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REGISTERED NUMBER: SC027362 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 NOVEMBER 2023

FOR

WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED

WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED (REGISTERED NUMBER: SC027362)






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


WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 NOVEMBER 2023







DIRECTORS: Miss J Young
W Young





REGISTERED OFFICE: Skerrington Mains
Hurlford
Kilmarnock
Ayrshire
KA1 5JB





REGISTERED NUMBER: SC027362 (Scotland)





ACCOUNTANT: John Murphy & Company (Scotland) Limited
Chartered Accountants
Castle Chambers
67 Main Street
Bothwell
Lanarkshire
G71 8ER

WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED (REGISTERED NUMBER: SC027362)

BALANCE SHEET
28 NOVEMBER 2023

28.11.23 28.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 612,282 554,562

CURRENT ASSETS
Stocks 5 107,808 107,899
Debtors 6 35,986 44,001
143,794 151,900
CREDITORS
Amounts falling due within one year 7 141,902 169,606
NET CURRENT ASSETS/(LIABILITIES) 1,892 (17,706 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

614,174

536,856

CREDITORS
Amounts falling due after more than one
year

8

(176,103

)

(143,608

)

PROVISIONS FOR LIABILITIES 11 (60,023 ) (37,271 )
NET ASSETS 378,048 355,977

CAPITAL AND RESERVES
Called up share capital 12 100,000 100,000
Retained earnings 278,048 255,977
SHAREHOLDERS' FUNDS 378,048 355,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED (REGISTERED NUMBER: SC027362)

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 6 February 2024 and were signed on its behalf by:





W Young - Director


WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED (REGISTERED NUMBER: SC027362)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2023

1. STATUTORY INFORMATION

William Young (Skerrington Mains) 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Buildings - 5% on cost and 2% on cost
Plant and machinery - 25% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stock has been valued at cost except for mature animals in the herd and flock which appear at "herd basis" valuation.

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.

Hire purchase agreements
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED (REGISTERED NUMBER: SC027362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
Buildings machinery vehicles Totals
£    £    £    £   
COST
At 29 November 2022 440,924 407,821 24,000 872,745
Additions 10,400 58,894 50,535 119,829
Disposals - - (2,200 ) (2,200 )
At 28 November 2023 451,324 466,715 72,335 990,374
DEPRECIATION
At 29 November 2022 142,928 158,977 16,278 318,183
Charge for year 13,610 44,065 3,171 60,846
Eliminated on disposal - - (937 ) (937 )
At 28 November 2023 156,538 203,042 18,512 378,092
NET BOOK VALUE
At 28 November 2023 294,786 263,673 53,823 612,282
At 28 November 2022 297,996 248,844 7,722 554,562

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 29 November 2022 47,950 - 47,950
Additions - 47,535 47,535
At 28 November 2023 47,950 47,535 95,485
DEPRECIATION
At 29 November 2022 17,232 - 17,232
Charge for year 7,679 990 8,669
At 28 November 2023 24,911 990 25,901
NET BOOK VALUE
At 28 November 2023 23,039 46,545 69,584
At 28 November 2022 30,718 - 30,718

WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED (REGISTERED NUMBER: SC027362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 NOVEMBER 2023

5. STOCKS
28.11.23 28.11.22
£    £   
Stocks 95,808 95,899
Feed stocks 12,000 12,000
107,808 107,899

Stock has been valued at cost except for mature animals in the livestock which appear at "herd basis" valuation.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.11.23 28.11.22
£    £   
Trade debtors 29,399 33,871
VAT 6,587 10,130
35,986 44,001

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.11.23 28.11.22
£    £   
Bank loans and overdrafts (see note 9) 53,950 79,832
Other loans (see note 9) 12,000 12,000
Hire purchase contracts 16,418 19,004
Trade creditors 39,692 50,258
Corporation tax 1,098 (9,365 )
Social security and other taxes 442 337
Wages control 940 -
Directors' current accounts 8,715 14,741
Accruals and deferred income 8,647 2,799
141,902 169,606

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.11.23 28.11.22
£    £   
Bank loans (see note 9) 48,825 53,608
Other loans (see note 9) 90,000 90,000
Hire purchase contracts 37,278 -
176,103 143,608

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 42,000 42,000

WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED (REGISTERED NUMBER: SC027362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 NOVEMBER 2023

9. LOANS

An analysis of the maturity of loans is given below:

28.11.23 28.11.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 22,810 58,201
Bank loans 31,140 21,631
Other loans 12,000 12,000
65,950 91,832

Amounts falling due between one and two years:
Bank loans - 1-2 years 31,141 21,632
Other loans - 1-2 years 12,000 12,000
43,141 33,632

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,684 31,976
Other loans - 2-5 years 36,000 36,000
53,684 67,976

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 42,000 42,000

10. SECURED DEBTS

The following secured debts are included within creditors:

28.11.23 28.11.22
£    £   
Bank overdrafts 22,810 58,201
Bank loans 79,965 75,239
102,775 133,440

Bank borrowings are secured by a fixed security and floating charge over the assets of the company and a standard security and guarantee granted by William Young over land owned personally and farmed by the company.

11. PROVISIONS FOR LIABILITIES
28.11.23 28.11.22
£    £   
Deferred tax 60,023 37,271

WILLIAM YOUNG (SKERRINGTON MAINS)
LIMITED (REGISTERED NUMBER: SC027362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 NOVEMBER 2023

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 29 November 2022 37,271
Provided during year 22,752
Balance at 28 November 2023 60,023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.11.23 28.11.22
value: £    £   
100,000 Ordinary £1 100,000 100,000

13. RELATED PARTY DISCLOSURES

The land farmed by the company is owned by W Young, a director and the majority shareholder, and is let to the company at no cost.

14. ULTIMATE CONTROLLING PARTY

The controlling party is W Young.