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REGISTRAR OF COMPANIES

Registration number: SC047380

Dams of Craigie Farm Limited

Unaudited Financial Statements

31 January 2023

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Dams of Craigie Farm 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
Dams of Craigie Farm Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dams of Craigie Farm Limited for the year ended 31 January 2023 as set out on pages 2 to 10 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 Dams of Craigie Farm Limited, as a body, in accordance with the terms of our engagement letter dated 22 October 2019. Our work has been undertaken solely to prepare for your approval the accounts of Dams of Craigie Farm Limited and state those matters that we have agreed to state to the Board of Directors of Dams of Craigie Farm 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 Dams of Craigie Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dams of Craigie Farm 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 Dams of Craigie Farm Limited. You consider that Dams of Craigie Farm 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 Dams of Craigie Farm 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

23 November 2023

 

Dams of Craigie Farm Limited

(Registration number: SC047380)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,118,029

1,123,855

Investments

5

1

1

 

1,118,030

1,123,856

Current assets

 

Stocks

4,690

8,040

Debtors

6

756,414

726,342

Cash at bank and in hand

 

380

438

 

761,484

734,820

Creditors: Amounts falling due within one year

7

(320,770)

(284,300)

Net current assets

 

440,714

450,520

Total assets less current liabilities

 

1,558,744

1,574,376

Creditors: Amounts falling due after more than one year

7

(472,794)

(495,259)

Provisions for liabilities

(84,046)

(84,046)

Net assets

 

1,001,904

995,071

Capital and reserves

 

Allotted, called up and fully paid share capital

5,000

5,000

Revaluation reserve

831,821

831,821

Profit and loss account

165,083

158,250

Total equity

 

1,001,904

995,071

 

Dams of Craigie Farm Limited

(Registration number: SC047380)
Balance Sheet as at 31 January 2023 (continued)

For the financial year ending 31 January 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 23 November 2023 and signed on its behalf by:
 

.........................................
C W Russell
Director

.........................................
J M Russell
Company secretary and director

 
     
 

Dams of Craigie Farm Limited

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

1

General information

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

The address of its registered office is:
Glenapp Manse
Glenapp Estate
Ballantrae
GIRVAN
KA26 0PG

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Dams of Craigie Farm Limited

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

Tax

The tax expense for the period comprises current 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.

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 taxable income.

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 and buildings

Not depreciated and 2% straight line basis

Plant and equipment

15% and 20% straight line basis

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.

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.

 

Dams of Craigie Farm Limited

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

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.

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.

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.

 

Dams of Craigie Farm Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

1,193,436

109,761

1,303,197

At 31 January 2023

1,193,436

109,761

1,303,197

Depreciation

At 1 February 2022

76,702

102,640

179,342

Charge for the year

2,138

3,688

5,826

At 31 January 2023

78,840

106,328

185,168

Carrying amount

At 31 January 2023

1,114,596

3,433

1,118,029

At 31 January 2022

1,116,734

7,121

1,123,855

 

Dams of Craigie Farm Limited

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

5

Investments

2023
£

2022
£

Investments in joint ventures

1

1

Joint ventures

£

Cost

At 1 February 2022

1

At 31 January 2023

1

Carrying amount

At 31 January 2023

1

At 31 January 2022

1

6

Debtors

2023
£

2022
£

Trade debtors

309,954

293,808

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

443,269

431,148

Other debtors

3,191

1,386

756,414

726,342

 

Dams of Craigie Farm Limited

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

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

280,353

279,218

Trade creditors

 

35,846

635

Corporation tax liability

 

895

190

Other creditors

 

3,676

4,257

 

320,770

284,300

Due after one year

 

Loans and borrowings

8

472,794

495,259

2023
£

2022
£

After more than five years by instalments

377,694

413,426

377,694

413,426

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

23,667

19,302

Bank overdrafts

153,711

159,588

Other borrowings

102,975

100,328

280,353

279,218

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

2023
£

2022
£

Bank borrowings

23,667

19,302

Bank overdrafts

153,711

159,588

177,378

178,890

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

 

 

Dams of Craigie Farm Limited

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

472,794

495,259

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

2023
£

2022
£

Bank borrowings

472,794

495,259

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

9

Reserves

Deferred tax has been provided on previous revaluation uplifts of land and buildings.

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