Silverfin false false 31/03/2024 01/04/2023 31/03/2024 James Thomas Anderson 26/03/2013 John Clarke Anderson 26/03/2013 Kathryn Anderson 24/03/2017 Margaret Dickie Wilson Anderson 26/03/2013 30 July 2024 The principal activity of the Company during the financial year was that of farming. SC446038 2024-03-31 SC446038 bus:Director1 2024-03-31 SC446038 bus:Director2 2024-03-31 SC446038 bus:Director3 2024-03-31 SC446038 bus:Director4 2024-03-31 SC446038 2023-03-31 SC446038 core:CurrentFinancialInstruments 2024-03-31 SC446038 core:CurrentFinancialInstruments 2023-03-31 SC446038 core:Non-currentFinancialInstruments 2024-03-31 SC446038 core:Non-currentFinancialInstruments 2023-03-31 SC446038 core:ShareCapital 2024-03-31 SC446038 core:ShareCapital 2023-03-31 SC446038 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC446038 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC446038 core:LandBuildings 2023-03-31 SC446038 core:PlantMachinery 2023-03-31 SC446038 core:Vehicles 2023-03-31 SC446038 core:OtherPropertyPlantEquipment 2023-03-31 SC446038 core:LandBuildings 2024-03-31 SC446038 core:PlantMachinery 2024-03-31 SC446038 core:Vehicles 2024-03-31 SC446038 core:OtherPropertyPlantEquipment 2024-03-31 SC446038 5 2024-03-31 SC446038 5 2023-03-31 SC446038 6 2024-03-31 SC446038 6 2023-03-31 SC446038 2022-03-31 SC446038 bus:OrdinaryShareClass1 2024-03-31 SC446038 2023-04-01 2024-03-31 SC446038 bus:FilletedAccounts 2023-04-01 2024-03-31 SC446038 bus:SmallEntities 2023-04-01 2024-03-31 SC446038 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC446038 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC446038 bus:Director1 2023-04-01 2024-03-31 SC446038 bus:Director2 2023-04-01 2024-03-31 SC446038 bus:Director3 2023-04-01 2024-03-31 SC446038 bus:Director4 2023-04-01 2024-03-31 SC446038 core:LandBuildings 2023-04-01 2024-03-31 SC446038 core:PlantMachinery 2023-04-01 2024-03-31 SC446038 core:Vehicles 2023-04-01 2024-03-31 SC446038 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC446038 2022-04-01 2023-03-31 SC446038 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC446038 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC446038 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC446038 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC446038 (Scotland)

MESSRS J & M ANDERSON LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

MESSRS J & M ANDERSON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

MESSRS J & M ANDERSON LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
MESSRS J & M ANDERSON LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,267,584 2,207,299
2,267,584 2,207,299
Current assets
Stocks 4 398,867 311,708
Debtors 5 241,566 167,185
Cash at bank and in hand 120,461 276,393
760,894 755,286
Creditors: amounts falling due within one year 6 ( 563,244) ( 570,554)
Net current assets 197,650 184,732
Total assets less current liabilities 2,465,234 2,392,031
Creditors: amounts falling due after more than one year 7 ( 727,394) ( 908,487)
Provision for liabilities 8, 9 ( 211,673) ( 203,981)
Net assets 1,526,167 1,279,563
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 1,526,067 1,279,463
Total shareholders' funds 1,526,167 1,279,563

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Messrs J & M Anderson Limited (registered number: SC446038) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

James Thomas Anderson
Director
MESSRS J & M ANDERSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
MESSRS J & M ANDERSON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Messrs J & M Anderson Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Newton Of Guthrie, Forfar, DD8 2TQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the supply of livestock and grain net of VAT and trade discounts.

Turnover is recognised on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 % reducing balance
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Other property, plant and equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

The company trades cattle and grows crops to sell the agricultural produce harvested from such plants. In accordance with FRS 102, such cattle and crops are defined as biological assets, The company measures biological assets at costs with cattle and crops included within stock. The biological assets are measured at the lower cost and estimated selling price less costs to complete and sell.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Land and buildings Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2023 1,427,618 1,200,183 20,000 469,929 3,117,730
Additions 0 57,344 0 157,950 215,294
Disposals 0 ( 14,000) 0 ( 84,500) ( 98,500)
At 31 March 2024 1,427,618 1,243,527 20,000 543,379 3,234,524
Accumulated depreciation
At 01 April 2023 37,056 674,879 15,904 182,592 910,431
Charge for the financial year 5,798 81,251 1,024 42,765 130,838
Disposals 0 ( 12,982) 0 ( 61,347) ( 74,329)
At 31 March 2024 42,854 743,148 16,928 164,010 966,940
Net book value
At 31 March 2024 1,384,764 500,379 3,072 379,369 2,267,584
At 31 March 2023 1,390,562 525,304 4,096 287,337 2,207,299

4. Stocks

2024 2023
£ £
Livestock 239,900 178,500
Crops 57,350 72,640
Other stock 101,617 60,568
398,867 311,708

5. Debtors

2024 2023
£ £
Trade debtors 212,860 156,225
Other debtors 28,706 10,960
241,566 167,185

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 32,113 48,433
Taxation and social security 63,942 54,749
Obligations under finance leases and hire purchase contracts (secured) 76,340 49,910
Other creditors 390,849 417,462
563,244 570,554

Obligations under hire purchase contracts amounting to £76,392 (2023 - £49,910) are secured over the related assets.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 690,512 908,487
Obligations under finance leases and hire purchase contracts 36,882 0
727,394 908,487

Bank borrowings are secured over land at East Mains of Guthrie.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 211,673 203,981

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 203,981) ( 204,969)
(Charged)/credited to the Profit and Loss Account ( 7,692) 988
At the end of financial year ( 211,673) ( 203,981)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100