Company registration number SC033465 (Scotland)
JAMES DICK (FARMING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
JAMES DICK (FARMING) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JAMES DICK (FARMING) LIMITED
BALANCE SHEET
AS AT 28 NOVEMBER 2021
28 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
145,267
145,950
Investments
4
50
50
145,317
146,000
Current assets
Stocks
118,031
50,750
Debtors
5
594,661
1,256,640
Cash at bank and in hand
2,190,577
1,422,984
2,903,269
2,730,374
Creditors: amounts falling due within one year
6
(1,211,291)
(194,738)
Net current assets
1,691,978
2,535,636
Total assets less current liabilities
1,837,295
2,681,636
Creditors: amounts falling due after more than one year
7
(204,800)
(314,400)
Provisions for liabilities
(14,201)
(10,880)
Net assets
1,618,294
2,356,356
Capital and reserves
Called up share capital
8
500
500
Profit and loss reserves
1,617,794
2,355,856
Total equity
1,618,294
2,356,356
JAMES DICK (FARMING) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 NOVEMBER 2021
28 November 2021
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 August 2022
Mr J M Dick
Director
Company Registration No. SC033465
JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2021
- 3 -
1
Accounting policies
Company information
James Dick (Farming) Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 St Colme Street, Edinburgh, EH3 6AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has considered the implications of the Covid-19 pandemic and has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
10% reducing balance
Plant and machinery
15-25% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price and subsequently measured at amortised cost using the effective interest rate method. Any losses arising from impairment are recognised in the income statement in other operating expenses.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price and subsequently measured at amortised cost using the effective interest rate method.
1.8
Equity instruments
Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 29 November 2020
158,242
272,434
430,676
Additions
15,208
15,208
Disposals
(94,698)
(94,698)
At 28 November 2021
158,242
192,944
351,186
Depreciation and impairment
At 29 November 2020
65,548
219,178
284,726
Depreciation charged in the year
693
14,921
15,614
Eliminated in respect of disposals
(94,421)
(94,421)
At 28 November 2021
66,241
139,678
205,919
Carrying amount
At 28 November 2021
92,001
53,266
145,267
At 28 November 2020
92,694
53,256
145,950
4
Fixed asset investments
2021
2020
£
£
Investments
50
50
JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2021
- 6 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
5,468
10,924
Other debtors
422,191
785,115
427,659
796,039
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
167,002
460,601
Total debtors
594,661
1,256,640
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
39,174
30,308
Taxation and social security
155,849
21,804
Other creditors
1,016,268
142,626
1,211,291
194,738
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
200,000
300,000
Other creditors
4,800
14,400
204,800
314,400
Clydesdale Bank PLC hold a standard security over the following properties:
Overshiel Farmhouse, East Calder
1-4 Overshiel Farm Cottages, East Calder
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2021
- 7 -
9
Related party transactions
Transactions with related parties
The director is of the opinion that related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C, apart from the loan to Mr J M Dick.
%
Due at
Amounts
Interest
Amounts
Due at
Interest Rate
28/11/2020
advanced
charged
repaid
28/11/2021
£
£
£
£
£
Mr J M Dick
2.25 & 2.0
412,865
177,242
353
1,465,000
(874,540)
412,865
177,242
353
1,465,000
(874,540)