Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr T A Sands 24/12/2002 20 March 2024 The principal activity of the company during the financial year continued to be that of sheep and cattle farming, as well as animal husbandry. SC241624 2023-03-31 SC241624 bus:Director1 2023-03-31 SC241624 2022-03-31 SC241624 core:CurrentFinancialInstruments 2023-03-31 SC241624 core:CurrentFinancialInstruments 2022-03-31 SC241624 core:Non-currentFinancialInstruments 2023-03-31 SC241624 core:Non-currentFinancialInstruments 2022-03-31 SC241624 core:ShareCapital 2023-03-31 SC241624 core:ShareCapital 2022-03-31 SC241624 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC241624 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC241624 core:PlantMachinery 2022-03-31 SC241624 core:Vehicles 2022-03-31 SC241624 core:ComputerEquipment 2022-03-31 SC241624 core:PlantMachinery 2023-03-31 SC241624 core:Vehicles 2023-03-31 SC241624 core:ComputerEquipment 2023-03-31 SC241624 core:BearerBiologicalAssetClass1 2022-03-31 SC241624 core:BearerBiologicalAssetClass1 2023-03-31 SC241624 5 2023-03-31 SC241624 5 2022-03-31 SC241624 6 2023-03-31 SC241624 6 2022-03-31 SC241624 bus:OrdinaryShareClass1 2023-03-31 SC241624 2022-04-01 2023-03-31 SC241624 bus:FullAccounts 2022-04-01 2023-03-31 SC241624 bus:SmallEntities 2022-04-01 2023-03-31 SC241624 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC241624 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC241624 bus:Director1 2022-04-01 2023-03-31 SC241624 core:PlantMachinery 2022-04-01 2023-03-31 SC241624 core:Vehicles 2022-04-01 2023-03-31 SC241624 core:ComputerEquipment 2022-04-01 2023-03-31 SC241624 2021-04-01 2022-03-31 SC241624 core:BearerBiologicalAssetClass1 2022-04-01 2023-03-31 SC241624 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC241624 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC241624 (Scotland)

THOMAS A. SANDS LIMITED

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

THOMAS A. SANDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

THOMAS A. SANDS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
THOMAS A. SANDS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 39,532 17,548
Biological assets 4 8,845 8,505
48,377 26,053
Current assets
Stocks 5, 6 106,249 111,934
Debtors 7 6,419 6,064
Cash at bank and in hand 5,575 5,981
118,243 123,979
Creditors: amounts falling due within one year 8 ( 15,465) ( 24,343)
Net current assets 102,778 99,636
Total assets less current liabilities 151,155 125,689
Creditors: amounts falling due after more than one year 9 ( 6,242) 0
Provision for liabilities 10 ( 8,207) ( 4,387)
Net assets 136,706 121,302
Capital and reserves
Called-up share capital 11 100 100
Profit and loss account 136,606 121,202
Total shareholders' funds 136,706 121,302

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.

Director's responsibilities:

The financial statements of Thomas A. Sands Limited (registered number: SC241624) were approved and authorised for issue by the Director on 20 March 2024. They were signed on its behalf by:

Mr T A Sands
Director
THOMAS A. SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
THOMAS A. SANDS 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

Thomas A. Sands 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 Southfield, Abemyte, Inchture, PH14 9RB, Scotland, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 25 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 15 % 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.

Biological assets

The company breeds sheep for its own use as well as selling sheep and cattle.

In accordance with FRS102(1A), these assets are defined as biological assets. The sheep herd is held at cost while sheep and cattle for resale are held at fair value less costs to sell. Any changes in fair value are recognised in the profit and loss account.

In determining fair value, the company has considered the active market in its present location and condition and the quoted price in that market. Where an active market does not exist, the most recent market transaction price, market price for similar assets and sector benchmarks have been considered.

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.

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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

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 cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 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, bank loans, loans from fellow group companies 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.

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 subsidies of a revenue nature are credited to the profit and loss account in the period to which they relate.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

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

3. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 115,728 18,394 0 134,122
Additions 425 30,179 221 30,825
Disposals 0 ( 18,394) 0 ( 18,394)
At 31 March 2023 116,153 30,179 221 146,553
Accumulated depreciation
At 01 April 2022 100,635 15,939 0 116,574
Charge for the financial year 3,841 2,924 30 6,795
Disposals 0 ( 16,348) 0 ( 16,348)
At 31 March 2023 104,476 2,515 30 107,021
Net book value
At 31 March 2023 11,677 27,664 191 39,532
At 31 March 2022 15,093 2,455 0 17,548

4. Biological assets

2023
£
Biological assets at cost 8,845

Assets held at cost:

Sheep Total
£ £
Cost
At 01 April 2022 8,505 8,505
Increase due to purchases/ transfers in 340 340
At 31 March 2023 8,845 8,845
Net book value
At 31 March 2023 8,845 8,845
At 31 March 2022 8,505 8,505

5. Stocks

2023 2022
£ £
Livestock 97,129 102,992
Crops 9,120 8,942
106,249 111,934

6. Current biological assets

Assets held at fair value:

Cattle Sheep Total
£ £ £
Valuation
At 01 April 2022 63,432 39,560 102,992
Increase due to purchases/ transfers in 60,445 1,727 62,172
Decrease attributable to sales/ transfers out (63,432) (19,260) (82,692)
Changes in FV less estimate costs to sell (716) (827) (1,543)
Other changes 0 16,200 16,200
Fair value at 31 March 2023 59,729 37,400 97,129

Assets held at cost:

Forage Total
£ £
Cost
At 01 April 2022 8,942 8,942
Increase due to purchases/ transfers in 178 178
At 31 March 2023 9,120 9,120

7. Debtors

2023 2022
£ £
Other debtors 6,419 6,064

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,946 8,791
Taxation and social security 41 5,404
Obligations under finance leases and hire purchase contracts (secured) 3,115 0
Other creditors 10,363 10,148
15,465 24,343

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 6,242 0

10. Provision for liabilities

2023 2022
£ £
Deferred tax 8,207 4,387

11. Called-up share capital

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

12. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due to Key Management Personnel 6,115 7,114

These loans are unsecured, interest free and have no fixed repayment terms.