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Company No: SC429692 (Scotland)

R B FARQUHAR LIMITED

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

R B FARQUHAR LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

R B FARQUHAR LIMITED

BALANCE SHEET

AS AT 31 JULY 2023
R B FARQUHAR LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 2,127 3,676
Investment property 5 1,410,000 1,410,000
Investments 6 2,279,350 2,279,350
3,691,477 3,693,026
Current assets
Stocks 7 7,570 0
Debtors 8 323,399 348,669
Cash at bank and in hand 1,957,012 1,601,566
2,287,981 1,950,235
Creditors: amounts falling due within one year 9 ( 225,219) ( 204,522)
Net current assets 2,062,762 1,745,713
Total assets less current liabilities 5,754,239 5,438,739
Provision for liabilities 10 ( 84,988) ( 85,921)
Net assets 5,669,251 5,352,818
Capital and reserves
Called-up share capital 11 554,071 554,071
Revaluation reserve 475,043 475,043
Capital redemption reserve 164,485 164,485
Profit and loss account 4,475,652 4,159,219
Total shareholders' funds 5,669,251 5,352,818

For the financial year ending 31 July 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 R B Farquhar Limited (registered number: SC429692) were approved and authorised for issue by the Board of Directors on 29 February 2024. They were signed on its behalf by:

Michael Frank Shand
Director
R B FARQUHAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
R B FARQUHAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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

R B Farquhar 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, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Prior year error

Bank interest was incorrectly omitted from previous years financial statements. This has now been restated in the financial statements. Further details of the affected balances are provided at note 2 to the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

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:

Plant and machinery 3 years straight line
Fixtures and fittings 3 years straight line
Office equipment 3 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stocks are 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 manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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 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 preference shares that are classified as debt, 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.

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. Prior year adjustment

The financial statements to 31 July 2022 have been restated to include bank interest which was omitted in error and has resulted in the following adjustments:

As previously reported Adjustment As restated
Year ended 31 July 2022 £ £ £
Cash at bank and in hand 1,530,173 71,393 1,601,566
Profit and Loss account (4,087,826) (71,393) (4,159,219)

3. Employees

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

4. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 August 2022 180 4,647 2,144 6,971
At 31 July 2023 180 4,647 2,144 6,971
Accumulated depreciation
At 01 August 2022 180 971 2,144 3,295
Charge for the financial year 0 1,549 0 1,549
At 31 July 2023 180 2,520 2,144 4,844
Net book value
At 31 July 2023 0 2,127 0 2,127
At 31 July 2022 0 3,676 0 3,676

5. Investment property

Investment property
£
Valuation
As at 01 August 2022 1,410,000
As at 31 July 2023 1,410,000

Valuation

The investment properties were valued by the directors on an open market to a value of £1,410,000 at 31 July 2023.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 934,957 934,957

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 August 2022 2,279,350 2,279,350
At 31 July 2023 2,279,350 2,279,350
Carrying value at 31 July 2023 2,279,350 2,279,350
Carrying value at 31 July 2022 2,279,350 2,279,350

Stopsave Limited is an 100% subsidiary of R B Farquhar Limited.

7. Stocks

2023 2022
£ £
Work in progress 7,570 0

8. Debtors

2023 2022
£ £
Trade debtors 4,586 29,857
Other debtors 318,813 318,812
323,399 348,669

9. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 57,689 8,473
Other creditors 167,530 196,049
225,219 204,522

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 85,921) ( 85,102)
Credited/(charged) to the Profit and Loss Account 933 ( 819)
0 0
At the end of financial year ( 84,988) ( 85,921)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
259,176 Ordinary A shares of £ 0.34 each 88,120 88,120
259,176 Ordinary B shares of £ 0.34 each 88,120 88,120
77,757 Ordinary C shares of £ 0.34 each 26,437 26,437
725,863 Non Voting ordinary shares of £ 0.33 each 239,534 239,534
442,211 442,211
111,860 Non-cumulative preference shares of £ 1.00 each 111,860 111,860
554,071 554,071

12. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Mr M Shand - Directors Loan 250,000 250,000

This loan is interest free and repayable on demand.