REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
FOR |
THE DOURIE FARMING COMPANY LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
FOR |
THE DOURIE FARMING COMPANY LIMITED |
THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
THE DOURIE FARMING COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
20 Barns Street |
Ayr |
Ayrshire |
KA7 1XA |
BANKERS: |
21 North Main Street |
Wigtown |
DG8 9HL |
SOLICITORS: |
1 Exchange Crescent |
Conference Square |
Edinburgh |
EH3 8UL |
THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418) |
BALANCE SHEET |
28 NOVEMBER 2023 |
28/11/23 | 28/11/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418) |
BALANCE SHEET - continued |
28 NOVEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
The Dourie Farming Company Limited is a |
The Dourie Farming Company Limited is a wholly owned subsidiary of Dourie Holding Limited whose registered office is Monreith Estate Office, Port William. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
TURNOVER |
The company has only one class of turnover which is farming. Turnover represents the total invoice value, excluding value added tax, of goods sold and services rendered during the year. |
TANGIBLE FIXED ASSETS |
Land and buildings | - |
Plant and machinery | - |
Motor vehicles | - |
Tractors | - |
Land is not depreciated. |
STOCKS |
Mature animals are valued at fair value. |
Trading livestock are valued at the lower of cost or net realisable value, cost calculated to include, where appropriate, cost of rearing. Other stocks are valued at the lower of cost or net realisable value. |
FINANCIAL INSTRUMENTS |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RESEARCH AND DEVELOPMENT |
Research expenditure is written off as it is incurred and charged to the profit and loss account. Development expenditure is written off, except where there is a separate project that is technically, commercially and financially viable. In these case the identifiable expenditure is deferred and amortised over the period the company is expected to derive benefit. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
GOVERNMENT GRANTS |
Government grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful life of the relevant fixed assets. The grants shown in the balance sheet represent the total grants receivable to date less the amount so far credited to the profit and loss account. |
Revenue grants received by way of subsidies are credited to the profit and loss account so as to match them with the expenditure to which they relate. |
INVESTMENTS |
Investments held as fixed assets are stated at fair value. Dividends and other income arising there from are taken to profit and loss account when received. |
THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
EMPLOYEE BENEFITS |
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Tractors | Totals |
£ | £ | £ | £ | £ |
COST |
At 29 November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 November 2023 |
DEPRECIATION |
At 29 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 28 November 2023 |
NET BOOK VALUE |
At 28 November 2023 |
At 28 November 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 29 November 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 28 November 2023 |
NET BOOK VALUE |
At 28 November 2023 |
At 28 November 2022 |
THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 28 November 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | (1,112 | ) |
Cost | 56,212 |
55,100 |
6. | STOCKS |
28/11/23 | 28/11/22 |
£ | £ |
Pig herd | 20,240 | 18,840 |
Cattle herd |
Trading livestock |
Other stocks | 370,113 | 256,067 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/11/23 | 28/11/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
VAT |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/11/23 | 28/11/22 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' current accounts | 160,663 | 121,225 |
Accrued expenses |
Deferred government grants |
THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28/11/23 | 28/11/22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Other loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 2,623,634 | 2,897,703 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
28/11/23 | 28/11/22 |
£ | £ |
Bank loans |
The bank loans are secured by way of a standard security over various land and properties and a floating charge. |
11. | PROVISIONS FOR LIABILITIES |
28/11/23 | 28/11/22 |
£ | £ |
Deferred tax | 311,018 | 228,574 |
Deferred |
tax |
£ |
Balance at 29 November 2022 |
Provided during year |
Balance at 28 November 2023 |
12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 29 November 2022 | 1,885,874 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 28 November 2023 | 1,804,931 |
THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 NOVEMBER 2023 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | CAPITAL COMMITMENTS |
28/11/23 | 28/11/22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
15. | RELATED PARTY DISCLOSURES |
Included within creditors is a loan from installments over the next 5 years. |
16. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |