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REGISTERED NUMBER: SC041723 (Scotland)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TERRAUGHTIE FARMING COMPANY LIMITED

TERRAUGHTIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC041723)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


TERRAUGHTIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC041723)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 894,327 865,815

CURRENT ASSETS
Stocks 150,302 202,626
Debtors 5 170,639 98,149
Cash at bank and in hand 3,085 9,456
324,026 310,231
CREDITORS
Amounts falling due within one year 6 257,162 281,981
NET CURRENT ASSETS 66,864 28,250
TOTAL ASSETS LESS CURRENT
LIABILITIES

961,191

894,065

CREDITORS
Amounts falling due after more than one
year

7

(59,496

)

(73,362

)

PROVISIONS FOR LIABILITIES (153,000 ) (100,934 )
NET ASSETS 748,695 719,769

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Other reserves 15,172 15,172
Retained earnings 693,523 664,597
748,695 719,769

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

TERRAUGHTIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC041723)

BALANCE SHEET - continued
31 MARCH 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 17 November 2023 and were signed on its behalf by:





R J Barbour - Director


TERRAUGHTIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC041723)

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


1. STATUTORY INFORMATION

Terraughtie Farming Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC041723

Registered office: 24-36 Buccleuch Street
Dumphries
DG1 2AL

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.

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 etc - 25% on reducing balance and 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

TERRAUGHTIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC041723)

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


4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 271,275 1,480,931 44,992 2,242 1,799,440
Additions - 98,949 27,500 - 126,449
At 31 March 2023 271,275 1,579,880 72,492 2,242 1,925,889
DEPRECIATION
At 1 April 2022 - 915,526 15,857 2,242 933,625
Charge for year - 90,130 7,807 - 97,937
At 31 March 2023 - 1,005,656 23,664 2,242 1,031,562
NET BOOK VALUE
At 31 March 2023 271,275 574,224 48,828 - 894,327
At 31 March 2022 271,275 565,405 29,135 - 865,815

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 169,239 86,634
Other debtors 1,400 11,515
170,639 98,149

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 79,109 99,395
Hire purchase contracts 50,713 40,489
Trade creditors 43,960 61,240
Taxation and social security 12,745 2,119
Other creditors 70,635 78,738
257,162 281,981

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 29,885
Hire purchase contracts 59,496 43,477
59,496 73,362

TERRAUGHTIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC041723)

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


8. RELATED PARTY DISCLOSURES

Hindon Farms Limited

As at the year ended 31st March 2023 the company had trade debtors of £39,240 owed by Hindon Farms Limited and trade creditors of £18,860 owed to Hindon Farms Limited.

The company also recharged Hindon Farms Limited £126,904 for crops sales, contracting work, crop input costs and fuel costs; and paid Hindon Farms Limited £90,289 for recharges of insurance paid by Hindon Farms Limited and BPS received by the company on behalf of Hindon Farms Limited.

Scenic Farms Limited

As at the year ended 31st March 2023 the company had trade debtors of £36,000 owed by Scenic Farms Limited.

The company also recharged Scenic Farms Limited £144,815 for crops sales, contracting work, crop input costs and fuel cost; and paid Scenic Farms Limited £22,170 for BPS received by the company on behalf of Scenic Farms Limited.

Barbour Energy Limited

As at the year ended 31st March 2023 the company had trade creditors of £560 owed by Barbour Energy Limited.

The company also recharged Barbour Energy Limited £4,511 for electricity paid by the company on behalf of Barbour Energy Limited.