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W D SIMPSON & SONS (HIGHFIELD) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023






W D SIMPSON & SONS (HIGHFIELD) LIMITED (REGISTERED NUMBER: SC032278)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

W D SIMPSON & SONS (HIGHFIELD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: T J Simpson
Mrs V J Russell





REGISTERED OFFICE: Highfield
North Berwick
East Lothian
EH39 5JG





REGISTERED NUMBER: SC032278 (Scotland)





ACCOUNTANTS: JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL

W D SIMPSON & SONS (HIGHFIELD) LIMITED (REGISTERED NUMBER: SC032278)

BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 889,469 904,240

CURRENT ASSETS
Stocks 101,040 72,550
Debtors 5 301,105 130,939
Cash at bank 154,372 286,017
556,517 489,506
CREDITORS
Amounts falling due within one year 6 901,743 923,510
NET CURRENT LIABILITIES (345,226 ) (434,004 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

544,243

470,236

CAPITAL AND RESERVES
Called up share capital 1,698 1,698
Share premium 779,469 779,469
Capital redemption reserve 83 83
Retained earnings (237,007 ) (311,014 )
SHAREHOLDERS' FUNDS 544,243 470,236

W D SIMPSON & SONS (HIGHFIELD) LIMITED (REGISTERED NUMBER: SC032278)

BALANCE SHEET - continued
31ST MAY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th March 2024 and were signed on its behalf by:




T J Simpson - Director



Mrs V J Russell - Director


W D SIMPSON & SONS (HIGHFIELD) LIMITED (REGISTERED NUMBER: SC032278)

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

1. STATUTORY INFORMATION

W D Simpson & Sons (Highfield) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have considered the potential impact of ongoing worldwide events on the business and are satisfied that the Company has sufficient cash reserves to meet all financial obligations for the foreseeable future. The Accounts have therefore been prepared on the going concern basis.

Turnover
The company trades in arable farming. Turnover represents the value, net of value added tax and discounts, of work carried out in respect of services and goods provided to customers. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Tenants improvements - 10% on cost
Implements, motor vehicles, tractors &
equipment

-

25% on reducing balance
Other assets - not provided

Depreciation is not provided on buildings as it is considered immaterial. The value of the property is considered by the directors to be maintained by repairs charged to the profit and loss account as incurred.

Stocks
Stock is valued at the estimated cost of production, cost or market value, whichever is the lower.

W D SIMPSON & SONS (HIGHFIELD) LIMITED (REGISTERED NUMBER: SC032278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Agricultural subsidies
Agricultural subsidies are accounted for in the period in which they are receivable.

W D SIMPSON & SONS (HIGHFIELD) LIMITED (REGISTERED NUMBER: SC032278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Implements,
motor
vehicles,
Freehold Tenants tractors Other
property improvements & equipment assets Totals
£    £    £    £    £   
COST
At 1st June 2022 117,980 905,918 902,483 454 1,926,835
Additions - 11,822 22,018 - 33,840
Disposals - - (41,940 ) - (41,940 )
At 31st May 2023 117,980 917,740 882,561 454 1,918,735
DEPRECIATION
At 1st June 2022 - 258,497 764,098 - 1,022,595
Charge for year - 8,454 40,157 - 48,611
Eliminated on disposal - - (41,940 ) - (41,940 )
At 31st May 2023 - 266,951 762,315 - 1,029,266
NET BOOK VALUE
At 31st May 2023 117,980 650,789 120,246 454 889,469
At 31st May 2022 117,980 647,421 138,385 454 904,240

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 71,799 13,225
Other debtors 229,306 117,714
301,105 130,939

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 40,475 69,787
Taxation and social security 27,124 639
Other creditors 834,144 853,084
901,743 923,510

W D SIMPSON & SONS (HIGHFIELD) LIMITED (REGISTERED NUMBER: SC032278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

7. SECURED DEBTS

Bank borrowing is secured by a standard security held over the company's heritable property at Rockville Farm, a bond and floating charge over the whole of the company's property, and a director's guarantee for £50,000 by W. I. Simpson (Deceased).

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st May 2023 and 31st May 2022:

2023 2022
£    £   
Mrs V J Russell
Balance outstanding at start of year 86,812 -
Amounts advanced 166,112 86,812
Amounts repaid (90,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 162,924 86,812

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
W D SIMPSON & SONS (HIGHFIELD) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W D Simpson & Sons (Highfield) Limited for the year ended 31st May 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of W D Simpson & Sons (Highfield) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of W D Simpson & Sons (Highfield) Limited and state those matters that we have agreed to state to the Board of Directors of W D Simpson & Sons (Highfield) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that W D Simpson & Sons (Highfield) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of W D Simpson & Sons (Highfield) Limited. You consider that W D Simpson & Sons (Highfield) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of W D Simpson & Sons (Highfield) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL


25th March 2024