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REGISTERED NUMBER: SC259760 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Mountfair Farming Limited

Mountfair Farming Limited (Registered number: SC259760)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Mountfair Farming Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mrs S Grimsdale
J Grimsdale
A Grimsdale





SECRETARY: Mrs S Grimsdale





REGISTERED OFFICE: Mountfair Farm
Whitsome
Duns
Berwickshire
TD11 3NF





REGISTERED NUMBER: SC259760 (Scotland)





ACCOUNTANTS: EQ Accountants (Trading name)
Douglas Home & Co Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Mountfair Farming Limited (Registered number: SC259760)

Statement of Financial Position
30 November 2023

30/11/23 30/11/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 7,496,926 7,076,854
7,496,926 7,076,854

CURRENT ASSETS
Inventories 108,165 82,617
Debtors 6 1,308,843 1,643,256
Cash at bank 256,023 -
1,673,031 1,725,873
CREDITORS
Amounts falling due within one year 7 624,242 1,021,880
NET CURRENT ASSETS 1,048,789 703,993
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,545,715

7,780,847

CREDITORS
Amounts falling due after more than one
year

8

(4,233,927

)

(4,239,294

)

PROVISIONS FOR LIABILITIES (634,000 ) (426,500 )
NET ASSETS 3,677,788 3,115,053

CAPITAL AND RESERVES
Called up share capital 69 69
Capital redemption reserve 31 31
Retained earnings 3,677,688 3,114,953
SHAREHOLDERS' FUNDS 3,677,788 3,115,053

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 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.

Mountfair Farming Limited (Registered number: SC259760)

Statement of Financial Position - continued
30 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 23 August 2024 and were signed on its behalf by:





J Grimsdale - Director


Mountfair Farming Limited (Registered number: SC259760)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Mountfair Farming 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 represents net invoiced sales of services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

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.
Improvements to property - 5% on cost
Plant and machinery - 15% on reducing balance
Tractors & combines - 15% on reducing balance and Straight line over 5 years
Motor vehicles - 25% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Mountfair Farming Limited (Registered number: SC259760)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

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 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 150,000
AMORTISATION
At 1 December 2022
and 30 November 2023 150,000
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

Mountfair Farming Limited (Registered number: SC259760)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 December 2022 3,520,432 809,254 2,575,095
Additions - 30,280 498,380
Disposals - - (97,092 )
At 30 November 2023 3,520,432 839,534 2,976,383
DEPRECIATION
At 1 December 2022 - 278,359 861,395
Charge for year - 41,697 195,913
Eliminated on disposal - - (32,088 )
At 30 November 2023 - 320,056 1,025,220
NET BOOK VALUE
At 30 November 2023 3,520,432 519,478 1,951,163
At 30 November 2022 3,520,432 530,895 1,713,700

Tractors Motor Computer
& combines vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2022 1,779,123 41,555 1,199 8,726,658
Additions 564,666 3,700 585 1,097,611
Disposals (395,325 ) - - (492,417 )
At 30 November 2023 1,948,464 45,255 1,784 9,331,852
DEPRECIATION
At 1 December 2022 487,659 22,151 240 1,649,804
Charge for year 199,133 5,159 308 442,210
Eliminated on disposal (225,000 ) - - (257,088 )
At 30 November 2023 461,792 27,310 548 1,834,926
NET BOOK VALUE
At 30 November 2023 1,486,672 17,945 1,236 7,496,926
At 30 November 2022 1,291,464 19,404 959 7,076,854

Mountfair Farming Limited (Registered number: SC259760)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Tractors
machinery & combines Totals
£    £    £   
COST
At 1 December 2022 539,378 813,125 1,352,503
Disposals (74,590 ) - (74,590 )
At 30 November 2023 464,788 813,125 1,277,913
DEPRECIATION
At 1 December 2022 68,482 232,341 300,823
Charge for year 39,768 - 39,768
Eliminated on disposal (25,091 ) - (25,091 )
Transfer to ownership 47,090 - 47,090
At 30 November 2023 130,249 232,341 362,590
NET BOOK VALUE
At 30 November 2023 334,539 580,784 915,323
At 30 November 2022 470,896 580,784 1,051,680

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Trade debtors 1,108,494 1,347,211
Other debtors 14,521 45,472
Directors' loan accounts 164,281 230,514
Prepayments 21,547 20,059
1,308,843 1,643,256

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Bank loans and overdrafts 48,315 142,786
Hire purchase contracts 262,529 257,264
Trade creditors 43,121 337,802
Corporation tax 731 38,114
Social security and other taxes - 1,619
VAT 81,810 32,955
Directors' loan accounts 100,259 172,479
Deferred income 42,955 4,699
Accrued expenses 44,522 34,162
624,242 1,021,880

Mountfair Farming Limited (Registered number: SC259760)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/11/23 30/11/22
£    £   
Bank loans more 5 yr by instal 3,603,927 3,647,513
Hire purchase contracts 630,000 591,781
4,233,927 4,239,294

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,603,927 3,647,513

9. SECURED DEBTS

The following secured debts are included within creditors:

30/11/23 30/11/22
£    £   
Bank loans 3,652,242 3,700,440
Hire purchase contracts 892,529 849,045
4,544,771 4,549,485

The hire purchase liabilities are secured upon the assets to which they relate.

The Bank loan was taken out to fund the purchase of Hilton Farm. It is secured on the lands and building at Hilton Farm

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30/11/23 30/11/22
£    £   
Mrs S Grimsdale
Balance outstanding at start of year (172,479 ) (213,118 )
Amounts advanced 34,800 43,300
Amounts repaid - (2,661 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (137,679 ) (172,479 )

J Grimsdale
Balance outstanding at start of year 217,939 157,583
Amounts advanced 105,234 101,795
Amounts repaid - (41,439 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 323,173 217,939

Mountfair Farming Limited (Registered number: SC259760)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

A Grimsdale
Balance outstanding at start of year 12,575 (30,321 )
Amounts advanced 42,630 42,896
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 55,205 12,575

At the 30th November 2023, the company owed Mrs S Grimsdale £137,679 (2022 - £172,479 ).
Mr J Grimsdale owed the company £323,173 (2022 - £217,939).
Mr A Grimsdale owed the company £55,205 (2022 - (£12,575)).
The amounts are unsecured, have no fixed terms of repayment and are interest free.

11. ULTIMATE CONTROLLING PARTY

Mrs Grimsdale is the ultimate controlling party.