Company Registration No. SC243586 (Scotland)
KILMENY FARM LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
KILMENY FARM LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
KILMENY FARM LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
1,535
Tangible assets
5
854,959
800,370
854,959
801,905
Current assets
Stocks
31,740
26,650
Debtors
6
13,950
11,536
Cash at bank and in hand
19,013
36,137
64,703
74,323
Creditors: amounts falling due within one year
7
(47,792)
(13,928)
Net current assets
16,911
60,395
Total assets less current liabilities
871,870
862,300
Creditors: amounts falling due after more than one year
9
(828,948)
(825,569)
Provisions for liabilities
(17,201)
(16,245)
Net assets
25,721
20,486
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
25,621
20,386
Total equity
25,721
20,486

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

KILMENY FARM LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
Blair Rozga
Director
Company registration number SC243586 (Scotland)
KILMENY FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Kilmeny Farm Ltd is a private company limited by shares incorporated in Scotland. The registered office is The Old Surgery, School Road, Tarbert, Argyll, PA29 6UL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Turbine
5% Reducing balance
Land & Buildings
NIL
Tractors & Machinery
20% Reducing balance
Motor Vehicles
25% Reducing balance
Herd stock
NIL

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.

KILMENY FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

 

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Classification of financial liabilities

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 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

KILMENY FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

KILMENY FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 28 February 2024
30,700
Amortisation and impairment
At 1 March 2023
29,165
Amortisation charged for the year
1,535
At 28 February 2024
30,700
Carrying amount
At 28 February 2024
-
0
At 28 February 2023
1,535
KILMENY FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
711,133
190,738
901,871
Additions
43,505
27,943
71,448
At 28 February 2024
754,638
218,681
973,319
Depreciation and impairment
At 1 March 2023
30,554
70,947
101,501
Depreciation charged in the year
1,570
15,289
16,859
At 28 February 2024
32,124
86,236
118,360
Carrying amount
At 28 February 2024
722,514
132,445
854,959
At 28 February 2023
680,579
119,791
800,370
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,889
9,969
Corporation tax recoverable
-
0
902
Other debtors
3,061
665
13,950
11,536
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,401
10,401
Trade creditors
36,767
3,527
Corporation tax
624
-
0
47,792
13,928
KILMENY FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
384,368
390,255
Payable within one year
10,401
10,401
Payable after one year
373,967
379,854

The long-term loans are secured by The Agricultural Mortgage Corporation PLC over Kilmeny Farm, Lower Kilmeny and Conasg. There is also a bond and a floating charge in favour of the Royal Bank of Scotland over the properties.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
373,967
379,854
Loan
95,000
82,000
Other creditors
359,981
363,715
828,948
825,569
2024-02-282023-03-01false07 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityBlair RozgaAntony RozgaMargaret RozgafalsefalseSC2435862023-03-012024-02-28SC2435862024-02-28SC2435862023-02-28SC243586core:NetGoodwill2024-02-28SC243586core:NetGoodwill2023-02-28SC243586core:LandBuildings2024-02-28SC243586core:OtherPropertyPlantEquipment2024-02-28SC243586core:LandBuildings2023-02-28SC243586core:OtherPropertyPlantEquipment2023-02-28SC243586core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-28SC243586core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-28SC243586core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-28SC243586core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-28SC243586core:CurrentFinancialInstruments2024-02-28SC243586core:CurrentFinancialInstruments2023-02-28SC243586core:Non-currentFinancialInstruments2024-02-28SC243586core:Non-currentFinancialInstruments2023-02-28SC243586core:ShareCapital2024-02-28SC243586core:ShareCapital2023-02-28SC243586core:RetainedEarningsAccumulatedLosses2024-02-28SC243586core:RetainedEarningsAccumulatedLosses2023-02-28SC243586bus:Director12023-03-012024-02-28SC243586core:Goodwill2023-03-012024-02-28SC243586core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-012024-02-28SC243586core:LeaseholdImprovements2023-03-012024-02-28SC243586core:PlantMachinery2023-03-012024-02-28SC243586core:FurnitureFittings2023-03-012024-02-28SC243586core:MotorVehicles2023-03-012024-02-28SC2435862022-03-012023-02-28SC243586core:NetGoodwill2023-02-28SC243586core:NetGoodwill2023-03-012024-02-28SC243586core:LandBuildings2023-02-28SC243586core:OtherPropertyPlantEquipment2023-02-28SC2435862023-02-28SC243586core:LandBuildings2023-03-012024-02-28SC243586core:OtherPropertyPlantEquipment2023-03-012024-02-28SC243586core:WithinOneYear2024-02-28SC243586core:WithinOneYear2023-02-28SC243586bus:PrivateLimitedCompanyLtd2023-03-012024-02-28SC243586bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-28SC243586bus:FRS1022023-03-012024-02-28SC243586bus:AuditExemptWithAccountantsReport2023-03-012024-02-28SC243586bus:Director22023-03-012024-02-28SC243586bus:Director32023-03-012024-02-28SC243586bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP