Silverfin false 31/03/2023 01/04/2022 31/03/2023 Douglas James Neill 07/03/2006 Karen Anne Neill 07/03/2006 Karen Anne Neill 01 March 2024 The principal activity of the company continued to be that of agricultural activities and also through participation in the farming partnership. SC298268 2023-03-31 SC298268 bus:Director1 2023-03-31 SC298268 bus:Director2 2023-03-31 SC298268 2022-03-31 SC298268 core:CurrentFinancialInstruments 2023-03-31 SC298268 core:CurrentFinancialInstruments 2022-03-31 SC298268 core:Non-currentFinancialInstruments 2023-03-31 SC298268 core:Non-currentFinancialInstruments 2022-03-31 SC298268 core:ShareCapital 2023-03-31 SC298268 core:ShareCapital 2022-03-31 SC298268 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC298268 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC298268 core:PlantMachinery 2022-03-31 SC298268 core:Vehicles 2022-03-31 SC298268 core:OtherPropertyPlantEquipment 2022-03-31 SC298268 core:PlantMachinery 2023-03-31 SC298268 core:Vehicles 2023-03-31 SC298268 core:OtherPropertyPlantEquipment 2023-03-31 SC298268 core:CostValuation 2022-03-31 SC298268 core:AdditionsToInvestments 2023-03-31 SC298268 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2023-03-31 SC298268 core:CostValuation 2023-03-31 SC298268 core:CurrentFinancialInstruments core:Secured 2023-03-31 SC298268 bus:OrdinaryShareClass1 2023-03-31 SC298268 2022-04-01 2023-03-31 SC298268 bus:FullAccounts 2022-04-01 2023-03-31 SC298268 bus:SmallEntities 2022-04-01 2023-03-31 SC298268 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC298268 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC298268 bus:Director1 2022-04-01 2023-03-31 SC298268 bus:Director2 2022-04-01 2023-03-31 SC298268 bus:CompanySecretary1 2022-04-01 2023-03-31 SC298268 core:PlantMachinery 2022-04-01 2023-03-31 SC298268 core:Vehicles 2022-04-01 2023-03-31 SC298268 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC298268 2021-04-01 2022-03-31 SC298268 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC298268 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC298268 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC298268 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC298268 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC298268 (Scotland)

DENHEAD FARMS LIMITED

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

DENHEAD FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

DENHEAD FARMS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
DENHEAD FARMS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 869,386 1,055,078
Biological assets 24,936 54,051
Investments 4 2,183,249 2,078,057
3,077,571 3,187,186
Current assets
Debtors 5 136,373 94,975
136,373 94,975
Creditors: amounts falling due within one year 7 ( 630,631) ( 524,681)
Net current liabilities (494,258) (429,706)
Total assets less current liabilities 2,583,313 2,757,480
Creditors: amounts falling due after more than one year 8 ( 87,704) ( 162,105)
Provision for liabilities 9 ( 105,711) ( 129,218)
Net assets 2,389,898 2,466,157
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 2,389,798 2,466,057
Total shareholders' funds 2,389,898 2,466,157

For the financial year ending 31 March 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 Denhead Farms Limited (registered number: SC298268) were approved and authorised for issue by the Board of Directors on 01 March 2024. They were signed on its behalf by:

Douglas James Neill
Director
DENHEAD FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
DENHEAD FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Denhead 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 Easter Denhead Farm, Coupar Angus, Blairgowrie, PH13 9ET, United Kingdom.

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

Going concern

The balance sheet shows net current liabilities of £494,258 as at 31 March 2023 (2022- £429,706). At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts receivable for agricultural goods and services net of VAT. Turnover is recognised on delivery of goods and completion of services. Turnover comprises income received from the following sources:

Fruit sales are recognised at the point of supply.

Contracting income is recognised on an accrual basis as work is performed.

Subsidy income is recognised on an accrual basis and is recognised at point of supply.

Share of profits or losses in the firm of Messrs James Neill and Sons is recognised on an accruals basis and based on a share of profit for the year ended 31st March.

Accommodation income is recognised at the point the accommodation is provided.

Energy recharge and RHI Income is recognised as energy is generated.

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 20 % reducing balance
Vehicles 20 % reducing balance
Other property, plant and equipment 8 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.

Biological assets

The company grows fruit plants in order to sell the agricultural produce harvested from such plants. In accordance with FRS102, such plants are defined as biological assets and the company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at the lower of cost and estimated selling price less costs to complete and sell.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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

Interests in unincorporated partnership are held under the equity method of accounting, an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the associate. 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 measured at transaction price including transaction costs.

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.

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 accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 19

3. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 April 2022 27,419 499,400 919,442 1,446,261
Additions 5,537 0 0 5,537
At 31 March 2023 32,956 499,400 919,442 1,451,798
Accumulated depreciation
At 01 April 2022 13,155 145,166 232,862 391,183
Charge for the financial year 3,868 70,847 116,514 191,229
At 31 March 2023 17,023 216,013 349,376 582,412
Net book value
At 31 March 2023 15,933 283,387 570,066 869,386
At 31 March 2022 14,264 354,234 686,580 1,055,078

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2022 2,078,057 2,078,057
Additions 110,000 110,000
Share of profit/(loss) from partnership ( 4,808) ( 4,808)
At 31 March 2023 2,183,249 2,183,249
Carrying value at 31 March 2023 2,183,249 2,183,249
Carrying value at 31 March 2022 2,078,057 2,078,057

5. Debtors

2023 2022
£ £
Trade debtors 57,694 42,968
Corporation tax 14,405 0
Other debtors 64,274 52,007
136,373 94,975

6. Cash and cash equivalents

2023 2022
£ £
Less: Bank overdrafts ( 22,073) ( 20,479)

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 32,073 31,127
Trade creditors 29,903 25,088
Taxation and social security 106,684 78,440
Obligations under finance leases and hire purchase contracts 65,350 78,940
Other creditors 396,621 311,086
630,631 524,681

Bank overdrafts are secured by a standard security and floating charge over the property of the company. Net obligations under finance leases are secured over the assets they relate to. Bank Loans are secured by Government Guarantee.

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

2023 2022
£ £
Bank loans (secured) 22,354 31,405
Obligations under finance leases and hire purchase contracts (secured) 65,350 130,700
87,704 162,105

Net obligations under finance leases are secured over the assets they relate to. Bank Loans are secured by Government Guarantee.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 105,711 129,218

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

Other related party transactions

During the year the company entered into the following transactions with related parties:

The fixed asset investment balance of £2,183,249 (2022: £2,078,057) represents the company's share in a partnership which a director is a partner. At the year end the company owed the partnership £327,726 (2022: £192,725).