Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01falseNo description of principal activity1911trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC153192 2022-04-01 2023-03-31 SC153192 2021-04-01 2022-03-31 SC153192 2023-03-31 SC153192 2022-03-31 SC153192 c:CompanySecretary1 2022-04-01 2023-03-31 SC153192 c:Director1 2022-04-01 2023-03-31 SC153192 c:Director2 2022-04-01 2023-03-31 SC153192 c:Director3 2022-04-01 2023-03-31 SC153192 c:RegisteredOffice 2022-04-01 2023-03-31 SC153192 d:Buildings 2022-04-01 2023-03-31 SC153192 d:Buildings 2023-03-31 SC153192 d:Buildings 2022-03-31 SC153192 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC153192 d:PlantMachinery 2022-04-01 2023-03-31 SC153192 d:PlantMachinery 2023-03-31 SC153192 d:PlantMachinery 2022-03-31 SC153192 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC153192 d:MotorVehicles 2022-04-01 2023-03-31 SC153192 d:MotorVehicles 2023-03-31 SC153192 d:MotorVehicles 2022-03-31 SC153192 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC153192 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC153192 d:CurrentFinancialInstruments 2023-03-31 SC153192 d:CurrentFinancialInstruments 2022-03-31 SC153192 d:Non-currentFinancialInstruments 2023-03-31 SC153192 d:Non-currentFinancialInstruments 2022-03-31 SC153192 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC153192 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 SC153192 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC153192 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 SC153192 d:ShareCapital 2023-03-31 SC153192 d:ShareCapital 2022-03-31 SC153192 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC153192 d:RetainedEarningsAccumulatedLosses 2022-03-31 SC153192 c:OrdinaryShareClass1 2022-04-01 2023-03-31 SC153192 c:OrdinaryShareClass1 2023-03-31 SC153192 c:OrdinaryShareClass1 2022-03-31 SC153192 c:FRS102 2022-04-01 2023-03-31 SC153192 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 SC153192 c:FullAccounts 2022-04-01 2023-03-31 SC153192 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC153192










GRAY FARMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
GRAY FARMS LIMITED
 

COMPANY INFORMATION


DIRECTORS
C W Gray 
P W Gray 
Mrs M H Gray 




COMPANY SECRETARY
C W Gray



REGISTERED NUMBER
SC153192



REGISTERED OFFICE
Greenacres

Fordyce

Banffshire

AB45 2UL




ACCOUNTANTS
EQ Accountants LLP
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
GRAY FARMS LIMITED
REGISTERED NUMBER: SC153192

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
£
£

FIXED ASSETS
  

Tangible assets
 4 
5,963,539
5,829,339

Fixed asset investments
  
65,220
65,220

  
6,028,759
5,894,559

CURRENT ASSETS
  

Stocks
  
334,359
265,869

Debtors: amounts falling due within one year
 5 
720,775
582,683

Cash at bank and in hand
  
129,875
79,615

  
1,185,009
928,167

Creditors: amounts falling due within one year
 6 
(1,790,797)
(1,901,364)

NET CURRENT LIABILITIES
  
 
 
(605,788)
 
 
(973,197)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,422,971
4,921,362

Creditors: amounts falling due after more than one year
 7 
(2,043,988)
(2,377,435)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(504,006)
(423,066)

  
 
 
(504,006)
 
 
(423,066)

NET ASSETS
  
2,874,977
2,120,861


CAPITAL AND RESERVES
  

Called up share capital 
 8 
100
100

Profit and loss account
  
2,874,877
2,120,761

  
2,874,977
2,120,861


Page 1

 
GRAY FARMS LIMITED
REGISTERED NUMBER: SC153192

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 September 2023.


P W Gray
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

Gray Farms Limited is a private company, limited by shares, incorporated in Scotland with the registration number SC153192. The registered office is Greenacres, Fordyce, Aberdeenshire, AB45 2UL. 
The financial statements are presented in Sterling which is the functional currency of the Company and
rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Buildings
-
4.00%
Straight line
Plant and machinery
-
12.50%
Reducing balance
Motor vehicles
-
25.00%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

In relation to land and buildings, no depreciation has been applied on land.  In respect of buildings, depreciation rates have been set taking into account the useful economic life of the assets and their estimated residual values. 

Page 4

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.8

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.9

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 19 (2022 - 11).

Page 5

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 April 2022
4,604,421
1,905,993
12,408
6,522,822


Additions
45,739
419,809
37,479
503,027


Disposals
(62,022)
(157,537)
(4,777)
(224,336)



At 31 March 2023

4,588,138
2,168,265
45,110
6,801,513



DEPRECIATION


At 1 April 2022
41,748
642,269
9,466
693,483


Charge for the year on owned assets
14,730
200,353
9,823
224,906


Disposals
-
(76,771)
(3,644)
(80,415)



At 31 March 2023

56,478
765,851
15,645
837,974



NET BOOK VALUE



At 31 March 2023
4,531,660
1,402,414
29,465
5,963,539



At 31 March 2022
4,562,673
1,263,724
2,942
5,829,339

Page 6

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


DEBTORS

2023
2022
£
£


Trade debtors
494,456
343,091

Amounts owed by group undertakings
132,362
131,251

Amounts owed by joint ventures and associated undertakings
-
51,981

Other debtors
83,937
46,976

Prepayments and accrued income
10,020
9,384

720,775
582,683



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
244,619
238,033

Trade creditors
184,133
206,868

Amounts owed to associates
9,825
-

Obligations under finance lease and hire purchase contracts
86,623
85,127

Other creditors
1,244,615
1,359,641

Accruals and deferred income
20,982
11,695

1,790,797
1,901,364



7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
1,955,869
2,202,693

Net obligations under finance leases and hire purchase contracts
88,119
174,742

2,043,988
2,377,435



8.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



Page 7