Silverfin false 31/03/2023 01/04/2022 31/03/2023 Frank Wisely Burnett 03/08/1990 Alan George Walker Forbes 23/07/2012 Colin Alexander Wilson 15/06/2017 27 October 2023 The principal activity of the Company during the financial year continued to be the provision of woodland and property development services. SC124718 2023-03-31 SC124718 bus:Director1 2023-03-31 SC124718 bus:Director2 2023-03-31 SC124718 bus:Director3 2023-03-31 SC124718 2022-03-31 SC124718 core:CurrentFinancialInstruments 2023-03-31 SC124718 core:CurrentFinancialInstruments 2022-03-31 SC124718 core:ShareCapital 2023-03-31 SC124718 core:ShareCapital 2022-03-31 SC124718 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC124718 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC124718 bus:OrdinaryShareClass1 2023-03-31 SC124718 2022-04-01 2023-03-31 SC124718 bus:FullAccounts 2022-04-01 2023-03-31 SC124718 bus:SmallEntities 2022-04-01 2023-03-31 SC124718 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC124718 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC124718 bus:Director1 2022-04-01 2023-03-31 SC124718 bus:Director2 2022-04-01 2023-03-31 SC124718 bus:Director3 2022-04-01 2023-03-31 SC124718 2021-04-01 2022-03-31 SC124718 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC124718 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC124718 (Scotland)

INCHMARLO FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

INCHMARLO FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

INCHMARLO FARMS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
INCHMARLO FARMS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Current assets
Stocks 3 2,403,967 1,513,952
Debtors 4 81,625 101,644
Cash at bank and in hand 5 108,279 1,176,893
2,593,871 2,792,489
Creditors: amounts falling due within one year 6 ( 702,634) ( 912,003)
Net current assets 1,891,237 1,880,486
Total assets less current liabilities 1,891,237 1,880,486
Net assets 1,891,237 1,880,486
Capital and reserves
Called-up share capital 7 10,000 10,000
Profit and loss account 1,881,237 1,870,486
Total shareholders' funds 1,891,237 1,880,486

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 financial statements of Inchmarlo Farms Limited (registered number: SC124718) were approved and authorised for issue by the Director on 27 October 2023. They were signed on its behalf by:

Colin Alexander Wilson
Director
INCHMARLO FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
INCHMARLO FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Inchmarlo Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 18 Bon-Accord Crescent, Aberdeen, AB11 6XY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the amount received or receivable from the provision of woodland and property development services.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of overheads that have been incurred in brining the stocks to their present location and condition.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Stocks

2023 2022
£ £
Work in progress 2,403,967 1,513,952

4. Debtors

2023 2022
£ £
Other debtors 81,625 101,644

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 108,279 1,176,893

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 23,161 72,771
Amounts owed to Group undertakings 233,532 317,765
Taxation and social security 425,300 518,265
Other creditors 20,641 3,202
702,634 912,003

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

8. Financial commitments

Other financial commitments

2023 2022
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 4,927 0

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amount due to related party at the year end 233,532 317,765
Amount due from related party at the year end 70,917 70,917

Transactions with the entity's directors

At the start of the year, there were no balances due to/from the directors. During the year the company advanced £10,000 to one of the directors. This was still outstanding at the year end. There are no fixed repayment terms and no interest was charged.