Company registration number SC033465 (Scotland)
JAMES DICK (FARMING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JAMES DICK (FARMING) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JAMES DICK (FARMING) LIMITED
BALANCE SHEET
AS AT 28 NOVEMBER 2023
28 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
129,767
134,976
Investments
4
377,845
361,661
507,612
496,637
Current assets
Stocks
121,181
100,992
Debtors
5
745,084
830,521
Cash at bank and in hand
678,215
595,516
1,544,480
1,527,029
Creditors: amounts falling due within one year
6
(208,162)
(225,732)
Net current assets
1,336,318
1,301,297
Total assets less current liabilities
1,843,930
1,797,934
Creditors: amounts falling due after more than one year
7
(200,000)
(204,800)
Provisions for liabilities
(10,420)
(11,683)
Net assets
1,633,510
1,581,451
Capital and reserves
Called up share capital
8
500
500
Profit and loss reserves
1,633,010
1,580,951
Total equity
1,633,510
1,581,451
JAMES DICK (FARMING) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 NOVEMBER 2023
28 November 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 26 August 2024 and are signed on its behalf by:
M J Dick
Director
Company Registration No. SC033465
JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

James Dick (Farming) Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 St Colme Street, Edinburgh, EH3 6AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
10% reducing balance
Plant and machinery
15-25% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Listed investments are stated at market value, with changes in market value being credited or charged to the profit and loss statement. Unlisted investments are stated at cost, less any provision for any diminution in value where market value is lower than cost.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Debtors with no stated interest rate or receivable within one year are recorded at transaction price and subsequently measured at amortised cost using the effective interest rate method. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price and subsequently measured at amortised cost using the effective interest rate method.

1.9
Equity instruments

Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
3
JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 29 November 2022
158,242
195,444
353,686
Additions
4,340
3,278
7,618
Disposals
-
0
(2,500)
(2,500)
At 28 November 2023
162,582
196,222
358,804
Depreciation and impairment
At 29 November 2022
66,862
151,848
218,710
Depreciation charged in the year
998
9,892
10,890
Eliminated in respect of disposals
-
0
(563)
(563)
At 28 November 2023
67,860
161,177
229,037
Carrying amount
At 28 November 2023
94,722
35,045
129,767
At 28 November 2022
91,380
43,596
134,976
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
377,845
361,661
Movements in fixed asset investments
Investments
£
Cost or valuation
At 29 November 2022
361,661
Additions
6,328
Valuation changes
12,660
Disposals
(2,804)
At 28 November 2023
377,845
Carrying amount
At 28 November 2023
377,845
At 28 November 2022
361,661
JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,000
10,353
Corporation tax recoverable
22
350
Other debtors
739,062
652,816
745,084
663,519
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
167,002
Total debtors
745,084
830,521
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
117,283
5,187
Corporation tax
15,965
78,946
Other taxation and social security
2,824
2,350
Other creditors
72,090
139,249
208,162
225,732
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
200,000
200,000
Other creditors
-
0
4,800
200,000
204,800

Clydesdale Bank PLC hold a standard security over the following properties:

Overshiel Farmhouse, East Calder
1-4 Overshiel Farm Cottages, East Calder

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
JAMES DICK (FARMING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2023
- 8 -
9
Related party transactions
Transactions with related parties
The directors are of the opinion that related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C, apart from the loan to Mr J M Dick.
%
Due at
Amounts
Interest
Amounts
Due at
Interest Rate
28 11 2022
advanced
charged
repaid
28 11 2023
£
£
£
£
£
Mr J M Dick
2.0
233,913
46,463
840
-
281,216
233,913
46,463
840
-
281,216
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