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REGISTRAR OF COMPANIES

Registration number: SC041833

Alex. Colquhoun Limited

Unaudited Financial Statements

31 March 2023

image-name

 

Alex. Colquhoun Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Alex. Colquhoun Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Alex. Colquhoun Limited for the year ended 31 March 2023 as set out on pages 2 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Alex. Colquhoun Limited, as a body, in accordance with the terms of our engagement letter dated 6 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Alex. Colquhoun Limited and state those matters that we have agreed to state to the Board of Directors of Alex. Colquhoun Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alex. Colquhoun Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Alex. Colquhoun Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Alex. Colquhoun Limited. You consider that Alex. Colquhoun 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 accounts of Alex. Colquhoun 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

3 October 2023

 

Alex. Colquhoun Limited

(Registration number: SC041833)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,786,737

3,268,259

Investments

6

55

55

Other financial assets

7

7,110

7,110

 

3,793,902

3,275,424

Current assets

 

Stocks

1,630,455

1,547,359

Debtors

8

549,115

493,465

Cash at bank and in hand

 

42,115

1

 

2,221,685

2,040,825

Creditors: Amounts falling due within one year

9

(1,734,462)

(1,794,448)

Net current assets

 

487,223

246,377

Total assets less current liabilities

 

4,281,125

3,521,801

Creditors: Amounts falling due after more than one year

9

(1,868,613)

(1,784,958)

Provisions for liabilities

(536,293)

(280,376)

Net assets

 

1,876,219

1,456,467

Capital and reserves

 

Allotted, called up and fully paid share capital

8,000

8,000

Revaluation reserve

122,161

127,368

Profit and loss account

1,746,058

1,321,099

Total equity

 

1,876,219

1,456,467

 

Alex. Colquhoun Limited

(Registration number: SC041833)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................

B Colquhoun

Director

.........................................

F Colquhoun

Director

.........................................

G Colquhoun

Director

.........................................

J M Colquhoun

Company secretary and director

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Dendoldrum Farm
Inverbervie
MONTROSE
DD10 0PL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Not depreciated

Buildings

5% straight line basis

Plant and equipment

12.5% reducing balance basis

Motor vehicles

25% straight line basis

Fixtures, fittings and office equipment

33% straight line basis

Buildings relate to tenants improvements on land leased by the company from the directors. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 5% straight line basis over their useful economic life.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly 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 or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Herd stock is included in the balance sheet at the original cost of the herd adjusted annually for additions to, or disposals from the herd.

Additions to the herd are included at cost except where there is a reinstatement of disposals to the herd from the prior year. In this case they are reinstated at the prior year disposal value.

Disposals to the herd are disposed of at an average cost except where there have been additions to the herd in the prior year. In this case they are disposed of on a last in first out basis.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional 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 presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares
Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

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 profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 13).

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 April 2022

50,360

50,360

At 31 March 2023

50,360

50,360

Amortisation

At 1 April 2022

50,360

50,360

At 31 March 2023

50,360

50,360

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

-

-

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

2,654,116

4,895,235

36,500

5,610

7,591,461

Additions

-

958,341

-

-

958,341

Disposals

-

(78,000)

-

-

(78,000)

At 31 March 2023

2,654,116

5,775,576

36,500

5,610

8,471,802

Depreciation

At 1 April 2022

1,365,301

2,915,834

36,500

5,567

4,323,202

Charge for the year

104,030

296,194

-

43

400,267

Eliminated on disposal

-

(38,404)

-

-

(38,404)

At 31 March 2023

1,469,331

3,173,624

36,500

5,610

4,685,065

Carrying amount

At 31 March 2023

1,184,785

2,601,952

-

-

3,786,737

At 31 March 2022

1,288,815

1,979,401

-

43

3,268,259

6

Investments

2023
£

2022
£

Investments in subsidiaries

55

55

Subsidiaries

£

Cost or valuation

At 1 April 2022

55

At 31 March 2023

55

Carrying amount

At 31 March 2023

55

At 31 March 2022

55

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

7,110

7,110

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

7,110

7,110

At 31 March 2023

7,110

7,110

Carrying amount

At 31 March 2023

7,110

7,110

At 31 March 2022

7,110

7,110

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Debtors

2023
£

2022
£

Trade debtors

358,828

317,704

Other debtors

190,287

175,761

549,115

493,465

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

1,013,142

1,157,823

Trade creditors

 

401,943

272,314

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

291,213

243,657

Taxation and social security

 

4,480

10,376

Other creditors

 

23,684

110,278

 

1,734,462

1,794,448

Due after one year

 

Loans and borrowings

11

1,757,520

1,668,018

Other creditors

 

111,093

116,940

 

1,868,613

1,784,958

2023
£

2022
£

After more than five years by instalments

556,175

633,648

556,175

633,648

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

10

Reserves

Movements in the revaluation reserve for the current year are as follows:

Revaluation reserve
£

Brought forward

127,368

Transfer realised profit

(5,512)

Other movement - deferred tax

305

Carried forward

122,161

Deferred tax has been provided on previous revaluation uplifts of property, plant and equipment.

On the transition date to Financial Reporting Standard 102, 1 April 2015, the company elected to apply the transitional option to take previous revalued property, plant and equipment as deemed cost, with the cost model applied going forward.

11

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

268,674

235,679

Bank overdrafts

-

231,491

Finance lease liabilities

79,289

29,888

Redeemable preference shares

220,000

220,000

Other borrowings

445,179

440,765

1,013,142

1,157,823

 

Alex. Colquhoun Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

268,674

235,679

Bank overdrafts

-

231,491

Finance lease liabilities

79,289

29,888

347,963

497,058

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,672,538

1,648,018

Finance lease liabilities

84,982

20,000

1,757,520

1,668,018

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

1,672,538

1,648,018

Finance lease liabilities

84,982

20,000

1,757,520

1,668,018

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.