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Company No: SC060886 (Scotland)

ALAN TWATT (POTATOES) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH THE REGISTRAR

ALAN TWATT (POTATOES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

Contents

ALAN TWATT (POTATOES) LIMITED

BALANCE SHEET

AS AT 30 JUNE 2023
ALAN TWATT (POTATOES) LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 14,800 7,667
Tangible assets 4 5,267,067 3,257,010
Investment property 5 300,000 300,000
Investments 6 355,769 372,869
5,937,636 3,937,546
Current assets
Stocks 860,488 888,694
Debtors 7 221,125 950,555
Cash at bank and in hand 8 186,514 783,872
1,268,127 2,623,121
Creditors: amounts falling due within one year 9 ( 273,366) ( 491,190)
Net current assets 994,761 2,131,931
Total assets less current liabilities 6,932,397 6,069,477
Creditors: amounts falling due after more than one year 10 ( 336,155) ( 379,456)
Provision for liabilities ( 743,018) ( 569,224)
Net assets 5,853,224 5,120,797
Capital and reserves
Called-up share capital 11 970 970
Share premium account 767,438 767,438
Revaluation reserve 46,660 46,660
Profit and loss account 5,038,156 4,305,729
Total shareholders' funds 5,853,224 5,120,797

For the financial year ending 30 June 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 Alan Twatt (Potatoes) Limited (registered number: SC060886) were approved and authorised for issue by the Board of Directors on 08 March 2024. They were signed on its behalf by:

D Wiseman
Director
ALAN TWATT (POTATOES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
ALAN TWATT (POTATOES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 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

Alan Twatt (Potatoes) 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 Commerce House, South Street, Elgin, IV30 1JE, United Kingdom. The principal place of business is Easter Cushnie, Gamrie, Banff, AB45 3HT.

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

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the sale of crop, electricity sales and contracting and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the ownership of the products has been passed to the buyer and the amount of revenue can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Computer software 10 years straight line
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 10 - 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 - 25 % reducing balance
Other property, plant and equipment 5 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 Statement of Income and Retained Earnings 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, associates and jointly controlled entities are initially 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Stocks include potatoes, growing crops, fuel, chemicals and fertilisers. Stock is assessed for impairment at each reporting date. Any impairment is recognised in the statement of income and retained earnings.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are 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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Intangible assets

Computer software Total
£ £
Cost
At 01 July 2022 8,000 8,000
Additions 8,000 8,000
At 30 June 2023 16,000 16,000
Accumulated amortisation
At 01 July 2022 333 333
Charge for the financial year 867 867
At 30 June 2023 1,200 1,200
Net book value
At 30 June 2023 14,800 14,800
At 30 June 2022 7,667 7,667

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 July 2022 1,891,062 3,320,146 86,792 66,498 419,635 5,784,133
Additions 1,437,280 1,181,258 5,620 740 0 2,624,898
Disposals 0 ( 506,473) 0 ( 35,531) 0 ( 542,004)
At 30 June 2023 3,328,342 3,994,931 92,412 31,707 419,635 7,867,027
Accumulated depreciation
At 01 July 2022 404,072 1,883,461 44,342 57,117 138,131 2,527,123
Charge for the financial year 17,061 428,047 10,964 2,462 21,161 479,695
Disposals 0 ( 371,419) 0 ( 35,439) 0 ( 406,858)
At 30 June 2023 421,133 1,940,089 55,306 24,140 159,292 2,599,960
Net book value
At 30 June 2023 2,907,209 2,054,842 37,106 7,567 260,343 5,267,067
At 30 June 2022 1,486,990 1,436,685 42,450 9,381 281,504 3,257,010

5. Investment property

Investment property
£
Valuation
As at 01 July 2022 300,000
As at 30 June 2023 300,000

Valuation

The fair value of the investment property has been arrived at on the basis of an assessment carried out by the director's of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 350,000 350,000
Other investments and loans 5,769 22,869
355,769 372,869

7. Debtors

2023 2022
£ £
Trade debtors 28,383 166,035
Amounts owed by related parties 62,592 662,592
Other debtors 130,150 121,928
221,125 950,555

8. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 186,514 783,872

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 47,860 53,700
Trade creditors 168,328 154,843
Amounts owed to own subsidiaries 16,305 0
Taxation and social security 7,814 97,616
Other creditors 33,059 185,031
273,366 491,190

Bank loans are secured by a fixed charge over Mains of Baulmaud and a floating charge over the rest of the company assets.

10. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 336,155 379,456

Bank loans are secured by a fixed charge over Mains of Baulmaud and a floating charge over the rest of the company assets.

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
570 Ordinary shares of £ 1.00 each 570 570
400 A Ordinary shares of £ 1.00 each 400 400
970 970

12. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed from other related parties 62,592 662,592
Amounts owed to other related parties 16,305 66,421
Amounts due to directors 10,645 3,300

Transactions with the entity's directors

Advances

During the year £70,304 was advanced to J G Twatt, director and £68,265 was repaid. At the year end £14,727 was outstanding. Interest was charged at 2.00% on the overdrawn balance to 05 April 2023 and 2.25% on the overdrawn balance thereafter.