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Registration number: SC615037

Humbie Farm Ltd

Annual Report and Financial Statements

for the year ended 30 November 2021

 

Humbie Farm Ltd

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 8

 

Humbie Farm Ltd

(Registration number: SC615037)
Statement of Financial Position
30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,073,679

1,073,679

Investment property

5

3,125,000

3,100,000

 

4,198,679

4,173,679

Current assets

 

Debtors

6

103,083

90,610

Cash at bank and in hand

 

16,198

24,004

 

119,281

114,614

Creditors: Amounts falling due within one year

7

(84,352)

(2,716,827)

Net current assets/(liabilities)

 

34,929

(2,602,213)

Total assets less current liabilities

 

4,233,608

1,571,466

Creditors: Amounts falling due after more than one year

7

(4,228,785)

(1,579,970)

Net assets/(liabilities)

 

4,823

(8,504)

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 director on 19 August 2022
 

.........................................
A Stewart-Clark
Director

 

Humbie Farm Ltd

Notes to the Financial Statements
for the year ended 30 November 2021

1

General information

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

The address of its registered office is:
c/o FBR Seed Ltd
Abbey Row
Kelso
TD5 7JF

These financial statements were authorised for issue by the director on 19 August 2022.

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.

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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 August 2022 was Matthew Hodson BSc FCA, who signed for and on behalf of Hodson & Co.

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

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

Investment property is initially measured at cost and subsequently at fair value with any change therein recognised in profit or loss. Any gain or loss on disposal of investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Humbie Farm Ltd

Notes to the Financial Statements
for the year ended 30 November 2021

4

Tangible assets

Freehold Land
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2020

1,072,161

1,550

1,073,711

At 30 November 2021

1,072,161

1,550

1,073,711

Depreciation

At 1 December 2020

-

32

32

At 30 November 2021

-

32

32

Carrying amount

At 30 November 2021

1,072,161

1,518

1,073,679

At 30 November 2020

1,072,161

1,518

1,073,679

5

Investment properties

2021
£

At 1 December

3,100,000

Fair value adjustments

25,000

At 30 November

3,125,000

6

Debtors

2021
£

2020
£

Trade debtors

89,206

78,154

Prepayments

-

3,242

Other debtors

13,877

9,214

103,083

90,610

 

Humbie Farm Ltd

Notes to the Financial Statements
for the year ended 30 November 2021

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

80,602

61,315

Accruals and deferred income

3,750

10,544

Other creditors

-

2,644,968

84,352

2,716,827

Creditors: amounts falling due after more than one year

2021
£

2020
£

Due after one year

Other non-current financial liabilities

4,228,785

1,579,970

 

Humbie Farm Ltd

Notes to the Financial Statements
for the year ended 30 November 2021

8

Related party transactions

Loans from related parties

2021

Parent
£

Other related parties
£

Total
£

At start of period

1,579,970

-

1,579,970

Advanced

-

4,228,785

4,228,785

Repaid

(1,579,970)

-

(1,579,970)

At end of period

-

4,228,785

4,228,785

2020

Parent
£

Total
£

At start of period

1,050,000

1,050,000

Advanced

529,970

529,970

At end of period

1,579,970

1,579,970

9

Parent and ultimate parent undertaking

The ultimate controlling party by virtue of owning 100% shares in Providence Place Ltd is Alex Stewart-Clark.

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 Providence Place Limited, incorporated in England & Wales.