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REGISTERED NUMBER: SC030418 (Scotland)















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: Rory Henderson Christie
Gregor Robin Christie


SECRETARY: Robert Begg


REGISTERED OFFICE: Monreith Estate Office
Port William
Newton Stewart
DG8 9LB


REGISTERED NUMBER: SC030418 (Scotland)


SENIOR STATUTORY AUDITOR: Marguerite Roos BAcc CA


AUDITORS: Galbraith Pritchards
Chartered Accountants & Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA


BANKERS: Bank of Scotland
21 North Main Street
Wigtown
DG8 9HL


SOLICITORS: Shepherd + Wedderburn
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 3,589,765 3,617,369
Investments 5 55,100 48,571
3,644,865 3,665,940

CURRENT ASSETS
Stocks 6 2,250,348 2,106,582
Debtors 7 476,640 588,550
Cash at bank and in hand 490,201 653,099
3,217,189 3,348,231
CREDITORS
Amounts falling due within one year 8 1,034,271 919,782
NET CURRENT ASSETS 2,182,918 2,428,449
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,827,783

6,094,389

CREDITORS
Amounts falling due after more than one
year

9

(3,695,419

)

(3,963,526

)

PROVISIONS FOR LIABILITIES 11 (311,018 ) (228,574 )
NET ASSETS 1,821,346 1,902,289

CAPITAL AND RESERVES
Called up share capital 16,415 16,415
Share premium 12 60,085 60,085
Retained earnings 12 1,744,846 1,825,789
SHAREHOLDERS' FUNDS 1,821,346 1,902,289

THE DOURIE FARMING COMPANY LIMITED (REGISTERED NUMBER: SC030418)

BALANCE SHEET - continued
28 NOVEMBER 2023


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

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 12 August 2024 and were signed on its behalf by:




Rory Henderson Christie - Director



Gregor Robin Christie - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - at varying rates on cost
Plant and machinery - At variable rates
Motor vehicles - 15% on reducing balance
Tractors - 10% on reducing balance

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 19 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Land and Plant and Motor
buildings machinery vehicles Tractors Totals
£    £    £    £    £   
COST
At 29 November 2022 1,240,318 5,285,393 81,145 10,500 6,617,356
Additions 114,295 204,360 20,095 - 338,750
Disposals - - (14,475 ) - (14,475 )
At 28 November 2023 1,354,613 5,489,753 86,765 10,500 6,941,631
DEPRECIATION
At 29 November 2022 368,970 2,591,590 32,995 6,432 2,999,987
Charge for year 64,115 288,811 9,745 407 363,078
Eliminated on disposal - - (11,199 ) - (11,199 )
At 28 November 2023 433,085 2,880,401 31,541 6,839 3,351,866
NET BOOK VALUE
At 28 November 2023 921,528 2,609,352 55,224 3,661 3,589,765
At 28 November 2022 871,348 2,693,803 48,150 4,068 3,617,369

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 29 November 2022 48,571
Additions 8,600
Disposals (1,273 )
Revaluations (798 )
At 28 November 2023 55,100
NET BOOK VALUE
At 28 November 2023 55,100
At 28 November 2022 48,571

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 997,150 976,440
Trading livestock 862,845 855,235
Other stocks 370,113 256,067
2,250,348 2,106,582

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/11/23 28/11/22
£    £   
Trade debtors 237,076 345,963
Amounts owed by group undertakings 4,928 4,928
Other debtors 17,535 1,486
Tax 173,758 168,795
VAT 42,905 66,788
Prepayments 438 590
476,640 588,550

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/11/23 28/11/22
£    £   
Bank loans and overdrafts 238,770 213,697
Other loans 15,000 15,000
Trade creditors 372,541 234,294
Social security and other taxes 6,455 5,193
Other creditors 671 935
Directors' current accounts 160,663 121,225
Accrued expenses 94,051 183,635
Deferred government grants 146,120 145,803
1,034,271 919,782

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 249,433 238,770
Bank loans - 2-5 years 784,259 773,960
Bank loans more 5 yr by instal 2,623,634 2,897,703
Other loans 38,093 53,093
3,695,419 3,963,526

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 3,896,096 4,124,130

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 228,574
Provided during year 82,444
Balance at 28 November 2023 311,018

12. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 29 November 2022 1,825,789 60,085 1,885,874
Profit for the year 31,057 31,057
Dividends (112,000 ) (112,000 )
At 28 November 2023 1,744,846 60,085 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.

Marguerite Roos BAcc CA (Senior Statutory Auditor)
for and on behalf of Galbraith Pritchards

14. CAPITAL COMMITMENTS
28/11/23 28/11/22
£    £   
Contracted but not provided for in the
financial statements - 210,000

15. RELATED PARTY DISCLOSURES

Included within creditors is a loan from a related party of £53,093. This loan is interest free and is being paid by
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.