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Company No: SC326421 (Scotland)

BOGINDUIE FARMING COMPANY LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

BOGINDUIE FARMING COMPANY LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

BOGINDUIE FARMING COMPANY LTD.

BALANCE SHEET

AS AT 30 NOVEMBER 2023
BOGINDUIE FARMING COMPANY LTD.

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 916,025 919,557
Biological assets 13,200 15,200
929,225 934,757
Current assets
Stocks 53,550 58,550
Debtors 4 10,606 14,832
Investments 5 131 131
Cash at bank and in hand 93,648 94,688
157,935 168,201
Creditors: amounts falling due within one year 6 ( 132,102) ( 129,879)
Net current assets 25,833 38,322
Total assets less current liabilities 955,058 973,079
Provision for liabilities ( 42,424) ( 45,299)
Net assets 912,634 927,780
Capital and reserves
Called-up share capital 7 10,000 10,000
Profit and loss account 902,634 917,780
Total shareholder's funds 912,634 927,780

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Boginduie Farming Company Ltd. (registered number: SC326421) were approved and authorised for issue by the Board of Directors on 30 August 2024. They were signed on its behalf by:

John Main Anderson
Director
BOGINDUIE FARMING COMPANY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
BOGINDUIE FARMING COMPANY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Boginduie Farming Company Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Commerce House, South Street, Elgin, IV30 1JE, United Kingdom. The business address is Boginduie Farm, Aberlour, AB38 9NP.

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for cattle sales, crop sales and farm subsidies, and is shown net of VAT.

Turnover is recognised when the significant risks and rewards of the ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Taxation

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.

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 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 taxable profit nor the accounting profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is recognised so as to write off the costs of assets less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 10 - 20 % reducing balance
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Biological assets

Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable 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 measures 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 measures agricultural produce harvested from the biological asset it is measured at fair value less costs to sell at point of harvest and the measurement becomes the cost at the date the Company applies Section 13 Inventories to the agricultural produce.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 December 2022 899,947 359,979 416 1,260,342
Additions 1,503 25,000 0 26,503
At 30 November 2023 901,450 384,979 416 1,286,845
Accumulated depreciation
At 01 December 2022 144,918 195,728 139 340,785
Charge for the financial year 10,095 19,836 104 30,035
At 30 November 2023 155,013 215,564 243 370,820
Net book value
At 30 November 2023 746,437 169,415 173 916,025
At 30 November 2022 755,029 164,251 277 919,557

4. Debtors

2023 2022
£ £
Trade debtors 4,979 0
Other debtors 5,627 14,832
10,606 14,832

5. Current asset investments

2023 2022
£ £
Other investments – at cost less impairment 131 131

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 7,064 8,444
Amounts owed to Group undertakings 90,135 60,135
Taxation and social security 476 518
Obligations under finance leases and hire purchase contracts 0 8,182
Other creditors 34,427 52,600
132,102 129,879

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key management personnel 16,420 32,168

Other related party transactions

2023 2022
£ £
Other related parties 90,135 60,135