Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 SC477726 William Wallace Andrew Wallace Patricia Wallace iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC477726 2022-12-31 SC477726 2023-12-31 SC477726 2023-01-01 2023-12-31 SC477726 frs-core:CurrentFinancialInstruments 2023-12-31 SC477726 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 SC477726 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC477726 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 SC477726 frs-core:PlantMachinery 2023-12-31 SC477726 frs-core:PlantMachinery 2023-01-01 2023-12-31 SC477726 frs-core:PlantMachinery 2022-12-31 SC477726 frs-core:SharePremium 2023-12-31 SC477726 frs-core:ShareCapital 2023-12-31 SC477726 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 SC477726 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC477726 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 SC477726 frs-bus:SmallEntities 2023-01-01 2023-12-31 SC477726 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC477726 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC477726 frs-bus:Director1 2023-01-01 2023-12-31 SC477726 frs-bus:Director1 2022-12-31 SC477726 frs-bus:Director1 2023-12-31 SC477726 frs-bus:Director2 2023-01-01 2023-12-31 SC477726 frs-bus:Director3 2023-01-01 2023-12-31 SC477726 frs-countries:Scotland 2023-01-01 2023-12-31 SC477726 2021-12-31 SC477726 2022-12-31 SC477726 2022-01-01 2022-12-31 SC477726 frs-core:CurrentFinancialInstruments 2022-12-31 SC477726 frs-core:SharePremium 2022-12-31 SC477726 frs-core:ShareCapital 2022-12-31 SC477726 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: SC477726
Kingarth Farm Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Gallone & Co
Accountants & Business Advisors
14 Newton Place
Glasgow
G3 7PY
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: SC477726
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 92,250 95,200
92,250 95,200
CURRENT ASSETS
Debtors 5 252,246 268,433
Investments 6 281,400 281,400
Cash at bank and in hand 1,078,008 900,225
1,611,654 1,450,058
Creditors: Amounts Falling Due Within One Year 7 (211,638 ) (219,147 )
NET CURRENT ASSETS (LIABILITIES) 1,400,016 1,230,911
TOTAL ASSETS LESS CURRENT LIABILITIES 1,492,266 1,326,111
NET ASSETS 1,492,266 1,326,111
CAPITAL AND RESERVES
Called up share capital 8 100 100
Share premium account 281,364 281,364
Income Statement 1,210,802 1,044,647
SHAREHOLDERS' FUNDS 1,492,266 1,326,111
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Andrew Wallace
Director
19/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Kingarth Farm Limited is a private company, limited by shares, incorporated in Scotland, registered number SC477726 . The registered office is Unit 10 Bute Business Park Barone Road, Rothesay, Isle Of Bute, PA20 0DY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% on Cost
Plant & Machinery 33% on Cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 January 2023 95,000 6,999 101,999
As at 31 December 2023 95,000 6,999 101,999
Depreciation
As at 1 January 2023 3,800 2,999 6,799
Provided during the period 950 2,000 2,950
As at 31 December 2023 4,750 4,999 9,749
Net Book Value
As at 31 December 2023 90,250 2,000 92,250
As at 1 January 2023 91,200 4,000 95,200
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 163,692 185,104
Other debtors 8,999 -
VAT (Current liabilities - creditors < 1 year) 55 329
Directors' loan accounts 79,500 83,000
252,246 268,433
6. Current Asset Investments
2023 2022
£ £
Shares in subsidiaries 281,400 281,400
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 158,547 171,044
Corporation tax 52,091 47,203
Accruals 1,000 900
211,638 219,147
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Andrew Wallace 83,000 66,000 69,500 - 79,500
The above loan is unsecured, interest free and repayable on demand.
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