Silverfin false 31/03/2022 31/03/2022 01/04/2021 Fiona Burke 24/03/2014 Graham Craig Burke 24/03/2014 13 September 2022 The principal activity of the Company during the financial year was that of auctioning and procurement of livestock and machinery. SC473193 2022-03-31 SC473193 bus:Director1 2022-03-31 SC473193 bus:Director2 2022-03-31 SC473193 2021-03-31 SC473193 core:CurrentFinancialInstruments 2022-03-31 SC473193 core:CurrentFinancialInstruments 2021-03-31 SC473193 core:Non-currentFinancialInstruments 2022-03-31 SC473193 core:Non-currentFinancialInstruments 2021-03-31 SC473193 core:ShareCapital 2022-03-31 SC473193 core:ShareCapital 2021-03-31 SC473193 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC473193 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC473193 core:LandBuildings 2021-03-31 SC473193 core:PlantMachinery 2021-03-31 SC473193 core:Vehicles 2021-03-31 SC473193 core:FurnitureFittings 2021-03-31 SC473193 core:LandBuildings 2022-03-31 SC473193 core:PlantMachinery 2022-03-31 SC473193 core:Vehicles 2022-03-31 SC473193 core:FurnitureFittings 2022-03-31 SC473193 core:CurrentFinancialInstruments core:Secured 2022-03-31 SC473193 core:Non-currentFinancialInstruments core:Secured 2022-03-31 SC473193 core:MoreThanFiveYears 2022-03-31 SC473193 core:MoreThanFiveYears 2021-03-31 SC473193 2020-03-31 SC473193 bus:OrdinaryShareClass1 2022-03-31 SC473193 2021-04-01 2022-03-31 SC473193 bus:FullAccounts 2021-04-01 2022-03-31 SC473193 bus:SmallEntities 2021-04-01 2022-03-31 SC473193 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC473193 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC473193 bus:Director1 2021-04-01 2022-03-31 SC473193 bus:Director2 2021-04-01 2022-03-31 SC473193 core:LandBuildings core:TopRangeValue 2021-04-01 2022-03-31 SC473193 core:PlantMachinery 2021-04-01 2022-03-31 SC473193 core:Vehicles 2021-04-01 2022-03-31 SC473193 core:FurnitureFittings 2021-04-01 2022-03-31 SC473193 2020-04-01 2021-03-31 SC473193 core:LandBuildings 2021-04-01 2022-03-31 SC473193 core:CurrentFinancialInstruments 2021-04-01 2022-03-31 SC473193 core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 SC473193 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC473193 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC473193 (Scotland)

PENTLAND LIVESTOCK LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH THE REGISTRAR

PENTLAND LIVESTOCK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022

Contents

PENTLAND LIVESTOCK LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022
PENTLAND LIVESTOCK LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 1,040,366 1,033,542
1,040,366 1,033,542
Current assets
Stocks 43,825 16,280
Debtors 4 158,705 67,675
Cash at bank and in hand 536,990 234,946
739,520 318,901
Creditors
Amounts falling due within one year 5 ( 548,879) ( 75,187)
Net current assets 190,641 243,714
Total assets less current liabilities 1,231,007 1,277,256
Creditors
Amounts falling due after more than one year 6 ( 1,070,727) ( 1,131,333)
Provision for liabilities 7, 8 ( 32,130) ( 23,863)
Net assets 128,150 122,060
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 128,050 121,960
Total shareholders' funds 128,150 122,060

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pentland Livestock Limited (registered number: SC473193) were approved and authorised for issue by the Director on 13 September 2022. They were signed on its behalf by:

Graham Craig Burke
Director
Fiona Burke
Director
PENTLAND LIVESTOCK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
PENTLAND LIVESTOCK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pentland Livestock Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 15 Academy Street, Forfar, DD8 2HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and livestock. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 4

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2021 904,027 114,173 61,520 20,265 1,099,985
Additions 6,146 44,123 0 0 50,269
Disposals 0 ( 10,000) 0 0 ( 10,000)
At 31 March 2022 910,173 148,296 61,520 20,265 1,140,254
Accumulated depreciation
At 01 April 2021 1,633 24,848 27,739 12,223 66,443
Charge for the financial year 1,015 24,447 8,445 1,608 35,515
Disposals 0 ( 2,070) 0 0 ( 2,070)
At 31 March 2022 2,648 47,225 36,184 13,831 99,888
Net book value
At 31 March 2022 907,525 101,071 25,336 6,434 1,040,366
At 31 March 2021 902,394 89,325 33,781 8,042 1,033,542

4. Debtors

2022 2021
£ £
Trade debtors 154,188 19,452
Other debtors 4,517 48,223
158,705 67,675

5. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans (secured £ 35,021) 45,021 34,873
Trade creditors 454,207 2,994
Other creditors 10,708 8,000
Corporation tax 18,616 15,827
Other taxation and social security 13,075 3,426
Obligations under finance leases and hire purchase contracts (secured) 7,252 10,067
548,879 75,187

The bank loan is secured over freehold property held by the Company.

Bank loans include a 100% government guaranteed bounce back loan.

6. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans (secured £ 1,031,018) 1,062,685 1,116,039
Obligations under finance leases and hire purchase contracts 8,042 15,294
1,070,727 1,131,333

The bank loan is secured over freehold property held by the Company.

Bank loans include a 100% government guaranteed bounce back loan.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2022 2021
£ £
Bank loans (secured / repayable by instalments) 889,449 925,064

7. Provision for liabilities

2022 2021
£ £
Deferred tax 32,130 23,863

8. Deferred tax

2022 2021
£ £
At the beginning of financial year ( 23,863) ( 10,955)
Charged to the Statement of Income and Retained Earnings ( 8,267) ( 12,908)
At the end of financial year ( 32,130) ( 23,863)

9. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100