Silverfin false 31/05/2023 01/06/2022 31/05/2023 A J E Dewar 06/10/2009 D B Dewar 01/03/2023 Lord Forteviot 11/03/1997 02 February 2024 no description of principal activity SC173082 2023-05-31 SC173082 bus:Director1 2023-05-31 SC173082 bus:Director2 2023-05-31 SC173082 bus:Director3 2023-05-31 SC173082 2022-05-31 SC173082 core:CurrentFinancialInstruments 2023-05-31 SC173082 core:CurrentFinancialInstruments 2022-05-31 SC173082 core:ShareCapital 2023-05-31 SC173082 core:ShareCapital 2022-05-31 SC173082 core:RevaluationReserve 2023-05-31 SC173082 core:RevaluationReserve 2022-05-31 SC173082 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC173082 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC173082 core:LandBuildings 2022-05-31 SC173082 core:OtherPropertyPlantEquipment 2022-05-31 SC173082 core:LandBuildings 2023-05-31 SC173082 core:OtherPropertyPlantEquipment 2023-05-31 SC173082 core:CostValuation 2022-05-31 SC173082 core:AdditionsToInvestments 2023-05-31 SC173082 core:CostValuation 2023-05-31 SC173082 core:ProvisionsForImpairmentInvestments 2022-05-31 SC173082 core:ProvisionsForImpairmentInvestments 2023-05-31 SC173082 bus:OrdinaryShareClass1 2023-05-31 SC173082 2022-06-01 2023-05-31 SC173082 bus:FullAccounts 2022-06-01 2023-05-31 SC173082 bus:SmallEntities 2022-06-01 2023-05-31 SC173082 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC173082 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC173082 bus:Director1 2022-06-01 2023-05-31 SC173082 bus:Director2 2022-06-01 2023-05-31 SC173082 bus:Director3 2022-06-01 2023-05-31 SC173082 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 SC173082 2021-06-01 2022-05-31 SC173082 core:LandBuildings 2022-06-01 2023-05-31 SC173082 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC173082 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC173082 (Scotland)

FORTEVIOT FARMS LIMITED

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

FORTEVIOT FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

FORTEVIOT FARMS LIMITED

BALANCE SHEET

AS AT 31 MAY 2023
FORTEVIOT FARMS LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,053,381 1,046,922
Investments 4 4,982,247 4,920,203
6,035,628 5,967,125
Current assets
Debtors 5 85 2,082
Cash at bank and in hand 228,354 276,805
228,439 278,887
Creditors: amounts falling due within one year 6 ( 19,896) ( 20,628)
Net current assets 208,543 258,259
Total assets less current liabilities 6,244,171 6,225,384
Net assets 6,244,171 6,225,384
Capital and reserves
Called-up share capital 7 3,400,000 3,400,000
Revaluation reserve 2,520,654 2,520,654
Profit and loss account 323,517 304,730
Total shareholder's funds 6,244,171 6,225,384

For the financial year ending 31 May 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 Forteviot Farms Limited (registered number: SC173082) were approved and authorised for issue by the Director on 02 February 2024. They were signed on its behalf by:

A J E Dewar
Director
FORTEVIOT FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
FORTEVIOT FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

Forteviot 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 Dupplin Estate Office, Dupplin, By Perth, PH2 0PY, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

Turnover

Turnover includes the company's share of profits from the Aberdalgie & Forteviot Farms Partnership.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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 bank loans, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 June 2022 1,041,884 5,145 1,047,029
Additions 0 8,577 8,577
At 31 May 2023 1,041,884 13,722 1,055,606
Accumulated depreciation
At 01 June 2022 0 107 107
Charge for the financial year 0 2,118 2,118
At 31 May 2023 0 2,225 2,225
Net book value
At 31 May 2023 1,041,884 11,497 1,053,381
At 31 May 2022 1,041,884 5,038 1,046,922

4. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 June 2022 4,920,203 4,920,203
Additions 62,044 62,044
At 31 May 2023 4,982,247 4,982,247
Provisions for impairment
At 01 June 2022 0 0
At 31 May 2023 0 0
Carrying value at 31 May 2023 4,982,247 4,982,247
Carrying value at 31 May 2022 4,920,203 4,920,203

5. Debtors

2023 2022
£ £
Trade debtors 0 2,082
Corporation tax 58 0
Other debtors 27 0
85 2,082

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 8,610 4,515
Taxation and social security 6,751 12,437
Other creditors 4,535 3,676
19,896 20,628

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,400,000 Ordinary shares of £ 1.00 each 3,400,000 3,400,000