Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30true2022-07-01falseNo description of principal activity45trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC030824 2022-07-01 2023-06-30 SC030824 2021-07-01 2022-06-30 SC030824 2023-06-30 SC030824 2022-06-30 SC030824 c:CompanySecretary1 2022-07-01 2023-06-30 SC030824 c:Director3 2022-07-01 2023-06-30 SC030824 c:Director4 2022-07-01 2023-06-30 SC030824 c:RegisteredOffice 2022-07-01 2023-06-30 SC030824 d:Buildings 2022-07-01 2023-06-30 SC030824 d:Buildings 2023-06-30 SC030824 d:Buildings 2022-06-30 SC030824 d:Buildings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 SC030824 d:PlantMachinery 2022-07-01 2023-06-30 SC030824 d:PlantMachinery 2023-06-30 SC030824 d:PlantMachinery 2022-06-30 SC030824 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 SC030824 d:MotorVehicles 2022-07-01 2023-06-30 SC030824 d:MotorVehicles 2023-06-30 SC030824 d:MotorVehicles 2022-06-30 SC030824 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 SC030824 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 SC030824 d:CurrentFinancialInstruments 2023-06-30 SC030824 d:CurrentFinancialInstruments 2022-06-30 SC030824 d:Non-currentFinancialInstruments 2023-06-30 SC030824 d:Non-currentFinancialInstruments 2022-06-30 SC030824 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 SC030824 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 SC030824 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 SC030824 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 SC030824 d:ShareCapital 2023-06-30 SC030824 d:ShareCapital 2022-06-30 SC030824 d:RetainedEarningsAccumulatedLosses 2023-06-30 SC030824 d:RetainedEarningsAccumulatedLosses 2022-06-30 SC030824 c:OrdinaryShareClass1 2022-07-01 2023-06-30 SC030824 c:OrdinaryShareClass1 2023-06-30 SC030824 c:OrdinaryShareClass1 2022-06-30 SC030824 c:FRS102 2022-07-01 2023-06-30 SC030824 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 SC030824 c:FullAccounts 2022-07-01 2023-06-30 SC030824 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC030824 6 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC030824










FIMM FARMING COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

 
FIMM FARMING COMPANY LIMITED
 

COMPANY INFORMATION


DIRECTORS
Michael J McDiarmid 
Katrina J McDiarmid 




COMPANY SECRETARY
Michael J McDiarmid



REGISTERED NUMBER
SC030824



REGISTERED OFFICE
Westby
64 West High Street

Forfar

Angus

DD8 1BJ




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
FIMM FARMING COMPANY LIMITED
REGISTERED NUMBER: SC030824

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
1,778,418
1,718,031

Investments
 5 
1
1

  
1,778,419
1,718,032

CURRENT ASSETS
  

Stocks & work in progress
  
110,939
97,931

Debtors: amounts falling due within one year
 6 
877,236
899,156

Bank & cash balances
  
-
17

  
988,175
997,104

Creditors: amounts falling due within one year
 7 
(578,975)
(528,243)

NET CURRENT ASSETS
  
 
 
409,200
 
 
468,861

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,187,619
2,186,893

Creditors: amounts falling due after more than one year
 8 
(816,024)
(866,154)

PROVISIONS FOR LIABILITIES
  

Deferred Tax
  
(175,597)
(127,125)

  
 
 
(175,597)
 
 
(127,125)

NET ASSETS
  
1,195,998
1,193,614


CAPITAL AND RESERVES
  

Called up share capital 
 9 
12,000
12,000

Profit and loss account
  
1,183,998
1,181,614

  
1,195,998
1,193,614


Page 1

 
FIMM FARMING COMPANY LIMITED
REGISTERED NUMBER: SC030824

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 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 28 March 2024.




Michael J McDiarmid
Director

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

Page 2

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


GENERAL INFORMATION

FIMM Farming Company Limited is a private company, limited by shares, incorporated in Scotland with the registration number SC030824. The registered office is Westby, 64 West High Street, Forfar, Angus, DD8 1BJ.  The principal trading address is Castle Menzies Farm, Aberfeldy, Perthshire, PH15 2JD.

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.

 
2.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5%
reducing balance
Motor vehicles
-
12.5%
reducing balance

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.

In accordance with paragraph 35.10 (d) of FRS102, the company has elected to use a previous revaluation as deemed cost for land and buildings.  As assets are sold, as appropriate transfer will be made from the revaluation reserve to the profit and loss reserve.
No depreciation has been charged since transition to FRS102, as the directors are of the opinion that the residual value is not materially lower than the fair value at that date.

 
2.5

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.

 
2.7

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.

Page 4

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2022 - 5).


4.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 July 2022
1,301,246
855,675
33,287
2,190,208


Additions
-
102,500
24,573
127,073


Disposals
-
(50,000)
-
(50,000)



At 30 June 2023

1,301,246
908,175
57,860
2,267,281



DEPRECIATION


At 1 July 2022
-
461,189
10,988
472,177


Charge for the year on owned assets
-
47,674
5,859
53,533


Disposals
-
(36,847)
-
(36,847)



At 30 June 2023

-
472,016
16,847
488,863



NET BOOK VALUE



At 30 June 2023
1,301,246
436,159
41,013
1,778,418



At 30 June 2022
1,301,246
394,486
22,299
1,718,031

Page 5

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


FIXED ASSET INVESTMENTS





Investments in Subsidiary Companies

£



COST OR VALUATION


At 1 July 2022
1



At 30 June 2023
1






NET BOOK VALUE



At 30 June 2023
1



At 30 June 2022
1


6.


DEBTORS

2023
2022
£
£


Trade debtors
184,978
138,964

Amounts owed by group undertakings
692,258
760,192

877,236
899,156



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
320,498
295,854

Bank loans
67,798
72,817

Other loans
-
15,000

Trade creditors
78,448
41,924

Other taxation and social security
11,287
24,530

Obligations under finance lease and hire purchase contracts
66,468
64,117

Other creditors
34,476
14,001

578,975
528,243


Secured loans
The company has granted security of £454,764 (2022 - £432,788) for the above creditors.

Page 6

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
715,411
778,190

Net obligations under finance leases and hire purchase contracts
100,613
87,964

816,024
866,154


Secured loans
The company has granted security of £816,024 (2022 - £866,154) for the above creditors.


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



12,000 (2022 - 12,000) Ordinary shares of £1.00 each
12,000
12,000



Page 7