Company registration number SC529736 (Scotland)
POTTERSTON FARM AND RURAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
POTTERSTON FARM AND RURAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
POTTERSTON FARM AND RURAL SERVICES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,678
Current assets
Stocks
-
45,550
Debtors
4
3,323
30,740
Cash at bank and in hand
61,805
12,079
65,128
88,369
Creditors: amounts falling due within one year
5
(28,686)
(96,438)
Net current assets/(liabilities)
36,442
(8,069)
Net assets/(liabilities)
36,442
(5,391)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
36,342
(5,491)
Total equity
36,442
(5,391)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 18 September 2023 and are signed on its behalf by:
Mr S R Brodie
Director
Company Registration No. SC529736
POTTERSTON FARM AND RURAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Potterston Farm and Rural Services Limited is a private company limited by shares incorporated in Scotland. The registered office is Balgreen Lodge, Hollybush, Ayr, Ayrshire, United Kingdom, KA6 7EB.
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
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.
1.3
Tangible fixed assets
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:
Plant and machinery
- 20% on reducing balance
Tractors
- 20% 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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
POTTERSTON FARM AND RURAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
2
3
Tangible fixed assets
Plant and machinery
Tractors
Total
£
£
£
Cost
At 1 April 2022
5,405
4,809
10,214
Disposals
(5,405)
(4,809)
(10,214)
At 31 March 2023
Depreciation and impairment
At 1 April 2022
3,988
3,548
7,536
Eliminated in respect of disposals
(3,988)
(3,548)
(7,536)
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022
1,417
1,261
2,678
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,323
30,740
POTTERSTON FARM AND RURAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
34,382
Hire purchase contracts
5,336
Trade creditors
16,236
48,920
Corporation tax
9,270
Accrued expenses
3,180
7,800
28,686
96,438