Registered number
SC034594
S & J Duff Ltd
Report and Accounts
31 March 2024
S & J Duff Ltd
Registered number: SC034594
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,829,268 1,865,465
Current assets
Stocks 515,747 538,806
Debtors 4 12,866 4,215
Cash at bank and in hand 177,440 213,714
706,053 756,735
Creditors: amounts falling due within one year 5 (470,332) (464,177)
Net current assets 235,721 292,558
Total assets less current liabilities 2,064,989 2,158,023
Creditors: amounts falling due after more than one year 6 (670,681) (782,480)
Provisions for liabilities (206,039) (196,800)
Net assets 1,188,269 1,178,743
Capital and reserves
Called up share capital 10,000 10,000
Revaluation reserve 8 792,267 792,267
Other reserves 9 7,214 7,214
Profit and loss account 378,788 369,262
Shareholders' funds 1,188,269 1,178,743
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
EAM Duff DDM Duff ASM Duff
Director Director Director
Approved by the board on 19 August 2024
S & J Duff Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Property alterations 5% straight line
Plant and machinery 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 7
3 Tangible fixed assets
Heritable property Plant and machinery etc Property alterations Total
£ £ £ £
Cost
At 1 April 2023 1,621,375 576,954 22,406 2,220,735
Additions - 624 - 624
At 31 March 2024 1,621,375 577,578 22,406 2,221,359
Depreciation
At 1 April 2023 - 332,865 22,405 355,270
Charge for the year - 36,821 - 36,821
At 31 March 2024 - 369,686 22,405 392,091
Net book value
At 31 March 2024 1,621,375 207,892 1 1,829,268
At 31 March 2023 1,621,375 244,089 1 1,865,465
Freehold land and buildings: 2024 2023
£ £
Historical cost 643,267 643,267
Cumulative depreciation based on historical cost - -
643,267 643,267
The original heritable property costing £46,892 was valued on an open market value basis during 2002 by EAM Duff, a director of the company. The surplus of £978,108 has been credited to revaluation reserve. Additional heritable property costing £1,041,375 was purchased in the year ended 31 March 2016. In March 2017, the Heritable property was re-assessed by EAM Duff, with no increase to the current valuations. In the year ended March 2019, a portion of the Land and property, valued at £175,000, was sold, at no gain/loss. In the year ended March 2020, a further portion of the Land and property was disposed of.
4 Debtors 2024 2023
£ £
Trade debtors 12,866 4,215
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 132,362 144,241
Obligations under finance lease and hire purchase contracts 8,175 23,310
Trade creditors 28,603 7,664
Amounts owed to group undertakings and undertakings in which the company has a participating interest 120,308 118,309
Other taxes and social security costs 30,620 34,048
Other creditors 150,264 136,605
470,332 464,177
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 476,396 609,091
Obligations under finance lease and hire purchase contracts 8,992 17,168
Directors loan account 185,293 156,221
670,681 782,480
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 110,500 197,650
Secured bank loans 752,467 858,001
There is a Standard Security in place in favour of The Agricultural Mortgage Corporation plc, covering all sums due and to become due by the Firm of S & J Duff & Son and the company S & J Duff Ltd, in terms of the Business Loan Agreements between S & J Duff & Son and S & J Duff Ltd and the Agricultural Mortgage Corporation plc. The charge covers the Farm and Lands of Wester Auchentroig, Sawmill Cottage, Burnside Cottage and The Stables, Wester Auchentroig and Land at Lower Ballaird. There is a Standard Security in place in favour of Bank of Scotland. The charge covers 68.05 acres at Hoish Farm, Balfron Station. A Floating Charge is also in place in favour of The Bank of Scotland plc.
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 792,267 792,267
At 31 March 2024 792,267 792,267
9 Other reserves 2024 2023
£ £
At 1 April 2023 7,214 7,214
Transfer from the profit and loss - -
At 31 March 2024 7,214 7,214
10 Related party transactions
S&J Duff Ltd is a partner in the partnership of S&J Duff & Son, in which Mr and Mrs EAM Duff, DDM Duff and ASM Duff are partners. S&J Duff Ltd retired from the partnership on 31st August 2014, when the farming trade was transferred to S&J Duff Ltd. S&J Duff Ltd has now been re-assumed as a partner at the insistence of the AMC bank as the partnership has AMC loans in respect of Tenant's Improvements to properties owned by S&J Duff Ltd. S&J Duff Ltd has received no share of the partnership profits in the year, and there were no loans outstanding from S&J Duff Ltd to the partnership. There is a loan outstanding from the partnership to S&J Duff Ltd, with a closing balance of £120,308 (2023: £118,309). It is interest free and repayable on demand.
11 Controlling party
The controlling parties are Mr & Mrs EAM Duff.
12 Other information
S & J Duff Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Wester Auchentroig
Buchlyvie
Stirlingshire
FK8 3PB
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