Silverfin false false 31/07/2023 01/08/2022 31/07/2023 Alan G Mitchell 25/04/2011 J Duncan Mitchell 24/01/2011 William S Mitchell 10/04/2006 29 March 2024 The principal activity of the Company continued to be farming and contracting, specialising in the growing of vegetables. SC300541 2023-07-31 SC300541 bus:Director1 2023-07-31 SC300541 bus:Director2 2023-07-31 SC300541 bus:Director3 2023-07-31 SC300541 2022-07-31 SC300541 core:CurrentFinancialInstruments 2023-07-31 SC300541 core:CurrentFinancialInstruments 2022-07-31 SC300541 core:Non-currentFinancialInstruments 2023-07-31 SC300541 core:Non-currentFinancialInstruments 2022-07-31 SC300541 core:ShareCapital 2023-07-31 SC300541 core:ShareCapital 2022-07-31 SC300541 core:CapitalRedemptionReserve 2023-07-31 SC300541 core:CapitalRedemptionReserve 2022-07-31 SC300541 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC300541 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC300541 core:LandBuildings 2022-07-31 SC300541 core:PlantMachinery 2022-07-31 SC300541 core:LandBuildings 2023-07-31 SC300541 core:PlantMachinery 2023-07-31 SC300541 core:CostValuation 2022-07-31 SC300541 core:CostValuation 2023-07-31 SC300541 bus:OrdinaryShareClass1 2023-07-31 SC300541 2022-08-01 2023-07-31 SC300541 bus:FilletedAccounts 2022-08-01 2023-07-31 SC300541 bus:SmallEntities 2022-08-01 2023-07-31 SC300541 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC300541 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC300541 bus:Director1 2022-08-01 2023-07-31 SC300541 bus:Director2 2022-08-01 2023-07-31 SC300541 bus:Director3 2022-08-01 2023-07-31 SC300541 core:LandBuildings core:TopRangeValue 2022-08-01 2023-07-31 SC300541 core:PlantMachinery 2022-08-01 2023-07-31 SC300541 2021-08-01 2022-07-31 SC300541 core:LandBuildings 2022-08-01 2023-07-31 SC300541 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 SC300541 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 SC300541 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 SC300541 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC300541 (Scotland)

A A CARROTS LIMITED

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

A A CARROTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

A A CARROTS LIMITED

BALANCE SHEET

AS AT 31 JULY 2023
A A CARROTS LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,300,717 2,272,500
Investments 4 50 50
2,300,767 2,272,550
Current assets
Stocks 649,020 647,000
Debtors 5 386,429 729,101
Cash at bank and in hand 1,950,454 1,320,572
2,985,903 2,696,673
Creditors: amounts falling due within one year 6 ( 820,414) ( 816,607)
Net current assets 2,165,489 1,880,066
Total assets less current liabilities 4,466,256 4,152,616
Creditors: amounts falling due after more than one year 7 ( 204,014) ( 97,752)
Provision for liabilities 8 ( 565,722) ( 423,026)
Net assets 3,696,520 3,631,838
Capital and reserves
Called-up share capital 9 1,500 1,500
Capital redemption reserve 500 500
Profit and loss account 3,694,520 3,629,838
Total shareholders' funds 3,696,520 3,631,838

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 A A Carrots Limited (registered number: SC300541) were approved and authorised for issue by the Board of Directors on 29 March 2024. They were signed on its behalf by:

J Duncan Mitchell
Director
A A CARROTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
A A CARROTS 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

A A Carrots 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 Mill Of Laithers, Turriff, Aberdeenshire, AB53 4HE, 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 represents amounts receivable from farming, net of VAT. Turnover is recognised on the accruals basis.

Farming income comprises income from contracting and the sale of produce which is recognised at the point of supply.

Employee benefits

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.

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 years straight line
Plant and machinery 20 % 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.

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.

Stocks

Stocks include biological assets comprising vegetable crops.

These crops are expected to be converted to cash or cash equivalent within 12 months therefore they are held as current assets.

The company measures biological assets at depreciated cost less accumulated impairment losses.

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.

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

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, are recognised at transaction price. 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.

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 15 15

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 August 2022 283,748 4,549,501 4,833,249
Additions 5,987 511,018 517,005
Disposals 0 ( 56,000) ( 56,000)
At 31 July 2023 289,735 5,004,519 5,294,254
Accumulated depreciation
At 01 August 2022 237,649 2,323,100 2,560,749
Charge for the financial year 14,567 470,388 484,955
Disposals 0 ( 52,167) ( 52,167)
At 31 July 2023 252,216 2,741,321 2,993,537
Net book value
At 31 July 2023 37,519 2,263,198 2,300,717
At 31 July 2022 46,099 2,226,401 2,272,500

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 August 2022 50 50
At 31 July 2023 50 50
Carrying value at 31 July 2023 50 50
Carrying value at 31 July 2022 50 50

5. Debtors

2023 2022
£ £
Trade debtors 158,917 709,420
Corporation tax 52,306 0
Other debtors 175,206 19,681
386,429 729,101

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 158,717 218,021
Corporation tax 187,241 220
Other taxation and social security 30,726 30,282
Obligations under finance leases and hire purchase contracts 198,838 285,075
Other creditors 244,892 283,009
820,414 816,607

Hire purchase obligations are secured by fixed charges over the assets to which they relate.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 204,014 97,752

Hire purchase obligations are secured by fixed charges over the assets to which they relate.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 565,722 423,026

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,500 Ordinary Shares shares of £ 1.00 each 1,500 1,500

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to Key Management Personnel 213,909 233,854

Advances

There have been advances to the directors during the year of £130,585 and interest of £2,054 (2.00% - 2.25%) has been charged on these advances. Therefore at the year end the balance due from the directors to the company is £132,639. There are no fixed terms of repayment on this balance.