Registration number:
Humbie Farm Ltd
for the year ended 30 November 2021
Humbie Farm Ltd
(Registration number: SC615037)
Statement of Financial Position
30 November 2021
Note |
2021 |
2020 |
|
Fixed assets |
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Tangible assets |
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|
|
Investment property |
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|
|
|
|
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Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Profit and loss account |
4,822 |
(8,505) |
|
Shareholders' funds/(deficit) |
4,823 |
(8,504) |
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.
Approved and authorised by the
......................................... |
Humbie Farm Ltd
Notes to the Financial Statements
for the year ended 30 November 2021
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis as the director believes that no material uncertainties exist. The director has considered the level of reserves held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the company to be able to continue as a going concern.
Whilst the impact of Covid-19 has been assessed, so as far as reasonably possible, it does not appear to have impacted on the companies activities. The director has, therefore, a reasonable expectation that the company will continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.
Humbie Farm Ltd
Notes to the Financial Statements
for the year ended 30 November 2021
Audit Report
.........................................
Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Critical accounting estimates and assumptions:
Management is required to make key decisions and judgements in the process of applying the Company's accounting policies. The most significant areas where such judgements have been necessary is the valuation of investment properties. Where judgement has been applied, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Humbie Farm Ltd
Notes to the Financial Statements
for the year ended 30 November 2021
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 |
Freehold land |
not depreciated |
Plant and machinery |
Over 4 years |
Investment property
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 merchandise sold 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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.
Humbie Farm Ltd
Notes to the Financial Statements
for the year ended 30 November 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Humbie Farm Ltd
Notes to the Financial Statements
for the year ended 30 November 2021
Tangible assets |
Freehold Land |
Other tangible assets |
Total |
|
Cost or valuation |
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At 1 December 2020 |
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At 30 November 2021 |
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Depreciation |
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At 1 December 2020 |
- |
|
|
At 30 November 2021 |
- |
|
|
Carrying amount |
|||
At 30 November 2021 |
|
|
|
At 30 November 2020 |
|
|
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Investment properties |
2021 |
|
At 1 December |
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Fair value adjustments |
|
At 30 November |
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Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Prepayments |
- |
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Other debtors |
|
|
|
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Humbie Farm Ltd
Notes to the Financial Statements
for the year ended 30 November 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
|
Due within one year |
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Trade creditors |
|
|
Accruals and deferred income |
|
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Other creditors |
- |
|
|
|
Creditors: amounts falling due after more than one year
2021 |
2020 |
|
Due after one year |
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Other non-current financial liabilities |
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Humbie Farm Ltd
Notes to the Financial Statements
for the year ended 30 November 2021
Related party transactions |
Loans from related parties
2021 |
Parent |
Other related parties |
Total |
At start of period |
|
- |
|
Advanced |
- |
|
|
Repaid |
( |
- |
( |
At end of period |
- |
|
|
|
2020 |
Parent |
Total |
At start of period |
|
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Advanced |
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At end of period |
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Parent and ultimate parent undertaking |
During the year the Group undertook a restructure, and the ownership of the Company was transferred from Challenge Fencing Limited, to Providence Place Limited.
The company's immediate parent is