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COMPANY REGISTRATION NUMBER: SC740295
Cornhills Farm Ltd
Filleted Unaudited Financial Statements
31 August 2023
Cornhills Farm Ltd
Statement of Financial Position
31 August 2023
31 Aug 23
Note
£
£
Fixed assets
Intangible assets
4
3
Tangible assets
5
23,022
--------
23,025
Current assets
Stocks
15,500
Debtors
6
6,358
Cash at bank and in hand
3,799
--------
25,657
Creditors: amounts falling due within one year
7
41,961
--------
Net current liabilities
16,304
--------
Total assets less current liabilities
6,721
-------
Net assets
6,721
-------
Capital and reserves
Called up share capital
100
Profit and loss account
6,621
-------
Shareholders funds
6,721
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cornhills Farm Ltd
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 1 May 2024 , and are signed on behalf of the board by:
James A Waddell
Director
Company registration number: SC740295
Cornhills Farm Ltd
Notes to the Financial Statements
Period from 4 August 2022 to 31 August 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Cornhills Farm, Muttonhole Road, Hamilton, ML3 8RX, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2021. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
10 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Intangible assets
Goodwill
Intellectual property
Business contacts
Total
£
£
£
£
Cost
Additions
1
1
1
3
----
----
----
----
At 31 August 2023
1
1
1
3
----
----
----
----
Amortisation
At 4 August 2022 and 31 August 2023
----
----
----
----
Carrying amount
At 31 August 2023
1
1
1
3
----
----
----
----
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 4 August 2022
Additions
12,710
12,710
Transfers
138
8,720
6,409
15,267
----
-------
--------
-------
--------
At 31 August 2023
138
8,720
12,710
6,409
27,977
----
-------
--------
-------
--------
Depreciation
At 4 August 2022
Charge for the period
28
1,744
2,542
641
4,955
----
-------
--------
-------
--------
At 31 August 2023
28
1,744
2,542
641
4,955
----
-------
--------
-------
--------
Carrying amount
At 31 August 2023
110
6,976
10,168
5,768
23,022
----
-------
--------
-------
--------
6. Debtors
31 Aug 23
£
Trade debtors
1,848
Other debtors
4,510
-------
6,358
-------
7. Creditors: amounts falling due within one year
31 Aug 23
£
Trade creditors
2,575
Corporation tax
813
Other creditors
38,573
--------
41,961
--------
8. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Aug 23
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
James A Waddell
( 12,576)
( 12,576)
Isobel J D Waddell
( 12,576)
( 12,576)
John B Waddell
( 12,171)
( 12,171)
----
--------
--------
( 37,323)
( 37,323)
----
--------
--------
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2021.
No transitional adjustments were required in equity or profit or loss for the period.