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Company Registration number: SC313539

Baltier Farming Company Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 November 2023

 

Baltier Farming Company Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Baltier Farming Company Limited

Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,904

-

Tangible assets

5

10,293,776

8,267,220

Other financial assets

6

-

117,909

 

10,297,680

8,385,129

Current assets

 

Stocks

7

3,241,200

2,786,630

Debtors

8

681,879

1,334,740

Cash at bank and in hand

 

1,885

521

 

3,924,964

4,121,891

Creditors: Amounts falling due within one year

9

(3,647,668)

(3,109,562)

Net current assets

 

277,296

1,012,329

Total assets less current liabilities

 

10,574,976

9,397,458

Creditors: Amounts falling due after more than one year

9

(8,237,522)

(7,526,317)

Provisions for liabilities

(720,923)

(487,991)

Net assets

 

1,616,531

1,383,150

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,616,530

1,383,149

Shareholders' funds

 

1,616,531

1,383,150

 

Baltier Farming Company Limited

Balance Sheet as at 30 November 2023 (continued)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: SC313539

Approved and authorised by the Board on 13 May 2024 and signed on its behalf by:
 

.........................................
Miss A M Johnstone
Company secretary and director

.........................................
Mr D F Forsyth
Director

 

Baltier Farming Company Limited

Notes to the financial statements for the Year Ended 30 November 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Baltier
Whithorn
Newton Stewart
DG8 8HA

These financial statements were authorised for issue by the Board on 13 May 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Baltier Farming Company Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current corporation 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Baltier Farming Company Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Land & Buildings

4% Straight line

Farm Equipment & Machinery

15% Reducing balance

Agricultural Machinery

20% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Baltier Farming Company Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 8).

 

Baltier Farming Company Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost

Additions

4,505

4,505

At 30 November 2023

4,505

4,505

Amortisation

Amortisation charge

601

601

At 30 November 2023

601

601

Carrying amount

At 30 November 2023

3,904

3,904

 

Baltier Farming Company Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

5

TANGIBLE ASSETS

Land and buildings
£

Agricultural vehicles
 £

Assets under construction
 £

Farm equipment and machinery
£

Total
£

Cost or valuation

At 1 December 2022

5,905,771

1,652,516

-

5,930,445

13,488,732

Additions

590,000

1,030,478

1,223,686

274,787

3,118,951

Disposals

-

(145,794)

-

(202,950)

(348,744)

At 30 November 2023

6,495,771

2,537,200

1,223,686

6,002,282

16,258,939

Depreciation

At 1 December 2022

800,016

761,541

-

3,659,955

5,221,512

Charge for the year

86,538

407,967

-

464,318

958,823

Eliminated on disposal

-

(125,930)

-

(89,242)

(215,172)

At 30 November 2023

886,554

1,043,578

-

4,035,031

5,965,163

Carrying amount

At 30 November 2023

5,609,217

1,493,622

1,223,686

1,967,251

10,293,776

At 30 November 2022

5,105,755

890,975

-

2,270,490

8,267,220

 

Baltier Farming Company Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

6

OTHER FINANCIAL ASSETS (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

117,909

117,909

Disposals

(117,909)

(117,909)

At 30 November 2023

-

-

Carrying amount

At 30 November 2023

-

-

7

STOCKS

2023
£

2022
£

Other stock

422,050

312,530

Trading stock

2,819,150

2,474,100

3,241,200

2,786,630

8

DEBTORS

Current

2023
£

2022
£

Trade debtors

340,363

368,115

Prepayments

12,624

471,232

Other debtors

328,892

495,393

 

681,879

1,334,740

 

Baltier Farming Company Limited

Notes to the financial statements for the Year Ended 30 November 2023 (continued)

9

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

2,077,984

1,692,791

Trade creditors

 

1,046,801

929,133

Taxation and social security

 

-

8,910

Accruals and deferred income

 

7,819

18,339

Other creditors

 

515,064

460,389

 

3,647,668

3,109,562


Creditors include bank loans and overdrafts of £1,698,764 (2022 - £1,270,008) and net obligations under hire purchase contracts which are secured of £379,220 (2022 - £422,783).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8,237,522

7,526,317

2023
£

2022
£

Due after more than five years

Loans and borrowings

5,427,371

5,804,825

-

-

Creditors include bank loans and overdrafts of £7,150,690 (2022 - £6,828,451) and net obligations under hire purchase contracts which are secured of £926,831 (2022 - £697,867).