company Limited

Notes to the financial statements

Year ended 31st March 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 123 Irish Street, Dumfries, DG1 2PE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Tenant's Improvements	-	0 %	reducing balance
Farm Equipment & Machinery	-	10 %	reducing balance
Fixtures & Fittings	-	5 %	straight line
Motor Vehicles and Tractors	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received using the performance model.

Financial instruments

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company including directors during the year amounted to 4 (2017: 3)

5. Tangible assets

	Tenant's Improvements	Farm Equipment & Machinery	Fixtures & Fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1st April 2017	296,585	193,234	879,469	136,865	1,506,153
Additions	109,325	52,589	-	57,995	219,909
Disposals	-	( 1,465)	-	( 7,115)	( 8,580)
	_______	_______	_______	_______	_______
At 31st March 2018	405,910	244,358	879,469	187,745	1,717,482
	_______	_______	_______	_______	_______
Depreciation
At 1st April 2017	-	67,049	11,289	84,037	162,375
Charge for the year	-	17,731	43,972	26,705	88,408
Disposals	-	-	-	( 3,113)	( 3,113)
	_______	_______	_______	_______	_______
At 31st March 2018	-	84,780	55,261	107,629	247,670
	_______	_______	_______	_______	_______
Carrying amount
At 31st March 2018	405,910	159,578	824,208	80,116	1,469,812
	_______	_______	_______	_______	_______
At 31st March 2017	296,585	126,185	868,180	52,828	1,343,778
	_______	_______	_______	_______	_______

6. Debtors

	2018	2017
	£	£
Trade debtors	225,267	40,982
Other debtors	10,760	2,645
	_______	_______
	236,027	43,627
	_______	_______

7. Investments

	2018	2017
	£	£
Milk Capital Account	103,469	103,469
	_______	_______

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	285,228	763,428
Trade creditors	236,080	167,836
Corporation tax	-	( 22)
Other creditors	154,280	155,768
	_______	_______
	675,588	1,087,010
	_______	_______

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	1,451,133	812,752
	_______	_______

Bank loan totaling £799,224 is secured by a floating charge over all assets of the company.

10. Called up share capital

Issued, called up and fully paid

	2018		2017
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

11. Directors advances, credits and guarantees

2018 2017

£ £

Mr D Hyslop 6,888 27,357

Mr D J Hyslop 8,060 8,060

_______ | _______ |

14,948 35,417

_______ | _______ |

12. Related party transactions

The company owes an amount of £14,948 to the directors, no interest is accrued and the amount is repayable on demand. The directors received dividends of £30,555 during the year.

13. Controlling party

The company is under the control of the directors.