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REGISTERED NUMBER: SC237983 (Scotland)











































R & A Wilson Limited

Unaudited Financial Statements

for the Year Ended 31st October 2023






R & A Wilson Limited (Registered number: SC237983)






Contents of the Financial Statements
for the year ended 31st October 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 8


R & A Wilson Limited

Company Information
for the year ended 31st October 2023







Directors: A C M Wilson
Mrs R E Wilson
Mrs S E M Williams





Secretary: A C M Wilson





Registered office: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





Business address: Clackmae
Earlston
Berwickshire
TD4 6AJ





Registered number: SC237983 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

R & A Wilson Limited (Registered number: SC237983)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 1,624,454 1,508,226
1,624,454 1,508,226

Current assets
Stocks 1,250,098 1,243,573
Debtors 6 241,015 215,147
Investments 7 200 200
Cash at bank 680 -
1,491,993 1,458,920
Creditors
Amounts falling due within one year 8 1,605,061 1,610,861
Net current liabilities (113,068 ) (151,941 )
Total assets less current liabilities 1,511,386 1,356,285

Creditors
Amounts falling due after more than one
year

9

(727,316

)

(740,074

)

Provisions for liabilities (231,762 ) (191,308 )
Net assets 552,308 424,903

Capital and reserves
Called up share capital 100 100
Retained earnings 552,208 424,803
Shareholders' funds 552,308 424,903

R & A Wilson Limited (Registered number: SC237983)

Balance Sheet - continued
31st October 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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 Statement of income and retained earnings has not been delivered.

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





A C M Wilson - Director


R & A Wilson Limited (Registered number: SC237983)

Notes to the Financial Statements
for the year ended 31st October 2023

1. Statutory information

R & A Wilson 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been fully amortised over its estimated useful life of ten years.

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.
Robotic milking equipment - 10% on cost
Land - not provided
Property improvements - 5% on cost and 4% on cost
Plant and machinery - 15% on reducing balance
Tractors - 20% on reducing balance and Nil
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value by the directors with the exception of the animals on herd basis. 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 growing crops to completion and finishing the livestock.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, bank loans and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the Statement of Income and Retained Earnings.

R & A Wilson Limited (Registered number: SC237983)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

2. Accounting policies - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Investments
Current asset investments are stated at the lower of cost and net realisable value.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

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 minimum period of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 7 (2022 - 6 ) .

R & A Wilson Limited (Registered number: SC237983)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

4. Intangible fixed assets
Basic
payment
scheme
Goodwill entitlements Totals
£    £    £   
Cost
At 1st November 2022
and 31st October 2023 71,200 2,645 73,845
Amortisation
At 1st November 2022
and 31st October 2023 71,200 2,645 73,845
Net book value
At 31st October 2023 - - -
At 31st October 2022 - - -

5. Tangible fixed assets
Robotic
milking Property Plant and
equipment Land improvements machinery
£    £    £    £   
Cost
At 1st November 2022 476,108 280,079 1,122,693 517,803
Additions - - 19,857 72,225
Disposals - - - (11,700 )
At 31st October 2023 476,108 280,079 1,142,550 578,328
Depreciation
At 1st November 2022 405,825 - 401,749 292,426
Charge for year 20,596 - 53,176 38,871
Eliminated on disposal - - - (5,750 )
At 31st October 2023 426,421 - 454,925 325,547
Net book value
At 31st October 2023 49,687 280,079 687,625 252,781
At 31st October 2022 70,283 280,079 720,944 225,377

R & A Wilson Limited (Registered number: SC237983)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

5. Tangible fixed assets - continued

Motor Office
Tractors vehicles equipment Totals
£    £    £    £   
Cost
At 1st November 2022 393,932 39,988 21,665 2,852,268
Additions 244,500 - 391 336,973
Disposals (174,687 ) - - (186,387 )
At 31st October 2023 463,745 39,988 22,056 3,002,854
Depreciation
At 1st November 2022 201,289 23,037 19,716 1,344,042
Charge for year 38,404 1,863 748 153,658
Eliminated on disposal (113,550 ) - - (119,300 )
At 31st October 2023 126,143 24,900 20,464 1,378,400
Net book value
At 31st October 2023 337,602 15,088 1,592 1,624,454
At 31st October 2022 192,643 16,951 1,949 1,508,226

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 184,241 191,825
Other debtors 56,774 23,322
241,015 215,147

7. Current asset investments
2023 2022
£    £   
Unlisted investments 200 200

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 781,879 751,928
Hire purchase contracts 88,398 98,939
Trade creditors 359,250 351,571
Taxation and social security 39,732 46,938
Other creditors 335,802 361,485
1,605,061 1,610,861

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 577,281 695,769
Hire purchase contracts 150,035 44,305
727,316 740,074

R & A Wilson Limited (Registered number: SC237983)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

9. Creditors: amounts falling due after more than one year - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after five years 157,852 207,882

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 663,391 639,031
Bank loans 695,769 808,666
Hire purchase contracts 238,433 143,244
1,597,593 1,590,941

The Clydesdale Bank PLC hold a floating charge over all the assets of the company together with a personal guarantee of £1,450,000 from Mr ACM and Mrs RE Wilson, the directors of the company. A standard security is also held over 58 acres of land at Chapel-on-Leader.

Hire purchase contracts are secured against the assets to which they relate.

11. Post balance sheet events

Since the year end, on 29th February 2024, an interim dividend for the year ending 31st October 2024 of £560 per share has been declared.