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REGISTRAR OF COMPANIES

Registration number: SC481610

Cally Mains Farming Limited

Unaudited Financial Statements

31 March 2024

image-name

 

Cally Mains Farming Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cally Mains Farming Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cally Mains Farming Limited for the year ended 31 March 2024 as set out on pages 2 to 12 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cally Mains Farming Limited, as a body, in accordance with the terms of our engagement letter dated 22 March 2021. Our work has been undertaken solely to prepare for your approval the accounts of Cally Mains Farming Limited and state those matters that we have agreed to state to the Board of Directors of Cally Mains Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cally Mains Farming Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Cally Mains Farming 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

2 August 2024

 

Cally Mains Farming Limited

(Registration number: SC481610)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,293,176

1,341,345

Other financial assets

6

262,497

244,747

 

1,555,673

1,586,092

Current assets

 

Stocks

489,020

489,470

Debtors

7

699,820

150,741

Cash at bank and in hand

 

98,908

262,101

 

1,287,748

902,312

Creditors: Amounts falling due within one year

8

(1,072,514)

(1,221,254)

Net current assets/(liabilities)

 

215,234

(318,942)

Total assets less current liabilities

 

1,770,907

1,267,150

Creditors: Amounts falling due after more than one year

8

(419,878)

(14,872)

Provisions for liabilities

(250,784)

(260,681)

Net assets

 

1,100,245

991,597

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

1,100,145

991,497

Total equity

 

1,100,245

991,597

 

Cally Mains Farming Limited

(Registration number: SC481610)
Balance Sheet as at 31 March 2024 (continued)

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 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.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................

A W Campbell

Director

.........................................

J S C Campbell

Director

.........................................

R Campbell

Director

 

Cally Mains Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Cally Mains
Gatehouse of Fleet
CASTLE DOUGLAS
DG7 2DN

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

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 rates prevailing on the initial transaction dates.

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

 

Cally Mains Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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 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 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.

 

Cally Mains Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (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

Improvements to property

2% straight line basis

Plant and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Tractors

20% reducing balance basis

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

Cally Mains Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Cally Mains Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 13).

 

Cally Mains Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

50,000

79,680

129,680

At 31 March 2024

50,000

79,680

129,680

Amortisation

At 1 April 2023

50,000

79,680

129,680

At 31 March 2024

50,000

79,680

129,680

Carrying amount

At 31 March 2024

-

-

-

At 31 March 2023

-

-

-

5

Tangible assets

Improvements to property
£

Plant and equipment
 £

Motor vehicles
 £

Tractors
 £

Total
£

Cost or valuation

At 1 April 2023

379,760

1,072,689

17,000

316,700

1,786,149

Additions

-

64,804

-

104,000

168,804

Disposals

-

(5,950)

(500)

(76,500)

(82,950)

At 31 March 2024

379,760

1,131,543

16,500

344,200

1,872,003

Depreciation

At 1 April 2023

18,932

347,195

3,823

74,854

444,804

Charge for the year

7,595

113,164

3,180

52,669

176,608

Eliminated on disposal

-

(5,211)

(42)

(37,332)

(42,585)

At 31 March 2024

26,527

455,148

6,961

90,191

578,827

Carrying amount

At 31 March 2024

353,233

676,395

9,539

254,009

1,293,176

At 31 March 2023

360,828

725,494

13,177

241,846

1,341,345

 

Cally Mains Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

262,497

244,747

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

244,747

244,747

Additions

17,750

17,750

At 31 March 2024

262,497

262,497

Carrying amount

At 31 March 2024

262,497

262,497

At 31 March 2023

244,747

244,747

7

Debtors

2024
£

2023
£

Trade debtors

101,036

91,786

Other debtors

598,784

58,955

699,820

150,741

 

Cally Mains Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

835,299

873,618

Trade creditors

 

140,627

294,106

Taxation and social security

 

6,003

6,124

Corporation tax liability

 

55,054

10,466

Other creditors

 

35,531

36,940

 

1,072,514

1,221,254

Due after one year

 

Loans and borrowings

9

419,878

14,872

2024
£

2023
£

After more than five years by instalments

366,348

-

366,348

-

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,419

-

Finance lease liabilities

31,935

37,692

Other borrowings

797,945

835,926

835,299

873,618

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

5,419

-

Finance lease liabilities

31,935

37,692

37,354

37,692

Bank borrowings are secured by floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

 

Cally Mains Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

392,878

-

Finance lease liabilities

27,000

14,872

419,878

14,872

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

392,878

-

Finance lease liabilities

27,000

14,872

419,878

14,872

Bank borrowings are secured by floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2024
£

R Campbell

Directors Loan

15,055

553,720

(26,250)

-

(6,324)

5,230

541,431

               
         

 

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

R Campbell

Directors Loan

22,974

23,216

(25,249)

-

(6,324)

438

15,055

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% to March 2023 and 2.25% thereafter.