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REGISTERED NUMBER: SC138371 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

LOCHSIDE LIMITED

LOCHSIDE LIMITED (REGISTERED NUMBER: SC138371)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


LOCHSIDE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTOR: A McCulloch



SECRETARY: Turcan Connell Company Secretaries Ltd



REGISTERED OFFICE: Princes Exchange
1 Earl Grey Street
EDINBURGH
EH3 9EE



REGISTERED NUMBER: SC138371 (Scotland)



ACCOUNTANTS: Bell Ogilvy
Chartered Accountants
36 King Street
CASTLE DOUGLAS
Dumfries & Galloway
DG7 1AF



BANKERS: Bank of Scotland
192 King Street
CASTLE DOUGLAS
DG7 1DB



SOLICITORS: Turcan Connell
Solicitors and Asset Managers
Princes Exchange
1 Earl Grey Street
EDINBURGH
EH3 9EE

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LOCHSIDE LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lochside Limited for the year ended 30 April 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Lochside Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lochside Limited and state those matters that we have agreed to state to the director of Lochside Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Lochside Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lochside Limited. You consider that Lochside Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lochside Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bell Ogilvy
Chartered Accountants
36 King Street
CASTLE DOUGLAS
Dumfries & Galloway
DG7 1AF


9 October 2023

LOCHSIDE LIMITED (REGISTERED NUMBER: SC138371)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 55,649 67,270

CURRENT ASSETS
Stocks 5 253,590 154,615
Debtors 6 11,101 6,465
264,691 161,080
CREDITORS
Amounts falling due within one year 7 735,947 661,881
NET CURRENT LIABILITIES (471,256 ) (500,801 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(415,607

)

(433,531

)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (416,607 ) (434,531 )
SHAREHOLDERS' FUNDS (415,607 ) (433,531 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 26 September 2023 and were signed by:





A McCulloch - Director


LOCHSIDE LIMITED (REGISTERED NUMBER: SC138371)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

Lochside 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.

Group accounts have not been prepared as the company falls within exemptions contained in sections 228/229 Companies Act 1985 and sections 382/383 Companies Act 2006.

TURNOVER
Turnover is made up of Cattle and Sheep sales, Wintering income, Basic Payment Scheme and other subsidies received.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc 10% to 25% on reducing balance

The director is of the opinion that leasehold land and buildings, which comprise tenants improvements to agricultural property should be depreciated over 10 years on a straight line basis in line with Agricultural Tenancy legislation.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

STOCKS
Stock, including biological assets are included at the lower of cost and estimated selling prices less costs to sell. For tax purposes the mature animals in the livestock herd are valued on the herd basis.

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.


LOCHSIDE LIMITED (REGISTERED NUMBER: SC138371)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued
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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance lease are capitalised in 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 and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

LOCHSIDE LIMITED (REGISTERED NUMBER: SC138371)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Cash

Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Accounts payable are classified as current liabilities if the company does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the organisation has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

LOCHSIDE LIMITED (REGISTERED NUMBER: SC138371)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022
and 30 April 2023 20,034 263,045 283,079
DEPRECIATION
At 1 May 2022 19,649 196,160 215,809
Charge for year - 11,621 11,621
At 30 April 2023 19,649 207,781 227,430
NET BOOK VALUE
At 30 April 2023 385 55,264 55,649
At 30 April 2022 385 66,885 67,270


5. STOCKS
2023 2022
£    £   
Herd stock 141,825 93,555
Trading stock 111,765 61,060
253,590 154,615

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 11,101 6,465

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 319,489 333,209
Trade creditors 81,481 75,829
Other creditors 334,977 252,843
735,947 661,881

Included in Other Creditors is an amount of £269,977 (2022: £201,843) owing to group companies.

LOCHSIDE LIMITED (REGISTERED NUMBER: SC138371)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 319,489 333,209

The bank overdraft is secured by a bond and floating charge over the whole assets of the company.

9. CONTINGENT LIABILITIES

The Company is a participant in a group banking arrangement, covering Ardwall Farms Limited, Margrie Limited and Lochside Limited, under which all surplus cash balances are held as collateral for bank facilities advanced to group members. In addition, the Company has issued an unlimited guarantee to the bank to support these group facilities.

10. RELATED PARTY DISCLOSURES

The Company's immediate parent undertaking is Ardwall Farms Limited a company registered in Scotland, which owns 999 of the 1,000 Ordinary shares in issue.

Ardwall Farms Limited re-charged wages and salaries to Lochside Limited amounting to £95,762 in the year.

At the Balance Sheet date the amount due (to)/from these related parties were as follows:


20232022
£   £   

Ardwall Farms Limited(142,588)(137,291)
Margrie Limited(127,388)(64,552)

Interest is charged at 3% on average balance

11. ULTIMATE CONTROLLING PARTY

The company is under the day to day control of the director Mr A McCulloch. The company is owned by Ardwall Farms Limited which is in turn owned and controlled by the Butterfield Trust (Bermuda) Limited, which holds shares on behalf of the A J McCulloch Bermuda Settlement Trust.

12. GOING CONCERN

The financial statements have been prepared on a going concern basis. The directors consider this to be appropriate despite the fact that at 30 April 2023 total liabilities exceeded total assets by £343,086 (2022: £433,531). The Company is funded by a bank overdraft facility and loan support from group companies.
The director is fully supportive of the company's plans and will continue to offer support, and as such the directors consider it reasonable to rely on the continuation of the funding facilities.