Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-272023-11-27The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalse2022-11-28trueLivestock farming23true SC265047 2022-11-28 2023-11-27 SC265047 2021-12-01 2022-11-27 SC265047 2023-11-27 SC265047 2022-11-27 SC265047 c:CompanySecretary1 2022-11-28 2023-11-27 SC265047 c:Director1 2022-11-28 2023-11-27 SC265047 c:RegisteredOffice 2022-11-28 2023-11-27 SC265047 d:Buildings 2022-11-28 2023-11-27 SC265047 d:Buildings 2023-11-27 SC265047 d:Buildings 2022-11-27 SC265047 d:Buildings d:OwnedOrFreeholdAssets 2022-11-28 2023-11-27 SC265047 d:Buildings d:LongLeaseholdAssets 2022-11-28 2023-11-27 SC265047 d:Buildings d:LongLeaseholdAssets 2023-11-27 SC265047 d:Buildings d:LongLeaseholdAssets 2022-11-27 SC265047 d:PlantMachinery 2022-11-28 2023-11-27 SC265047 d:PlantMachinery 2023-11-27 SC265047 d:PlantMachinery 2022-11-27 SC265047 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-28 2023-11-27 SC265047 d:MotorVehicles 2022-11-28 2023-11-27 SC265047 d:MotorVehicles 2023-11-27 SC265047 d:MotorVehicles 2022-11-27 SC265047 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-28 2023-11-27 SC265047 d:OwnedOrFreeholdAssets 2022-11-28 2023-11-27 SC265047 d:PatentsTrademarksLicencesConcessionsSimilar 2022-11-28 2023-11-27 SC265047 d:PatentsTrademarksLicencesConcessionsSimilar 2023-11-27 SC265047 d:PatentsTrademarksLicencesConcessionsSimilar 2022-11-27 SC265047 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-28 2023-11-27 SC265047 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-27 SC265047 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-27 SC265047 d:CurrentFinancialInstruments 2023-11-27 SC265047 d:CurrentFinancialInstruments 2022-11-27 SC265047 d:Non-currentFinancialInstruments 2023-11-27 SC265047 d:Non-currentFinancialInstruments 2022-11-27 SC265047 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-27 SC265047 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-27 SC265047 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-27 SC265047 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-27 SC265047 d:ShareCapital 2023-11-27 SC265047 d:ShareCapital 2022-11-27 SC265047 d:RetainedEarningsAccumulatedLosses 2023-11-27 SC265047 d:RetainedEarningsAccumulatedLosses 2022-11-27 SC265047 c:OrdinaryShareClass1 2022-11-28 2023-11-27 SC265047 c:OrdinaryShareClass1 2023-11-27 SC265047 c:OrdinaryShareClass1 2022-11-27 SC265047 c:FRS102 2022-11-28 2023-11-27 SC265047 c:AuditExempt-NoAccountantsReport 2022-11-28 2023-11-27 SC265047 c:FullAccounts 2022-11-28 2023-11-27 SC265047 c:PrivateLimitedCompanyLtd 2022-11-28 2023-11-27 SC265047 4 2022-11-28 2023-11-27 SC265047 e:PoundSterling 2022-11-28 2023-11-27 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC265047










EMSLIES LIVESTOCK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 NOVEMBER 2023

 
EMSLIES LIVESTOCK LTD
 

COMPANY INFORMATION


DIRECTOR
Mr H Emslie 




COMPANY SECRETARY
Mrs L Emslie



REGISTERED NUMBER
SC265047



REGISTERED OFFICE
Kinknockie
Mintlaw

Peterhead

AB42 5AX




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
EMSLIES LIVESTOCK LTD
REGISTERED NUMBER: SC265047

STATEMENT OF FINANCIAL POSITION
AS AT 27 NOVEMBER 2023

2023
2022
£
£

FIXED ASSETS
  

Biological assets
 4 
228,750
88,500

Tangible assets
 5 
488,943
637,899

  
717,693
726,399

CURRENT ASSETS
  

Stocks
  
1,387,000
1,260,500

Biological asset
  
389,420
349,500

Debtors: amounts falling due within one year
 6 
38,489
37,249

Cash at bank and in hand
  
855
103,004

  
1,815,764
1,750,253

Creditors: amounts falling due within one year
 7 
(723,276)
(1,897,438)

NET CURRENT ASSETS/(LIABILITIES)
  
 
 
1,092,488
 
 
(147,185)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,810,181
579,214

Creditors: amounts falling due after more than one year
 8 
(2,846,264)
(4,073,609)

  

NET LIABILITIES
  
(1,036,083)
(3,494,395)


CAPITAL AND RESERVES
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(1,036,183)
(3,494,495)

  
(1,036,083)
(3,494,395)


Page 1

 
EMSLIES LIVESTOCK LTD
REGISTERED NUMBER: SC265047

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 27 NOVEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2024.




Mr H Emslie
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
EMSLIES LIVESTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 NOVEMBER 2023

1.


GENERAL INFORMATION

Emslies Livestock Ltd is a private company limited by shares incorporated in Scotland. The registered office is Kinknockie, Mintlaw, Peterhead, AB42 5AX.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The company is relient on the continued support of the bank, the directors and the owners and at this point there is no reason to doubt that support will continue.
The company has prepared projections that demonstrate that the company can continue continue to operate and have sufficient resources to meet liabilities as they fall due for a period of at least 12 months from the date of appoval of these financial statements.
Consequently, the directors consider it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3

 
EMSLIES LIVESTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Property improvements
-
4.0%
straight line
Plant and machinery
-
12.5%
reducing balance
Motor vehicles
-
25.0%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.6

BIOLOGICAL ASSETS

Biological assets are recognised only when three recognition criteria have been fulfilled: 
- the entity has control over the asset as a result of past events; 
- it is probably that future economic benefits associated with the asset will flow to the entity; and
- the fair value or cost of the asset can be measured reliably. 
Where the company opts to measure a biological asset under the fair value model on initial recognition it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in profit or loss. 
Where the company opts to measure agricultural produce harvested from the biological asset it is measured at fair value less costs to sell at the point of harvest. This measurement becomes the cost at the date the company applies Section 13 Inventories to the agricultural produce. 


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2022 - 3).

Page 4

 
EMSLIES LIVESTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 NOVEMBER 2023

4.


BIOLOGICAL ASSETS




Sheep
Cattle
Total

£
£
£



COST


At 28 November 2022
-
88,500
88,500


Disposals
85,280
125,200
210,480


Revaluation surplus
32,970
(103,200)
(70,230)



At 27 November 2023

118,250
110,500
228,750






NET BOOK VALUE



At 27 November 2023
118,250
110,500
228,750



At 27 November 2022
-
88,500
88,500

The total Biological assets for the year to 30 November 2023 are £618,170. (2022 - £438,000)
The Biological assets displayed as current assets total £389,420. (2022 - £349,500)
 



Page 5

 
EMSLIES LIVESTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 NOVEMBER 2023

5.


TANGIBLE FIXED ASSETS





Freehold property
Property improvements
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



COST OR VALUATION


At 28 November 2022
-
488,641
626,759
185,662
1,301,062


Additions
190,000
-
11,704
145,000
346,704


Disposals
(190,000)
(338,527)
(7,928)
(71,495)
(607,950)



At 27 November 2023

-
150,114
630,535
259,167
1,039,816



DEPRECIATION


At 28 November 2022
-
169,770
337,283
156,110
663,163


Charge for the year on owned assets
-
6,066
37,144
39,559
82,769


Disposals
-
(136,357)
(3,520)
(55,182)
(195,059)



At 27 November 2023

-
39,479
370,907
140,487
550,873



NET BOOK VALUE



At 27 November 2023
-
110,635
259,628
118,680
488,943



At 27 November 2022
-
318,871
289,476
29,552
637,899


6.


DEBTORS

2023
2022
£
£


Trade debtors
7,947
998

Other debtors
30,542
36,251

38,489
37,249


Page 6

 
EMSLIES LIVESTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 NOVEMBER 2023

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
-
1,287,051

Bank loans
31,980
58,476

Trade creditors
532,116
327,771

Obligations under finance lease and hire purchase contracts
129,374
101,701

Other creditors
23,806
116,189

Accruals and deferred income
6,000
6,250

723,276
1,897,438



8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
1,590,648
1,596,083

Net obligations under finance leases and hire purchase contracts
251,222
86,408

Amounts owed to other participating interests
1,004,394
2,391,118

2,846,264
4,073,609



9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100



Page 7