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Company registration number: SC576640
Allarburn Group Limited
Unaudited filleted abridged financial statements
31 October 2023
Allarburn Group Limited
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
Allarburn Group Limited
Directors and other information
Director Miss Hilary Anderson
Company number SC576640
Registered office Allarburn Farm Shop
Edgar Road
Elgin
Moray
IV30 6XQ
Allarburn Group Limited
Abridged statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 707,619 723,781
Investments 5 1,488,853 1,488,853
_______ _______
2,196,472 2,212,634
Current assets
Cash at bank and in hand 162 176
_______ _______
162 176
Creditors: amounts falling due
within one year ( 18,113) ( 17,933)
_______ _______
Net current liabilities ( 17,951) ( 17,757)
_______ _______
Total assets less current liabilities 2,178,521 2,194,877
_______ _______
Net assets 2,178,521 2,194,877
_______ _______
Capital and reserves
Called up share capital 1,829,972 1,829,972
Profit and loss account 348,549 364,905
_______ _______
Shareholders funds 2,178,521 2,194,877
_______ _______
For the year ending 31 October 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 abridged income statement has not been delivered.
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the current year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Miss Hilary Anderson
Director
Company registration number: SC576640
Allarburn Group Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Allarburn Farm Shop, Edgar Road, Elgin, Moray, IV30 6XQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
£
Cost
At 1 November 2022 and 31 October 2023 808,096
_______
Depreciation
At 1 November 2022 84,315
Charge for the year 16,162
_______
At 31 October 2023 100,477
_______
Carrying amount
At 31 October 2023 707,619
_______
At 31 October 2022 723,781
_______
5. Investments
£
Cost
At 1 November 2022 and 31 October 2023 2,294,962
_______
Impairment
At 1 November 2022 and 31 October 2023 806,109
_______
Carrying amount
At 31 October 2023 1,488,853
_______
At 31 October 2022 1,488,853
_______
6. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
Miss Hilary Anderson 324 324
_______ _______
7. Related party transactions
At year end Allarburn Group Ltd, the parent company of Allarburn Farm Dairy Ltd, owed the company a balance of £17,789 (previous year: £17,609).