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REGISTERED NUMBER: SC103089 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

ARDWALL FARMS LIMITED

ARDWALL FARMS LIMITED (REGISTERED NUMBER: SC103089)

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 5


ARDWALL FARMS 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: SC103089 (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
ARDWALL FARMS 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 Ardwall Farms 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 Ardwall Farms Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ardwall Farms Limited and state those matters that we have agreed to state to the director of Ardwall Farms 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 Ardwall Farms 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 loss of Ardwall Farms Limited. You consider that Ardwall Farms 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 Ardwall Farms 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

ARDWALL FARMS LIMITED (REGISTERED NUMBER: SC103089)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,950 1,950
Tangible assets 5 170,720 162,814
Investments 6 4,788 4,609
177,458 169,373

CURRENT ASSETS
Stocks 7 301,134 212,170
Debtors 8 428,516 405,632
729,650 617,802
CREDITORS
Amounts falling due within one year 9 1,343,546 1,126,538
NET CURRENT LIABILITIES (613,896 ) (508,736 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(436,438

)

(339,363

)

CREDITORS
Amounts falling due after more than one
year

10

-

(8,302

)
NET LIABILITIES (436,438 ) (331,061 )

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings (536,438 ) (431,061 )
SHAREHOLDERS' FUNDS (436,438 ) (331,061 )

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.

ARDWALL FARMS LIMITED (REGISTERED NUMBER: SC103089)

BALANCE SHEET - continued
30 APRIL 2023


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


ARDWALL FARMS LIMITED (REGISTERED NUMBER: SC103089)

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


1. STATUTORY INFORMATION

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

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Milk quota are being amortised evenly over their estimated useful life of nil years.

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

Land and buildings - 10% per annum on cost
Plant and machinery etc - 10% to 25% on reducing balance basis

The Directors are 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.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

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.


ARDWALL FARMS LIMITED (REGISTERED NUMBER: SC103089)

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 leases 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
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.

CONSOLIDATION
The Company is subject to the small companies regime and group accounts have not been prepared.

The accounts present information about Ardwall Farms Limited as an individual undertaking, and do not include the results of the group as a whole.

ARDWALL FARMS LIMITED (REGISTERED NUMBER: SC103089)

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 11 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2022
and 30 April 2023 1,950
NET BOOK VALUE
At 30 April 2023 1,950
At 30 April 2022 1,950

ARDWALL FARMS LIMITED (REGISTERED NUMBER: SC103089)

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


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022 83,988 432,267 516,255
Additions - 43,500 43,500
At 30 April 2023 83,988 475,767 559,755
DEPRECIATION
At 1 May 2022 83,988 269,453 353,441
Charge for year - 35,594 35,594
At 30 April 2023 83,988 305,047 389,035
NET BOOK VALUE
At 30 April 2023 - 170,720 170,720
At 30 April 2022 - 162,814 162,814

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

Plant and
machinery
etc
£   
COST
At 1 May 2022 59,750
Transfer to ownership (59,750 )
At 30 April 2023 -
DEPRECIATION
At 1 May 2022 17,503
Transfer to ownership (17,503 )
At 30 April 2023 -
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 42,247

ARDWALL FARMS LIMITED (REGISTERED NUMBER: SC103089)

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


6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 May 2022 1,998 2,611 4,609
Additions - 179 179
At 30 April 2023 1,998 2,790 4,788
NET BOOK VALUE
At 30 April 2023 1,998 2,790 4,788
At 30 April 2022 1,998 2,611 4,609

7. STOCKS
2023 2022
£    £   
Herd stock 116,340 111,023
Trading stock 184,794 101,147
301,134 212,170

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 428,516 405,632

Other debtors includes the sum of £142,588 (2022: £137,291 due to the company by group companies.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 597,077 596,313
Hire purchase contracts - 16,593
Trade creditors 148,657 140,863
Taxation and social security 2,192 1,235
Other creditors 595,620 371,534
1,343,546 1,126,538

Other creditors includes the sum of £51,353 (2022: £28,423) due to group companies.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts - (8,302 )

ARDWALL FARMS LIMITED (REGISTERED NUMBER: SC103089)

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


11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 597,077 596,313
Hire purchase contracts - 8,291
597,077 604,604

Bank loans are secured by a bond and floating charge over the whole assets of the company.

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



12. CONTINGENT LIABILITIES

The Company is a participant in a group banking arrangement, covering Lochside Limited, Margrie Limited and Ardwall Farms 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.

13. RELATED PARTY DISCLOSURES

The Company is related to Cordia Limited, a Company registered in Bermuda, which leases the farm properties to Ardwall Farms Limited at no cost.

Ardwall Farms Limited has provided an interest free loan to Cordia Limited, which is repayable on demand. During the year Cordia received an advance of £17,588. At the Balance Sheet Date Cordia Limited owed Ardwall Farms Limited £283,951.

Ardwall Farms Limited charged group companies £125,860 (2022: £118,712) with regards to salary costs. At the year end a group company owed Ardwall Farms Limited £142,588, whilst Ardwall Farms Limited owed a group company £51,353.

At the year end the company owed the director £544,266. This loan is interest free and repayable on demand.

14. ULTIMATE CONTROLLING PARTY

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

15. FINANCIAL SUPPORT

The director, Mr A McCulloch, is aware that at the balance sheet date the company had net liabilities of £382,461.
The company continues to trade with the support of the director who has provided personal guarantees to the company's bank, through security over personal assets, in respect of bank loans and overdrafts.