SCHIVAS_ESTATES_LIMITED - Accounts

SCHIVAS ESTATES LIMITED - Company Information

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SCHIVAS ESTATES LIMITED

SC025838

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED

31 MARCH 2014

MESTON REID & CO.

CHARTERED ACCOUNTANTS

12 CARDEN PLACE

ABERDEEN

AB10 1UR

SCHIVAS ESTATES LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

SCHIVAS ESTATES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

875,040

953,620

Investments

105,925

980,965

1,059,545

Current assets

Stocks

324,299

256,387

Debtors

106,247

109,573

Cash at bank and in hand

267

430,813

365,961

Creditors: amounts falling due within one year

(162,932)

(185,945)

Net current assets

267,881

180,016

Total assets less current liabilities

1,248,846

1,239,561

Creditors: amounts falling due after more than one year

(120,936)

(151,924)

Provisions for liabilities

(60,079)

(50,012)

1,067,831

1,037,625

Capital and reserves

Called up share capital

120,000

Profit and loss account

947,831

917,625

Shareholders' funds

1,067,831

1,037,625

SCHIVAS ESTATES LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2014

- 2 -

For the financial year ended 31 March 2014 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 15 December 2014

C M Scott

Director

Company Registration No. SC025838

SCHIVAS ESTATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable from the sale of crops and livestock and other agricultural income including rent net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings

1% to 10% on cost (depending on asset)

Plant and machinery

10% to 20% on cost

Fixtures and fittings

10% on cost

Motor vehicles

10% on cost

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.5

Investments

Fixed asset investments are stated at original cost. Dividend income is credited to the profit and loss account when declared payable.

1.6

Stock

Stocks are valued at cost as follows:
Crops - cost of direct materials used and attributable labour and production overheads incurred in bringing the crops to their current stage of growth.
Livestock - purchase cost of animals and attributable labour and overhead costs incurred in bringing the animals to their current stage of growth.

1.7

Deferred taxation

The company provides for deferred taxation in respect of all unreversed timing differences arising between accounting and taxable profits.

1.8

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.9

Government grants

Grants on capital expenditure are deducted from the costs of the fixed assets to which they relate. Revenue grants are credited to income in the period during which they are received or, if they are related to specific items of income or expenditure, in the period in which such income or expenditure is incurred.

SCHIVAS ESTATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 April 2013

1,438,453

105,925

1,544,378

Additions

5,399

Disposals

(7,450)

At 31 March 2014

1,436,402

105,925

1,542,327

Depreciation

At 1 April 2013

484,833

On disposals

(4,284)

Charge for the year

80,813

At 31 March 2014

561,362

Net book value

At 31 March 2014

875,040

105,925

980,965

At 31 March 2013

953,620

105,925

1,059,545

Creditors: amounts falling due within one year

The bank loans and overdraft are secured by a standard security over one of the farms owned by the company.

Creditors: amounts falling due after more than one year

2014

2013

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

46,310

62,214

Share capital

2014

2013

Allotted, called up and fully paid

120,000 ordinary of £1 each

120,000

SCHIVAS ESTATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 5 -

Ultimate parent company

At the year end Mackinco (Nominees) Limited controls 100% of the issued ordinary shares of the company which it holds on behalf of Thomas Catto. Mackinco (Nominees) Limited continues to hold the legal title to the shareholdings as nominee and has no beneficial interest in them.