Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31false2022-06-01No description of principal activity55truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC023396 2022-06-01 2023-05-31 SC023396 2021-06-01 2022-05-31 SC023396 2023-05-31 SC023396 2022-05-31 SC023396 c:CompanySecretary1 2022-06-01 2023-05-31 SC023396 c:Director1 2022-06-01 2023-05-31 SC023396 c:Director1 2023-05-31 SC023396 c:Director2 2022-06-01 2023-05-31 SC023396 c:Director3 2022-06-01 2023-05-31 SC023396 c:Director3 2023-05-31 SC023396 c:RegisteredOffice 2022-06-01 2023-05-31 SC023396 d:Buildings 2022-06-01 2023-05-31 SC023396 d:Buildings 2023-05-31 SC023396 d:Buildings 2022-05-31 SC023396 d:Buildings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 SC023396 d:Buildings d:LongLeaseholdAssets 2022-06-01 2023-05-31 SC023396 d:PlantMachinery 2022-06-01 2023-05-31 SC023396 d:PlantMachinery 2023-05-31 SC023396 d:PlantMachinery 2022-05-31 SC023396 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 SC023396 d:MotorVehicles 2022-06-01 2023-05-31 SC023396 d:MotorVehicles 2023-05-31 SC023396 d:MotorVehicles 2022-05-31 SC023396 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 SC023396 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 SC023396 d:CurrentFinancialInstruments 2023-05-31 SC023396 d:CurrentFinancialInstruments 2022-05-31 SC023396 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 SC023396 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 SC023396 d:ShareCapital 2023-05-31 SC023396 d:ShareCapital 2022-05-31 SC023396 d:RevaluationReserve 2023-05-31 SC023396 d:RevaluationReserve 2022-05-31 SC023396 d:RetainedEarningsAccumulatedLosses 2023-05-31 SC023396 d:RetainedEarningsAccumulatedLosses 2022-05-31 SC023396 c:OrdinaryShareClass1 2022-06-01 2023-05-31 SC023396 c:OrdinaryShareClass1 2023-05-31 SC023396 c:OrdinaryShareClass1 2022-05-31 SC023396 c:FRS102 2022-06-01 2023-05-31 SC023396 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 SC023396 c:FullAccounts 2022-06-01 2023-05-31 SC023396 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC023396 4 2022-06-01 2023-05-31 SC023396 5 2022-06-01 2023-05-31 SC023396 6 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC023396










INVERARITY FARMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

 
INVERARITY FARMS LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mr J A Inverarity (resigned 25 July 2023)
Miss C M Inverarity 
Mr G A Inverarity (appointed 1 January 2024)




COMPANY SECRETARY
Ms A J Inverarity



REGISTERED NUMBER
SC023396



REGISTERED OFFICE
Cransley
Fowlis

Dundee

DD2 5NP





 
INVERARITY FARMS LIMITED
REGISTERED NUMBER: SC023396

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
£
£

FIXED ASSETS
  

Tangible assets
 4 
4,813,194
4,885,142

Investments
 5 
1,225
2,324,173

  
4,814,419
7,209,315

CURRENT ASSETS
  

Stocks
  
422,906
298,009

Debtors: amounts falling due within one year
 6 
244,581
221,427

Cash at bank and in hand
  
1,738,675
3,508,451

  
2,406,162
4,027,887

Creditors: amounts falling due within one year
 7 
(78,752)
(302,749)

NET CURRENT ASSETS
  
 
 
2,327,410
 
 
3,725,138

TOTAL ASSETS LESS CURRENT LIABILITIES
  
7,141,829
10,934,453

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(222,543)
-

  
 
 
(222,543)
 
 
-

NET ASSETS
  
6,919,286
10,934,453


CAPITAL AND RESERVES
  

Called up share capital 
 8 
20,000
20,000

Revaluation reserve
  
851,093
851,093

Profit and loss account
  
6,048,193
10,063,360

  
6,919,286
10,934,453


Page 1

 
INVERARITY FARMS LIMITED
REGISTERED NUMBER: SC023396

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 February 2024.



Miss C M Inverarity
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


GENERAL INFORMATION

Inverarity Farms Limited is a private company, limited by shares, domiciled in Scotland, registration number SC023396. The registered office is Cransley, Fowlis, Dundee, DD2 5NP.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Heritable property
-
Not depreciated
Poultry buildings
-
6.66% straight line
Plant and machinery
-
10% - 33.3% straight line
Motor vehicles
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

REVALUATION OF TANGIBLE FIXED ASSETS

As permitted by the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective January 2015) the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 2 December 1987 and will not update that valuation.

 
2.7

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.10

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 June 2022
4,837,488
1,053,447
99,335
5,990,270


Additions
-
95,800
-
95,800


Disposals
-
(63,475)
-
(63,475)



At 31 May 2023

4,837,488
1,085,772
99,335
6,022,595



DEPRECIATION


At 1 June 2022
451,599
565,943
87,586
1,105,128


Charge for the year on owned assets
23,490
123,482
8,895
155,867


Disposals
-
(51,594)
-
(51,594)



At 31 May 2023

475,089
637,831
96,481
1,209,401



NET BOOK VALUE



At 31 May 2023
4,362,399
447,941
2,854
4,813,194



At 31 May 2022
4,385,889
487,504
11,749
4,885,142

Page 6

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


FIXED ASSET INVESTMENTS





Listed Investments
Unlisted Investments
Total

£
£
£



COST OR VALUATION


At 1 June 2022
2,322,948
1,225
2,324,173


Additions
386,952
-
386,952


Disposals
(2,358,587)
-
(2,358,587)


Revaluations
(351,313)
-
(351,313)



At 31 May 2023
-
1,225
1,225





6.


DEBTORS

2023
2022
£
£


Trade debtors
176,319
107,716

Other debtors
45,384
50,863

Prepayments and accrued income
22,878
12,715

Deferred taxation
-
50,133

244,581
221,427



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
62,918
51,712

Other creditors
15,834
251,037

78,752
302,749



8.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



20,000 (2022 - 20,000) Ordinary shares of £1.00 each
20,000
20,000



Page 7