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REGISTERED NUMBER: SC055689 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2023

for

Meadowhead Limited

Meadowhead Limited (Registered number: SC055689)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Statement of Financial Position 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 14


Meadowhead Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Sir E B Greenwell
Mrs J H Trotter M.B.E
H P Trotter
R J Trotter
Mrs C M Trotter





SECRETARY: S J Currie





REGISTERED OFFICE: Charterhall
Duns
Berwickshire
TD11 3RE





REGISTERED NUMBER: SC055689 (Scotland)





AUDITORS: Sumer Auditco Limited (Statutory Auditor)
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Meadowhead Limited (Registered number: SC055689)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
The principal activities and core business objectives of the company in the year under review were that of arable farming, selling caravans, operating bars, restaurants, coffee, food, shops, holiday sales and the operation of caravan and camping holiday parks.There have been no significant changes in the principal activities of the company during the year, and at the date of this report, the directors are not aware of any likely major changes to activities in the coming year.

As shown in the profit & loss account, the turnover for the year has increased by 7.2%. Expenses overall have increased during the year, therefore there is a decreased net profit of £1,946,541 (2022: £2,045,272).

The balance sheet shows that the company's financial position at the year end has improved in terms of shareholders' funds.

In the opinion of the directors the market value of land and buildings is in excess of the book value of £8,374,636.

Key performance indicators are:

2023 2022
Gross profit percentage 82.02% 78.71%
Net profit percentage 23.36% 26.32%




PRINCIPAL RISKS AND UNCERTAINTIES
There is continued uncertainty due to geopolitical changes with their resulting impacts on commodity prices, inflation and labour markets however demand appears to be normalising and future profits remain anticipated.

ON BEHALF OF THE BOARD:





H P Trotter - Director


30 July 2024

Meadowhead Limited (Registered number: SC055689)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of arable farming, selling caravans, operating bars, restaurants coffee, food, shops, holiday sales and the operation of caravan and camping holiday parks.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Sir E B Greenwell
Mrs J H Trotter M.B.E
H P Trotter
R J Trotter

Other changes in directors holding office are as follows:

Mrs C M Trotter was appointed as a director after 31 October 2023 but prior to the date of this report.

DIRECTORS' INDEMNITY
Appropriate directors' and officers' liability insurance is in place in respect of all of the Company's directors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Meadowhead Limited (Registered number: SC055689)

Report of the Directors
for the Year Ended 31 October 2023


AUDITORS
The auditors, Sumer Auditco Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





H P Trotter - Director


30 July 2024

Report of the Independent Auditors to the Members of
Meadowhead Limited

Opinion
We have audited the financial statements of Meadowhead Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Meadowhead Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Meadowhead Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the relevant laws and regulations and enquired of management whether they were aware of any instances of non-compliance. We corroborated this through review of correspondence with any regulators, reviewed internal incident records and legal expense accounts. We verified the subscription to professional consultants in Health and Safety. We also carried out gross to net pay checks and inspection of a sample of employment contracts.

We assessed the risks of material misstatement in respect of fraud via enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considered the internal controls in place to mitigate risks of fraud. Large capital expenditure is approved by a director via investment planning budgets, which have been reviewed in conjunction with fixed asset additions. Employee verification was undertaken and wage calculations checked for one starter and leaver.


To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions, assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and investigated the rationale behind any significant or unusual transactions.

With regard to identification of material misstatements in relation to fraud, we considered income recognition in line with FRS102, reviewed the appropriateness of the accounting policies selected and reviewed disclosures for completeness and accuracy. We also identified related parties and reviewed related party transactions.

The main factors of the audit process which may affect the likelihood of detection of irregularities includes the element of inherent difficulty always present in detecting irregularities due to fraud, the increase in the inherent difficulty due to remote audit testing and that conclusions on the design and implementation of internal controls focus only on those we have assessed as key controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Meadowhead Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alan Drummond BA CA FMAAT (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited (Statutory Auditor)
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

31 July 2024

Meadowhead Limited (Registered number: SC055689)

Statement of Income and
Retained Earnings
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

REVENUE 8,332,508 7,772,232

Cost of sales 1,497,878 1,654,877
GROSS PROFIT 6,834,630 6,117,355

Administrative expenses 4,932,733 4,059,285
1,901,897 2,058,070

Other operating income - 6,000
OPERATING PROFIT 4 1,901,897 2,064,070

Interest receivable and similar income 65,837 3,867
1,967,734 2,067,937

Interest payable and similar expenses 5 21,193 22,665
PROFIT BEFORE TAXATION 1,946,541 2,045,272

Tax on profit 6 452,567 423,841
PROFIT FOR THE FINANCIAL YEAR 1,493,974 1,621,431

Retained earnings at beginning of year 13,612,188 11,990,757

RETAINED EARNINGS AT END OF
YEAR

15,106,162

13,612,188

Meadowhead Limited (Registered number: SC055689)

Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 7 12,530,082 11,339,146

CURRENT ASSETS
Inventories 8 199,998 507,356
Debtors 9 1,308,658 562,011
Cash at bank and in hand 3,466,827 3,875,525
4,975,483 4,944,892
CREDITORS
Amounts falling due within one year 10 1,533,700 1,708,560
NET CURRENT ASSETS 3,441,783 3,236,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,971,865

14,575,478

CREDITORS
Amounts falling due after more than one
year

11

(99,179

)

(241,766

)

PROVISIONS FOR LIABILITIES 15 (433,500 ) (388,500 )
NET ASSETS 15,439,186 13,945,212

CAPITAL AND RESERVES
Called up share capital 16 133,116 133,116
Share premium 138,201 138,201
Capital redemption reserve 61,707 61,707
Retained earnings 15,106,162 13,612,188
SHAREHOLDERS' FUNDS 15,439,186 13,945,212

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





H P Trotter - Director


Meadowhead Limited (Registered number: SC055689)

Statement of Cash Flows
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,997,392 2,398,435
Interest paid (21,193 ) (22,665 )
Tax paid (587,345 ) (540,859 )
Net cash from operating activities 1,388,854 1,834,911

Cash flows from investing activities
Purchase of tangible fixed assets (1,787,523 ) (597,525 )
Sale of tangible fixed assets 140,502 249,196
Interest received 65,837 3,867
Net cash from investing activities (1,581,184 ) (344,462 )

Cash flows from financing activities
Loan repayments in year (135,499 ) (128,762 )
Amount withdrawn by directors (70,000 ) -
Net cash from financing activities (205,499 ) (128,762 )

(Decrease)/increase in cash and cash equivalents (397,829 ) 1,361,687
Cash and cash equivalents at beginning of
year

2

3,864,656

2,502,969

Cash and cash equivalents at end of year 2 3,466,827 3,864,656

Meadowhead Limited (Registered number: SC055689)

Notes to the Statement of Cash Flows
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.10.23 31.10.22
£    £   
Profit before taxation 1,946,541 2,045,272
Depreciation charges 462,585 401,219
Profit on disposal of fixed assets (6,500 ) (127,859 )
Finance costs 21,193 22,665
Finance income (65,837 ) (3,867 )
2,357,982 2,337,430
Decrease/(increase) in inventories 307,358 (42,218 )
(Increase)/decrease in trade and other debtors (676,647 ) 673,320
Increase/(decrease) in trade and other creditors 8,699 (570,097 )
Cash generated from operations 1,997,392 2,398,435

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 3,466,827 3,875,525
Bank overdrafts - (10,869 )
3,466,827 3,864,656
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 3,875,525 2,623,767
Bank overdrafts (10,869 ) (120,798 )
3,864,656 2,502,969


Meadowhead Limited (Registered number: SC055689)

Notes to the Statement of Cash Flows
for the Year Ended 31 October 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 3,875,525 (408,698 ) 3,466,827
Bank overdrafts (10,869 ) 10,869 -
3,864,656 (397,829 ) 3,466,827
Debt
Debts falling due within 1 year (135,499 ) (7,088 ) (142,587 )
Debts falling due after 1 year (241,766 ) 142,587 (99,179 )
(377,265 ) 135,499 (241,766 )
Total 3,487,391 (262,330 ) 3,225,061

Meadowhead Limited (Registered number: SC055689)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Meadowhead 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents net invoiced sales of goods and services excluding VAT. Income from the sale of goods is recognised once the risks and rewards of ownership have been transferred to the customer. Income from rendering of services is recognised once the outcome of the transaction can be estimated and measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Leasehold property - Percentage on cost
Freehold property - Percentage on cost
Plant & machinery - 25% on cost and Straight line over 5 years
Motor vehicles - 25% on cost and Straight line over 5 years
Caravans & wigwams - 15% on cost and 10% on cost

Land, buildings and developments on leasehold property are depreciated over the shorter of the asset's useful life and the remaining life of the lease unless the lease is on a rolling basis and would then be depreciated over their useful life. Buildings and developments on freehold property are depreciated over their useful life.


Impairment
Where there are indicators of impairment, asset values are compared to the net realisable value. If the net realisable value is less than the carrying amount of the asset then the asset is impaired and written down to the lower figure.

Stocks
Stock is valued at the lower of cost and neat realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stocks to completion.

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 statement of financial position date.


Meadowhead Limited (Registered number: SC055689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 for certain directors and contributes to a group personal pension plan for other employees. Contributions payable for the year are charged to the profit and loss account.


Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like cash and cash equivalents, trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern
The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Meadowhead Limited (Registered number: SC055689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 1,796,951 1,458,802
Social security costs 138,397 108,205
Other pension costs 57,051 43,210
1,992,399 1,610,217

The average number of employees during the year was as follows:
31.10.23 31.10.22

Employees 66 59

31.10.23 31.10.22
£    £   
Directors' remuneration 124,869 151,707
Directors' pension contributions to money purchase schemes 4,000 4,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.23 31.10.22
£    £   
Hire of plant and machinery 50,408 20,713
Depreciation - owned assets 462,585 379,253
Profit on disposal of fixed assets (6,500 ) (127,859 )
Auditors' remuneration 10,630 9,200
Other non- audit services 10,030 8,570

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
£    £   
Bank interest 4,517 -
Mortgage interest 16,676 22,665
21,193 22,665

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 407,567 378,841

Deferred tax charge/(credit) 45,000 45,000
Tax on profit 452,567 423,841

Meadowhead Limited (Registered number: SC055689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. PROPERTY, PLANT AND EQUIPMENT
Leasehold Freehold Plant &
property property machinery
£    £    £   
COST
At 1 November 2022 2,776,616 9,645,571 1,562,520
Additions 1,164,717 19,635 63,341
Disposals - - -
At 31 October 2023 3,941,333 9,665,206 1,625,861
DEPRECIATION
At 1 November 2022 1,315,062 1,194,565 1,377,840
Charge for year 87,713 96,005 65,720
Eliminated on disposal - - -
At 31 October 2023 1,402,775 1,290,570 1,443,560
NET BOOK VALUE
At 31 October 2023 2,538,558 8,374,636 182,301
At 31 October 2022 1,461,554 8,451,006 184,680

Motor Caravans
vehicles & wigwams Totals
£    £    £   
COST
At 1 November 2022 247,360 1,907,057 16,139,124
Additions 67,150 472,680 1,787,523
Disposals - (296,157 ) (296,157 )
At 31 October 2023 314,510 2,083,580 17,630,490
DEPRECIATION
At 1 November 2022 173,011 739,500 4,799,978
Charge for year 23,135 190,012 462,585
Eliminated on disposal - (162,155 ) (162,155 )
At 31 October 2023 196,146 767,357 5,100,408
NET BOOK VALUE
At 31 October 2023 118,364 1,316,223 12,530,082
At 31 October 2022 74,349 1,167,557 11,339,146

Included in cost of land and buildings is freehold land of £ 2,165,683 (2022 - £ 2,165,683 ) which is not depreciated.

Meadowhead Limited (Registered number: SC055689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. PROPERTY, PLANT AND EQUIPMENT - continued

The cost and net book value of land and buildings contained within leasehold property as at 31st October 2023 is split between long leasehold (remaining term greater than 50 years) and short leasehold as follows:


Lease TypeCost Net Book Value
££
Long Leasehold - -
Short Leasehold3,941,333 2,538,557
3,941,3332,538,557

8. INVENTORIES
31.10.23 31.10.22
£    £   
Static caravans & chalets for
resale 59,945 57,442
Shop, spares and sundry items 110,435 102,592
Farming stock 29,618 347,322
199,998 507,356

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 411,578 209,572
Other debtors 52,585 32,980
Nighthawk Partners loan 424,226 -
Directors' current accounts 70,000 -
Prepayments and accrued income 350,269 319,459
1,308,658 562,011

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts (see note 12) 142,587 146,368
Trade creditors 386,576 396,736
Tax 199,063 378,841
Social security and other taxes 38,967 35,541
VAT 108,875 137,540
Other creditors 197,254 166,781
Accrued expenses 460,378 446,753
1,533,700 1,708,560

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans (see note 12) 99,179 241,766

Meadowhead Limited (Registered number: SC055689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

12. LOANS

An analysis of the maturity of loans is given below:

31.10.23 31.10.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 10,869
Bank loans 142,587 135,499
142,587 146,368

Amounts falling due between one and two years:
Bank Loan: 1-2 years 99,179 142,587

Amounts falling due between two and five years:
Bank Loan: 2-5 years - 99,179

The bank loan is repayable by monthly instalments until May 2025 at a 5.09% interest rate.

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/10/22 31/10/21
£ £
Within one year 62,000 60,411
Between 1 and 5 years 143,714 137,360
In more than five years 1,473,064 1,442,276
1,678,778 1,640,047

The operating lease payments for leases expiring in more than 5 years is calculated each year based on a percentage of pitch fees income. Future increases in rent will be charged to the income statement as they are incurred.

14. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank overdraft - 10,869
Bank loans 241,766 377,265
241,766 388,134

The Royal Bank of Scotland plc has been granted a standard security over certain land and buildings together with a bond and floating charge over the assets of the company for any amounts due to them.

Meadowhead Limited (Registered number: SC055689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

15. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax
Accelerated capital allowances 433,500 388,500

Deferred
tax
£   
Balance at 1 November 2022 388,500
Provided during year 45,000
Balance at 31 October 2023 433,500

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
133,116 Ordinary £1 133,116 133,116

17. CAPITAL COMMITMENTS
31.10.23 31.10.22
£    £   
Contracted but not provided for in the
financial statements - 655,858

18. RELATED PARTY DISCLOSURES

Meadowhead Ltd paid rent to Catchelraw Trust during the year amounting to £73,304 (2022: £52,143).

Administration fees of £nil (2022: £15,325) were charged to Meadowhead Ltd by Charterhall Estate. Charterhall Estate is a related party of the directors of Meadowhead Limited.

Administration fees of £20,433 (2022: £10,217) were charged to Meadowhead Ltd by Fogomuir Farm. Fogomuir Farm is a related party of the directors of Meadowhead Limited.

Vehicle charges of £10,575 (2022 : £nil) were charged to Meadowhead Ltd by Charterhall Farm, a related party of the director's of Meadowhead Ltd.

All of the transactions were conducted on commercial terms and within the course of normal business activity.

During the year expenses paid by Meadowhead Limited on behalf of Catchelraw Trust, Charterhall Estate, Charterhall Farm, Fogomuir Farm and Printonan Farm were recharged out, and vice versa. At the year end the outstanding balances were as follows;

Due to/(by) the company as at 31 October 2023:
- Charterhall Farm (£3,319) - (2022: (£8,272))
- Catchelraw Trust (£5,474) - (2022 : (£14,998))
- Charterhall Estate £nil - (2022 : (£19,145))
- Fogomuir Farm (£8,800) - (2022 - (£9,117))
- Printonan Farm £nil - (2022 - (£396))

Meadowhead Limited (Registered number: SC055689)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

19. POST BALANCE SHEET EVENTS

Since the year end, the company has purchased land and buildings to the value of £3.9m.