IRIS Accounts Production v22.1.4.3 SC041399 Board of Directors Board of Directors 1.12.20 30.11.21 30.11.21 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC0413992020-11-30SC0413992021-11-30SC0413992020-12-012021-11-30SC0413992019-11-30SC0413992019-12-012020-11-30SC0413992020-11-30SC041399ns15:PoundSterling2020-12-012021-11-30SC041399ns11:Director12020-12-012021-11-30SC041399ns11:Director22020-12-012021-11-30SC041399ns11:PrivateLimitedCompanyLtd2020-12-012021-11-30SC041399ns11:SmallEntities2020-12-012021-11-30SC041399ns11:AuditExempt-NoAccountantsReport2020-12-012021-11-30SC041399ns11:SmallCompaniesRegimeForDirectorsReport2020-12-012021-11-30SC041399ns11:SmallCompaniesRegimeForAccounts2020-12-012021-11-30SC041399ns11:FullAccounts2020-12-012021-11-30SC041399ns6:CurrentFinancialInstruments2021-11-30SC041399ns6:CurrentFinancialInstruments2020-11-30SC041399ns6:Non-currentFinancialInstruments2021-11-30SC041399ns6:Non-currentFinancialInstruments2020-11-30SC041399ns6:ShareCapital2021-11-30SC041399ns6:ShareCapital2020-11-30SC041399ns6:RetainedEarningsAccumulatedLosses2021-11-30SC041399ns6:RetainedEarningsAccumulatedLosses2020-11-30SC041399ns6:LandBuildings2020-12-012021-11-30SC041399ns6:PlantMachinery2020-12-012021-11-30SC041399ns6:LandBuildings2020-11-30SC041399ns6:PlantMachinery2020-11-30SC041399ns6:LandBuildings2021-11-30SC041399ns6:PlantMachinery2021-11-30SC041399ns6:LandBuildings2020-11-30SC041399ns6:PlantMachinery2020-11-30SC041399ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2020-11-30SC041399ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2020-12-012021-11-30SC041399ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-11-30SC041399ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2020-11-30SC041399ns6:CostValuation2020-11-30SC041399ns6:WithinOneYearns6:CurrentFinancialInstruments2021-11-30SC041399ns6:WithinOneYearns6:CurrentFinancialInstruments2020-11-30SC041399ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2021-11-30SC041399ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2020-11-30SC041399ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2021-11-30SC041399ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2020-11-30SC041399ns6:HirePurchaseContracts2021-11-30SC041399ns6:HirePurchaseContracts2020-11-30SC041399ns6:WithinOneYear2021-11-30SC041399ns6:WithinOneYear2020-11-30SC041399ns6:Secured2021-11-30SC041399ns6:Secured2020-11-30SC041399ns11:Director112020-11-30SC041399ns11:Director112019-11-30SC041399ns11:Director112020-12-012021-11-30SC041399ns11:Director112019-12-012020-11-30SC041399ns11:Director112021-11-30SC041399ns11:Director112020-11-30SC0413992ns11:Director22020-11-30SC0413992ns11:Director22019-11-30SC0413992ns11:Director22020-12-012021-11-30SC0413992ns11:Director22019-12-012020-11-30SC0413992ns11:Director22021-11-30SC0413992ns11:Director22020-11-30
REGISTERED NUMBER: SC041399















ROSNEATH FARMS LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021






ROSNEATH FARMS LTD. (REGISTERED NUMBER: SC041399)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021




Page

Balance Sheet 1

Notes to the Financial Statements 3


ROSNEATH FARMS LTD. (REGISTERED NUMBER: SC041399)

BALANCE SHEET
30 NOVEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,209,392 1,224,750
Investments 5 129,169 129,169
1,338,561 1,353,919

CURRENT ASSETS
Stocks 599,894 584,083
Debtors 6 130,498 128,706
730,392 712,789
CREDITORS
Amounts falling due within one year 7 453,309 423,633
NET CURRENT ASSETS 277,083 289,156
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,615,644

1,643,075

CREDITORS
Amounts falling due after more than one year 8 1,267,921 1,349,967
NET ASSETS 347,723 293,108

CAPITAL AND RESERVES
Called up share capital 340 340
Retained earnings 347,383 292,768
347,723 293,108

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ROSNEATH FARMS LTD. (REGISTERED NUMBER: SC041399)

BALANCE SHEET - continued
30 NOVEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2022 and were signed on its behalf by:




A S Calderwood - Director



M H Calderwood - Director


ROSNEATH FARMS LTD. (REGISTERED NUMBER: SC041399)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1. STATUTORY INFORMATION

Rosneath Farms Ltd is a private company, limited by shares, registered in Scotland. The company's registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of fixed asset investments which are held at valuation.

There were no material departures from this standard.

Going concern
The financial statements have been prepared on a going concern basis. The validity of this is dependent on the financial performance of the company following the restrictions and other conditions placed throughout the UK due to the Covid 19 pandemic, including the recoverability of debtors and the continued support of creditors. After due consideration, the directors considers it appropriate to prepare the financial statements on a going concern basis.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - not provided
Plant and machinery etc - 33.3% on cost, 20% on reducing balance, 15% on reducing balance and 10% on cost

Tangible fixed assets are included at cost less accumulated depreciation and impairment.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less cost to sell.

ROSNEATH FARMS LTD. (REGISTERED NUMBER: SC041399)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: at fair value with changes recognised in profit and loss if the shares are publicly traded or their fair value can be measured reliably or at cost less impairment for all other investments.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase and leasing commitments
Assets purchased under finance leases and hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account over the relevant period.

Operating lease commitments
Rentals receivable under operating leases where substantially all the benefits and risks of ownership remain with the lessor, are charged to the profit and loss account on a straight line basis over the period of the lease.

ROSNEATH FARMS LTD. (REGISTERED NUMBER: SC041399)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 December 2020 1,079,301 810,584 1,889,885
Additions - 6,931 6,931
At 30 November 2021 1,079,301 817,515 1,896,816
Depreciation
At 1 December 2020 - 665,135 665,135
Charge for year - 22,289 22,289
At 30 November 2021 - 687,424 687,424
Net book value
At 30 November 2021 1,079,301 130,091 1,209,392
At 30 November 2020 1,079,301 145,449 1,224,750

ROSNEATH FARMS LTD. (REGISTERED NUMBER: SC041399)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
Cost
At 1 December 2020
and 30 November 2021 39,673
Depreciation
At 1 December 2020 13,251
Charge for year 3,963
At 30 November 2021 17,214
Net book value
At 30 November 2021 22,459
At 30 November 2020 26,422

5. FIXED ASSET INVESTMENTS
Other
investments
£   
Cost
At 1 December 2020
and 30 November 2021 129,169
Net book value
At 30 November 2021 129,169
At 30 November 2020 129,169

The directors believe fixed asset investments are stated at the correct valuation.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 77,471 75,746
Other debtors 53,027 52,960
130,498 128,706

ROSNEATH FARMS LTD. (REGISTERED NUMBER: SC041399)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdraft 192,485 199,895
Hire purchase contracts (see note 9) 6,813 8,241
Trade creditors 171,208 130,871
Taxation and social security 1,308 53
Other creditors 81,495 84,573
453,309 423,633

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 1,261,551 1,336,784
Hire purchase contracts (see note 9) 6,370 13,183
1,267,921 1,349,967

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years - 6,667

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2021 2020
£    £   
Net obligations repayable:
Within one year 6,813 8,241
Between one and five years 6,370 13,183
13,183 21,424

Non-cancellable operating leases
2021 2020
£    £   
Within one year - 18,180

ROSNEATH FARMS LTD. (REGISTERED NUMBER: SC041399)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank overdrafts 117,252 80,678
Bank loans 1,336,784 1,456,001
Hire purchase contracts 13,183 21,424
1,467,219 1,558,103

Barclays Plc hold securities which were registered with a negative pledge to Companies House on 1 February 2018 over the following assets:

a) Barreman Farm, Clachan Farm and Home Farm, together with land at Clynder under the Scottish Land Register Title Number DMB94010.

b) High Ground at Mill of Camsail, Roseneath, Helensburgh, G84 OQE, subjects on the north side of Rosneath Road, Roseneath, Helensburgh to the north west of Camsail Cottage and the Home Farm, Rosneath under the Scottish Land Register Title Numbers DMB48987, DMB9348 and DMB90537 respectively.

Hire purchase contracts are secured over the assets to which they relate.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2021 and 30 November 2020:

2021 2020
£    £   
A S Calderwood
Balance outstanding at start of year 10,020 9,702
Amounts advanced 318 318
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,338 10,020

M H Calderwood
Balance outstanding at start of year (9,668 ) (9,548 )
Amounts advanced 4,647 -
Amounts repaid (4,326 ) (120 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (9,347 ) (9,668 )

These loans are interest free and no repayment terms have been established.