Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30No description of principal activityfalse32022-12-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC352947 2022-12-01 2023-11-30 SC352947 2021-12-01 2022-11-30 SC352947 2023-11-30 SC352947 2022-11-30 SC352947 c:CompanySecretary1 2022-12-01 2023-11-30 SC352947 c:Director1 2022-12-01 2023-11-30 SC352947 c:Director2 2022-12-01 2023-11-30 SC352947 c:RegisteredOffice 2022-12-01 2023-11-30 SC352947 d:PlantMachinery 2022-12-01 2023-11-30 SC352947 d:PlantMachinery 2023-11-30 SC352947 d:PlantMachinery 2022-11-30 SC352947 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 SC352947 d:MotorVehicles 2022-12-01 2023-11-30 SC352947 d:MotorVehicles 2023-11-30 SC352947 d:MotorVehicles 2022-11-30 SC352947 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 SC352947 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 SC352947 d:CurrentFinancialInstruments 2023-11-30 SC352947 d:CurrentFinancialInstruments 2022-11-30 SC352947 d:CurrentFinancialInstruments 3 2023-11-30 SC352947 d:CurrentFinancialInstruments 3 2022-11-30 SC352947 d:Non-currentFinancialInstruments 2023-11-30 SC352947 d:Non-currentFinancialInstruments 2022-11-30 SC352947 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 SC352947 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 SC352947 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 SC352947 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 SC352947 d:ShareCapital 2023-11-30 SC352947 d:ShareCapital 2022-11-30 SC352947 d:RetainedEarningsAccumulatedLosses 2023-11-30 SC352947 d:RetainedEarningsAccumulatedLosses 2022-11-30 SC352947 c:OrdinaryShareClass1 2022-12-01 2023-11-30 SC352947 c:OrdinaryShareClass1 2023-11-30 SC352947 c:OrdinaryShareClass1 2022-11-30 SC352947 c:FRS102 2022-12-01 2023-11-30 SC352947 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC352947 c:FullAccounts 2022-12-01 2023-11-30 SC352947 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC352947 f:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC352947










NORANBANK FARMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

 
NORANBANK FARMS LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mr J Baillie 
Mrs H H L Baillie 




COMPANY SECRETARY
Mrs V Baillie



REGISTERED NUMBER
SC352947



REGISTERED OFFICE
Marcus House
Finavon

Forfar

Angus

DD8 3QH




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
NORANBANK FARMS LIMITED
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORANBANK FARMS LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Noranbank Farms Limited for the year ended 30 November 2023 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of directors of Noranbank Farms Limited, as a body, in accordance with the terms of our engagement letter dated 16 May 2018Our work has been undertaken solely to prepare for your approval the financial statements of Noranbank Farms Limited and state those matters that we have agreed to state to the Board of directors of Noranbank Farms Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Noranbank Farms Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Noranbank Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Noranbank Farms Limited. You consider that Noranbank Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Noranbank Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



EQ Accountants Limited
 
Chartered Accountants
  
Westby
64 West High Street
Forfar
Angus
DD8 1BJ
27 August 2024
Page 1

 
NORANBANK FARMS LIMITED
REGISTERED NUMBER:SC352947

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
£
£

FIXED ASSETS
  

Tangible assets
 4 
1,049,238
782,994

  
1,049,238
782,994

CURRENT ASSETS
  

Stocks
  
307,375
340,736

Debtors
 5 
326,492
514,158

Cash at bank and in hand
  
9,006
1,773

  
642,873
856,667

Creditors: amounts falling due within one year
 6 
(31,242)
(166,744)

NET CURRENT ASSETS
  
 
 
611,631
 
 
689,923

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,660,869
1,472,917

Creditors: amounts falling due after more than one year
 7 
-
(11,079)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(245,450)
(195,749)

  
 
 
(245,450)
 
 
(195,749)

NET ASSETS
  
1,415,419
1,266,089


CAPITAL AND RESERVES
  

Called up share capital 
 8 
100
100

Profit and loss account
  
1,415,319
1,265,989

  
1,415,419
1,266,089

Page 2

 
NORANBANK FARMS LIMITED
REGISTERED NUMBER:SC352947

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider 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 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 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 27 August 2024.




Mr J Baillie
Director

The notes on pages 4 to 7 form part of these financial statements.
Page 3

 
NORANBANK FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1.


GENERAL INFORMATION

The entity is a private company, limited by shares, registered in Scotland, with the registered office being that at Marcus House, Finavon, Forfar, Angus, DD8 3QH.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £. 

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

Company's business

The company's business is farming through its participation in the partnership of J A Baillie, along with farming potatoes. Income comprises of the sale of potatoes as well as the company's share in the partnership profits and losses each year. The book value of interest in the partnership comprises of the balance standing to its credit on the current and capital accounts in the books of that business.

Page 4

 
NORANBANK FARMS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.3

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:

Plant & 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.

 
2.4

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.


3.


EMPLOYEES




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

Page 5

 
NORANBANK FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


4.


TANGIBLE FIXED ASSETS





Plant & machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 December 2022
1,138,792
15,030
1,153,822


Additions
525,425
-
525,425


Disposals
(179,000)
-
(179,000)



At 30 November 2023

1,485,217
15,030
1,500,247



Depreciation


At 1 December 2022
360,553
10,275
370,828


Charge for the year on owned assets
149,382
1,189
150,571


Disposals
(70,390)
-
(70,390)



At 30 November 2023

439,545
11,464
451,009



Net book value



At 30 November 2023
1,045,672
3,566
1,049,238



At 30 November 2022
778,239
4,755
782,994


5.


DEBTORS

2023
2022
£
£

Due after more than one year

Capital account in related partnership of J.A.Baillie
320,000
480,000

320,000
480,000

Due within one year

Trade debtors
-
8,183

Prepayments and accrued income
-
987

Current account in related partnership of J. A. Baillie
6,492
24,988

326,492
514,158


Page 6

 
NORANBANK FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8,334
100,661

Other taxation and social security
9,829
12,245

Obligations under finance lease and hire purchase contracts
11,079
48,436

Other creditors
2,000
5,402

31,242
166,744


Hire purchase liabilities are secured over the assets to which they relate.


7.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
11,079

-
11,079


Hire purchase liabilities are secured over the assets to which they relate.


8.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



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



Page 7