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REGISTERED NUMBER: SC622463 (Scotland)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Faughhill Farming Ltd

Faughhill Farming Ltd (Registered number: SC622463)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Faughhill Farming Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: G A Maxwell
D A Maxwell
Mrs A J B Maxwell





REGISTERED OFFICE: 47-49 The Square
Kelso
United Kingdom
Roxburghshire
TD5 7HW





REGISTERED NUMBER: SC622463 (Scotland)





ACCOUNTANTS: Douglas Home & Co Ltd
Chartered Accountants
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Faughhill Farming Ltd (Registered number: SC622463)

Statement of Financial Position
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 24,040 31,060
Tangible assets 5 887,056 527,654
Investments 6 5,760 -
916,856 558,714

CURRENT ASSETS
Stocks 1,103,740 923,508
Debtors 7 160,464 199,740
1,264,204 1,123,248
CREDITORS
Amounts falling due within one year 8 660,803 581,214
NET CURRENT ASSETS 603,401 542,034
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,520,257

1,100,748

CREDITORS
Amounts falling due after more than one
year

9

(1,017,707

)

(888,265

)

PROVISIONS FOR LIABILITIES (167,500 ) (98,500 )
NET ASSETS 335,050 113,983

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 334,050 112,983
335,050 113,983

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Faughhill Farming Ltd (Registered number: SC622463)

Statement of Financial Position - continued
28 February 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





G A Maxwell - Director


Faughhill Farming Ltd (Registered number: SC622463)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Faughhill Farming Ltd 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Basic payment entitlement 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 life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance and 15% on reducing balance
Tractors - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Faughhill Farming Ltd (Registered number: SC622463)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Basic
payment
Goodwill entitlement Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 35,100 10,000 45,100
AMORTISATION
At 1 March 2022 14,040 - 14,040
Amortisation for year 7,020 - 7,020
At 28 February 2023 21,060 - 21,060
NET BOOK VALUE
At 28 February 2023 14,040 10,000 24,040
At 28 February 2022 21,060 10,000 31,060

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Tractors Totals
£    £    £    £    £   
COST
At 1 March 2022 8,403 330,737 42,120 404,820 786,080
Additions - 359,770 - 136,170 495,940
Disposals - (1,141 ) - (54,320 ) (55,461 )
At 28 February 2023 8,403 689,366 42,120 486,670 1,226,559
DEPRECIATION
At 1 March 2022 - 127,629 10,181 120,616 258,426
Charge for year - 52,907 5,446 44,342 102,695
Eliminated on disposal - (660 ) - (20,958 ) (21,618 )
At 28 February 2023 - 179,876 15,627 144,000 339,503
NET BOOK VALUE
At 28 February 2023 8,403 509,490 26,493 342,670 887,056
At 28 February 2022 8,403 203,108 31,939 284,204 527,654

Faughhill Farming Ltd (Registered number: SC622463)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 5,760
At 28 February 2023 5,760
NET BOOK VALUE
At 28 February 2023 5,760

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 48,280 16,174
Deferred expenditure 65,229 151,961
VAT 38,205 24,230
Prepayments 8,750 7,375
160,464 199,740

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 205,250 270,061
Bounce Back Loan 10,000 7,500
Hire purchase contracts 101,539 72,702
Trade creditors 192,334 121,631
Tax 1,780 24,500
Social security and other taxes 2,404 696
Other creditors 841 963
Directors' loan accounts 143,680 80,326
Accrued expenses 2,975 2,835
660,803 581,214

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 871,731 811,746
Hire purchase contracts 145,976 76,519
1,017,707 888,265