LEGASTON FARMING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Legaston Farming Company Limited is a limited company incorporated in Scotland. The registered office and principle place of business is 20 Victoria Street, Arbroath, Angus, DD11 2BP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The company's business is farming through its participation in the partnership of Messrs B D Reekie. Income comprises of the company's share in the partnership profits and losses each year.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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Amounts owed by group undertakings
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