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REGISTRAR OF COMPANIES

Registration number: SC162823

Culquha Farm Limited

Unaudited Financial Statements

30 November 2023

image-name

 

Culquha Farm Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Culquha Farm 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 accounts of Culquha Farm Limited for the year ended 30 November 2023 as set out on pages 2 to 14 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Culquha Farm Limited, as a body, in accordance with the terms of our engagement letter dated 15 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of Culquha Farm Limited and state those matters that we have agreed to state to the Board of Directors of Culquha Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Culquha Farm Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Culquha Farm 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

9 April 2024

 

Culquha Farm Limited

(Registration number: SC162823)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,121,516

3,961,282

Investments

5

350

350

Other financial assets

6

42,463

42,463

 

10,164,329

4,004,095

Current assets

 

Stocks

2,591,891

2,953,965

Debtors

7

2,403,820

2,946,219

Cash at bank and in hand

 

584,627

610,712

 

5,580,338

6,510,896

Creditors: Amounts falling due within one year

8

(2,301,352)

(1,801,428)

Net current assets

 

3,278,986

4,709,468

Total assets less current liabilities

 

13,443,315

8,713,563

Creditors: Amounts falling due after more than one year

8

(5,696,766)

(2,023,334)

Provisions for liabilities

(530,019)

(511,210)

Net assets

 

7,216,530

6,179,019

Capital and reserves

 

Allotted, called up and fully paid share capital

20,100

20,100

Profit and loss account

7,196,430

6,158,919

Total equity

 

7,216,530

6,179,019

 

Culquha Farm Limited

(Registration number: SC162823)
Balance Sheet as at 30 November 2023 (continued)

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

.........................................

R A Dodds

Director

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Littleton Farm
Gatehouse of Fleet
CASTLE DOUGLAS
DG7 2DQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated, 5% reducing balance basis, 10 years and 20 years straight line basis

Plant and equipment

12.5% reducing balance basis

Motor vehicles

20% reducing balance basis

Office equipment

3 years straight line basis

Land and buildings include improvements to property on land owned by the directors. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 5% reducing balance, 10 years straight line or 20 years straight line basis over their useful life.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 32).

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 December 2022

2,717,804

3,315,722

29,643

7,083

6,070,252

Additions

6,160,708

486,213

-

499

6,647,420

Disposals

-

(153,750)

-

-

(153,750)

At 30 November 2023

8,878,512

3,648,185

29,643

7,582

12,563,922

Depreciation

At 1 December 2022

675,376

1,417,372

10,487

5,735

2,108,970

Charge for the year

101,006

259,270

3,831

855

364,962

Eliminated on disposal

-

(31,526)

-

-

(31,526)

At 30 November 2023

776,382

1,645,116

14,318

6,590

2,442,406

Carrying amount

At 30 November 2023

8,102,130

2,003,069

15,325

992

10,121,516

At 30 November 2022

2,042,428

1,898,350

19,156

1,348

3,961,282

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Investments

2023
£

2022
£

Investments in joint ventures

100

100

Investments in associates

250

250

350

350

Joint ventures

£

Cost

At 1 December 2022

100

At 30 November 2023

100

Carrying amount

At 30 November 2023

100

At 30 November 2022

100

Associates

£

Cost

At 1 December 2022

250

At 30 November 2023

250

Carrying amount

At 30 November 2023

250

At 30 November 2022

250

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

42,463

42,463

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

42,463

42,463

At 30 November 2023

42,463

42,463

Carrying amount

At 30 November 2023

42,463

42,463

At 30 November 2022

42,463

42,463

7

Debtors

2023
£

2022
£

Trade debtors

556,791

703,465

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,037,682

1,160,558

Other debtors

809,347

1,082,196

2,403,820

2,946,219

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,280,941

894,143

Trade creditors

 

728,462

558,763

Taxation and social security

 

7,845

14,932

Corporation tax liability

 

201,223

255,942

Other creditors

 

82,881

77,648

 

2,301,352

1,801,428

Due after one year

 

Loans and borrowings

9

5,662,839

1,985,578

Other creditors

 

33,927

37,756

 

5,696,766

2,023,334

2023
£

2022
£

After more than five years by instalments

11,742

-

11,742

-

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,211,127

450,843

Finance lease liabilities

63,708

106,189

Other borrowings

6,106

337,111

1,280,941

894,143

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

1,211,127

450,843

Finance lease liabilities

63,708

106,189

1,274,835

557,032

Bank borrowings are secured by fixed and floating charges.

Finance lease liabilities are secured on the assets to which they relate.

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,593,966

1,917,504

Finance lease liabilities

33,707

56,482

Other borrowings

35,166

11,592

5,662,839

1,985,578

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

5,593,966

1,917,504

Finance lease liabilities

33,707

56,482

5,627,673

1,973,986

Bank borrowings are secured by fixed and floating charges.

Finance lease liabilities are secured on the assets to which they relate.

 

Culquha Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 November 2023
£

R A Dodds

Loan

790,130

62,101

(626,787)

-

(207,500)

6,821

24,765

               
         

R O Dodds

Loan

-

320,217

(159,687)

-

-

2,223

162,753

               
         

E G Dodds

Loan

-

313,162

(159,687)

-

-

2,133

155,608

               
         

 

2022

At 1 December 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 November 2022
£

R A Dodds

Loan

-

4,521,562

(3,741,731)

-

-

10,299

790,130

               
         

R O Dodds

Loan

93,486

258,804

(353,715)

-

-

1,425

-

               
         

E G Dodds

Loan

89,098

254,302

(344,762)

-

-

1,362

-

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% and 2.25% on advances to directors.