Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31true2023-06-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC371377 2023-06-01 2024-05-31 SC371377 2022-06-01 2023-05-31 SC371377 2024-05-31 SC371377 2023-05-31 SC371377 c:Director1 2023-06-01 2024-05-31 SC371377 c:Director2 2023-06-01 2024-05-31 SC371377 c:RegisteredOffice 2023-06-01 2024-05-31 SC371377 d:PlantMachinery 2023-06-01 2024-05-31 SC371377 d:PlantMachinery 2024-05-31 SC371377 d:PlantMachinery 2023-05-31 SC371377 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC371377 d:CurrentFinancialInstruments 2024-05-31 SC371377 d:CurrentFinancialInstruments 2023-05-31 SC371377 d:Non-currentFinancialInstruments 2024-05-31 SC371377 d:Non-currentFinancialInstruments 2023-05-31 SC371377 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 SC371377 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 SC371377 d:ShareCapital 2024-05-31 SC371377 d:ShareCapital 2023-05-31 SC371377 d:RetainedEarningsAccumulatedLosses 2024-05-31 SC371377 d:RetainedEarningsAccumulatedLosses 2023-05-31 SC371377 c:OrdinaryShareClass1 2023-06-01 2024-05-31 SC371377 c:OrdinaryShareClass1 2024-05-31 SC371377 c:OrdinaryShareClass1 2023-05-31 SC371377 c:OrdinaryShareClass2 2023-06-01 2024-05-31 SC371377 c:OrdinaryShareClass2 2024-05-31 SC371377 c:OrdinaryShareClass2 2023-05-31 SC371377 c:OrdinaryShareClass3 2023-06-01 2024-05-31 SC371377 c:OrdinaryShareClass3 2024-05-31 SC371377 c:OrdinaryShareClass3 2023-05-31 SC371377 c:OrdinaryShareClass4 2023-06-01 2024-05-31 SC371377 c:OrdinaryShareClass4 2024-05-31 SC371377 c:OrdinaryShareClass4 2023-05-31 SC371377 c:FRS102 2023-06-01 2024-05-31 SC371377 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC371377 c:FullAccounts 2023-06-01 2024-05-31 SC371377 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC371377 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC371377










LETHAM FARM FIFE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 
LETHAM FARM FIFE LIMITED
 

COMPANY INFORMATION


Directors
Mr A B Peddie 
Mrs J Peddie 




Registered number
SC371377



Registered office
Letham Farm

Leven

Fife

KY8 5NN




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
LETHAM FARM FIFE LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LETHAM FARM FIFE LIMITED
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Letham Farm Fife Limited for the year ended 31 May 2024 which comprise  the Statement of Financial Position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Letham Farm Fife Limited, as a body, in accordance with the terms of our engagement letter dated 22 February 2024Our work has been undertaken solely to prepare for your approval the financial statements of Letham Farm Fife Limited and state those matters that we have agreed to state to the Board of Directors of Letham Farm Fife Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Letham Farm Fife Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Letham Farm Fife Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Letham Farm Fife Limited. You consider that Letham Farm Fife Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Letham Farm Fife Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



EQ Accountants Limited
 
Chartered Accountants
  
14 City Quay
Dundee
DD1 3JA
30 July 2024
Page 1

 
LETHAM FARM FIFE LIMITED
REGISTERED NUMBER: SC371377

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2024
2023
2023
£
£
£
£

FIXED ASSETS
  

Tangible assets
 4 
99,230
107,037

  
99,230
107,037

CURRENT ASSETS
  

Debtors
 5 
612,956
575,365

Cash at bank and in hand
  
57,905
30,495

  
670,861
605,860

Creditors: amounts falling due within one year
 6 
(112,329)
(103,804)

NET CURRENT ASSETS
  
 
 
558,532
 
 
502,056

TOTAL ASSETS LESS CURRENT LIABILITIES
  
657,762
609,093

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(24,808)
(26,759)

  
 
 
(24,808)
 
 
(26,759)

NET ASSETS
  
632,954
582,334


CAPITAL AND RESERVES
  

Called up share capital 
 7 
10,000
10,000

Profit and loss account
  
622,954
572,334

  
632,954
582,334


Page 2

 
LETHAM FARM FIFE LIMITED
REGISTERED NUMBER: SC371377

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2024.




Mr A B Peddie
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
LETHAM FARM FIFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Letham Farm Fife Limited is a private company, limited by shares, incorporated in Scotland with registration number SC371377. The registered office is Letham Farm, Leven, Fife,  KY8 5NN.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Turnover

The company's business is farming through participation in the farming partnership of                        A B Peddie (Letham). Turnover comprises of the company's share of partnership profits and losses for each year. Additional income is generated by hire of machinery. 

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
LETHAM FARM FIFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
LETHAM FARM FIFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Plant and machinery

£



COST OR VALUATION


At 1 June 2023
386,347


Additions
17,000



At 31 May 2024

403,347



DEPRECIATION


At 1 June 2023
279,310


Charge for the year on owned assets
24,807



At 31 May 2024

304,117



NET BOOK VALUE



At 31 May 2024
99,230



At 31 May 2023
107,037


5.


Debtors

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Other debtors
500,000
500,000

500,000
500,000

DUE WITHIN ONE YEAR

Other debtors
112,956
75,365

612,956
575,365



6.


Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Other taxation and social security
25,557
19,132

Other creditors
85,172
83,172

Accruals and deferred income
1,600
1,500

112,329
103,804


Page 6

 
LETHAM FARM FIFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Share capital

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



5,100 (2023 - 5,100) Ordinary class A shares shares of £1.00 each
5,100
5,100
3,900 (2023 - 3,900) Ordinary class B shares shares of £1.00 each
3,900
3,900
500 (2023 - 500) Ordinary class C shares shares of £1.00 each
500
500
500 (2023 - 500) Ordinary class D shares shares of £1.00 each
500
500

10,000

10,000



Page 7