Company registration number SC155037 (Scotland)
GRANGE MAINS FARM LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GRANGE MAINS FARM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GRANGE MAINS FARM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
31 December 2022
28 February 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
0
345,570
Investment property
6
-
0
480,000
-
0
825,570
Current assets
Debtors
7
928,030
1,822
Cash at bank and in hand
-
0
94,618
928,030
96,440
Creditors: amounts falling due within one year
8
-
0
(5,602)
Net current assets
928,030
90,838
Net assets
928,030
916,408
Capital and reserves
Called up share capital
9
465,000
465,000
Profit and loss reserves
463,030
451,408
Total equity
928,030
916,408

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr W B Morrison
Director
Company Registration No. SC155037
- 1 -
GRANGE MAINS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
Company information

Grange Mains Farm Limited is a private company limited by shares incorporated in Scotland. The registered office is Kincardine House, Aberargie, Perth, United Kingdom, PH2 9LX.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Reporting period

The company's year end has been shortened to bring it in to line with the Group's year end.

1.3
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.

1.4
Tangible fixed assets
- 2 -

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:

Freehold land
No depreciation
Freehold property
2% on straight line
Plant and equipment
33% on reducing balance
Property Improvements
10% on 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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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). 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.

GRANGE MAINS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GRANGE MAINS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Basic payment scheme

Payment received under the Basic Payment Scheme and other government subsidies is recognised as income only when the business has met all criteria which entitles it to the payment. This follows the end of the calendar year in which the claim was made.

4
Employees

The average monthly number of persons employed by the company during the period was:

2022
2022
Number
Number
Total
-
0
-
0
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Property Improvements
Total
£
£
£
£
Cost
At 1 March 2022
344,841
3,532
2,490
350,863
Disposals
(344,841)
(3,532)
(2,490)
(350,863)
At 31 December 2022
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 March 2022
972
3,301
1,020
5,293
Depreciation charged in the period
162
65
123
350
Eliminated in respect of disposals
(1,134)
(3,366)
(1,143)
(5,643)
At 31 December 2022
-
0
-
0
-
0
-
0
Carrying amount
At 31 December 2022
-
0
-
0
-
0
-
0
At 28 February 2022
343,869
231
1,470
345,570
- 4 -
GRANGE MAINS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
6
Investment property
2022
£
Fair value
At 1 March 2022
480,000
Disposals
(480,000)
At 31 December 2022
-
0

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 17 November 2021 by Savills Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

7
Debtors
2022
2022
Amounts falling due within one year:
£
£
Other debtors
928,030
1,822

Other debtors represents the balance due by KIC (Holdings) Ltd as the trade assets and liabilities of the company have been transferred to KIC (Holdings) Ltd on 31 December 2022.

8
Creditors: amounts falling due within one year
2022
2022
£
£
Corporation tax
-
0
1,357
Accruals and deferred income
-
0
4,245
-
0
5,602
9
Called up share capital
2022
2022
2022
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
465,000
465,000
465,000
465,000
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Alan Taylor
Statutory Auditor:
Azets
- 5 -
GRANGE MAINS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.true

12
Parent company

The parent company of Grange Mains Farm Limited is Kincardine Limited and its registered office is Worlds End Studios, 132-134 Lots Road, London, SW10 0RJ.

The ultimate controlling party is Mrs K Morrison.

- 6 -
2022-12-312022-03-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr W B MorrisonMrs K MorrisonMrs K MorrisonSC1550372022-03-012022-12-31SC1550372022-12-31SC1550372022-02-28SC155037core:LandBuildings2022-12-31SC155037core:OtherPropertyPlantEquipment2022-12-31SC155037core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31SC155037core:LandBuildings2022-02-28SC155037core:OtherPropertyPlantEquipment2022-02-28SC155037core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-02-28SC155037core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC155037core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-28SC155037core:CurrentFinancialInstruments2022-12-31SC155037core:CurrentFinancialInstruments2022-02-28SC155037core:ShareCapital2022-12-31SC155037core:ShareCapital2022-02-28SC155037core:RetainedEarningsAccumulatedLosses2022-12-31SC155037core:RetainedEarningsAccumulatedLosses2022-02-28SC155037bus:Director12022-03-012022-12-31SC155037core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-012022-12-31SC155037core:LandBuildingscore:LongLeaseholdAssets2022-03-012022-12-31SC155037core:PlantMachinery2022-03-012022-12-31SC155037core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-012022-12-31SC1550372021-03-012022-02-28SC155037core:LandBuildings2022-02-28SC155037core:OtherPropertyPlantEquipment2022-02-28SC155037core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-02-28SC1550372022-02-28SC155037core:LandBuildings2022-03-012022-12-31SC155037core:OtherPropertyPlantEquipment2022-03-012022-12-31SC155037bus:PrivateLimitedCompanyLtd2022-03-012022-12-31SC155037bus:SmallCompaniesRegimeForAccounts2022-03-012022-12-31SC155037bus:FRS1022022-03-012022-12-31SC155037bus:Audited2022-03-012022-12-31SC155037bus:Director22022-03-012022-12-31SC155037bus:CompanySecretary12022-03-012022-12-31SC155037bus:FullAccounts2022-03-012022-12-31xbrli:purexbrli:sharesiso4217:GBP