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REGISTERED NUMBER: SC036732 (Scotland)











































Midgehope Farms Limited

Unaudited Financial Statements

for the Year Ended 31st October 2022






Midgehope Farms Limited (Registered number: SC036732)






Contents of the Financial Statements
for the year ended 31st October 2022




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


Midgehope Farms Limited

Company Information
for the year ended 31st October 2022







Directors: M W Thomson
W P Thomson





Secretary: Mrs P S Thomson





Registered office: Morridgehall Farm
Maxton
St Boswells
Roxburghshire
TD6 0EY





Registered number: SC036732 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Midgehope Farms Limited (Registered number: SC036732)

Balance Sheet
31st October 2022

2022 2021
Notes £    £    £    £   
Fixed assets
Tangible assets 4 35,538 27,832

Current assets
Stocks 3,900 3,845
Debtors 5 63,243 31,253
Cash at bank 1,805 32,244
68,948 67,342
Creditors
Amounts falling due within one year 6 76,645 92,392
Net current liabilities (7,697 ) (25,050 )
Total assets less current liabilities 27,841 2,782

Creditors
Amounts falling due after more than one
year

7

(10,998

)

(14,997

)

Provisions for liabilities (6,052 ) (4,547 )
Net assets/(liabilities) 10,791 (16,762 )

Capital and reserves
Called up share capital 39,000 39,000
Retained earnings (28,209 ) (55,762 )
Shareholders' funds 10,791 (16,762 )

Midgehope Farms Limited (Registered number: SC036732)

Balance Sheet - continued
31st October 2022


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2022 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2023 and were signed on its behalf by:





W P Thomson - Director


Midgehope Farms Limited (Registered number: SC036732)

Notes to the Financial Statements
for the year ended 31st October 2022

1. Statutory information

Midgehope Farms Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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.

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

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

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.
Tenants improvements - 5% on cost
Plant and equipment - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Office equipment - 33% on reducing balance

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

Stocks
Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing stock to completion and disposal.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, bank overdraft, bank loan and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), bank overdraft, trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the Statement of Income and Retained Earnings.


Midgehope Farms Limited (Registered number: SC036732)

Notes to the Financial Statements - continued
for the year ended 31st October 2022

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The directors acknowledge the negative reserves at the period end. They have taken steps to improve results and are expecting a profit to be made in the year ended 31st October 2022.
So in this respect the directors have adopted the going concern basis in preparing these financial statements.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised on the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.
Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. Employees and directors

The average number of employees during the year was 1 (2021 - 1 ) .

Midgehope Farms Limited (Registered number: SC036732)

Notes to the Financial Statements - continued
for the year ended 31st October 2022

4. Tangible fixed assets
Tenants Plant and Motor Office
improvements equipment vehicles equipment Totals
£    £    £    £    £   
Cost
At 1st November 2021 45,451 89,636 37,250 5,036 177,373
Additions - 16,780 - - 16,780
Disposals - (8,500 ) - - (8,500 )
At 31st October 2022 45,451 97,916 37,250 5,036 185,653
Depreciation
At 1st November 2021 41,551 76,762 26,524 4,704 149,541
Charge for year 216 3,876 2,145 113 6,350
Eliminated on disposal - (5,776 ) - - (5,776 )
At 31st October 2022 41,767 74,862 28,669 4,817 150,115
Net book value
At 31st October 2022 3,684 23,054 8,581 219 35,538
At 31st October 2021 3,900 12,874 10,726 332 27,832


5. Debtors: amounts falling due within one year
2022 2021
£    £   
Trade debtors 41,244 22,860
Other debtors 21,999 8,393
63,243 31,253

6. Creditors: amounts falling due within one year
2022 2021
£    £   
Bank loans and overdrafts 3,999 3,931
Trade creditors 34,601 37,620
Taxation and social security 7,910 17,690
Other creditors 30,135 33,151
76,645 92,392

7. Creditors: amounts falling due after more than one year
2022 2021
£    £   
Bank loans 10,998 14,997

Midgehope Farms Limited (Registered number: SC036732)

Notes to the Financial Statements - continued
for the year ended 31st October 2022

8. Secured debts

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 14,997 18,928

Hire purchase contracts are secured against the assets in which they relate.

The Royal Bank of Scotland PLC holds a floating charge over all of the property or undertaking of the company.