0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC043305 2023-04-01 2024-03-31 SC043305 2024-03-31 SC043305 2023-03-31 SC043305 2022-04-01 2023-03-31 SC043305 2023-03-31 SC043305 2022-03-31 SC043305 core:PlantMachinery 2023-04-01 2024-03-31 SC043305 core:FurnitureFittings 2023-04-01 2024-03-31 SC043305 core:MotorVehicles 2023-04-01 2024-03-31 SC043305 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC043305 bus:Director3 2023-04-01 2024-03-31 SC043305 core:LandBuildings 2023-03-31 SC043305 core:PlantMachinery 2023-03-31 SC043305 core:FurnitureFittings 2023-03-31 SC043305 core:MotorVehicles 2023-03-31 SC043305 core:LandBuildings 2024-03-31 SC043305 core:PlantMachinery 2024-03-31 SC043305 core:FurnitureFittings 2024-03-31 SC043305 core:MotorVehicles 2024-03-31 SC043305 core:LandBuildings 2023-04-01 2024-03-31 SC043305 core:WithinOneYear 2024-03-31 SC043305 core:WithinOneYear 2023-03-31 SC043305 core:AfterOneYear 2023-03-31 SC043305 core:UKTax 2023-04-01 2024-03-31 SC043305 core:UKTax 2022-04-01 2023-03-31 SC043305 core:ShareCapital 2024-03-31 SC043305 core:ShareCapital 2023-03-31 SC043305 core:CapitalRedemptionReserve 2024-03-31 SC043305 core:CapitalRedemptionReserve 2023-03-31 SC043305 core:OtherReservesSubtotal 2024-03-31 SC043305 core:OtherReservesSubtotal 2023-03-31 SC043305 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC043305 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC043305 core:LandBuildings 2023-03-31 SC043305 core:PlantMachinery 2023-03-31 SC043305 core:FurnitureFittings 2023-03-31 SC043305 core:MotorVehicles 2023-03-31 SC043305 bus:SmallEntities 2023-04-01 2024-03-31 SC043305 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC043305 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC043305 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC043305 bus:FullAccounts 2023-04-01 2024-03-31 SC043305 bus:OrdinaryShareClass1 2024-03-31 SC043305 bus:OrdinaryShareClass1 2023-03-31 SC043305 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC043305 core:Non-standardPPEClass4ComponentTotalPropertyPlantEquipment 2023-04-01 2024-03-31 SC043305 core:OfficeEquipment 2023-04-01 2024-03-31 SC043305 core:OfficeEquipment 2023-03-31 SC043305 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: SC043305
William Beattie (Farmers) Limited
Filleted Unaudited Financial Statements
31 March 2024
William Beattie (Farmers) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
250,663
168,255
Current assets
Stocks
9,668
12,263
Debtors
6
4,164
18,654
Cash at bank and in hand
79,395
163,964
--------
---------
93,227
194,881
Creditors: amounts falling due within one year
7
218,739
242,908
---------
---------
Net current liabilities
125,512
48,027
---------
---------
Total assets less current liabilities
125,151
120,228
Creditors: amounts falling due after more than one year
8
9,100
Provisions
Taxation including deferred tax
16,296
18,655
---------
---------
Net assets
108,855
92,473
---------
---------
Capital and reserves
Called up share capital
9
55
55
Capital redemption reserve
45
45
Other reserves
9,343
9,343
Profit and loss account
99,412
83,030
---------
--------
Shareholders funds
108,855
92,473
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
William Beattie (Farmers) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr. G. W. Beattie
Director
Company registration number: SC043305
William Beattie (Farmers) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Latch Kellas, Broughty Ferry, Dundee, Scotland, DD5 3PP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. No depreciation has been charged in the accounts in respect of land and buildings. The directors are of the opinion that the current value of the land and buildings exceeds the book value, therefore any depreciation charged would be immaterial.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
n/a
Tractors and implements
-
15% reducing balance
Fencing
-
10% reducing balance
Motor vehicles
-
20% reducing balance
Office equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Tax on profit
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax expense/(income)
1,890
( 6,455)
Deferred tax:
Origination and reversal of timing differences
( 2,359)
13,885
-------
--------
Tax on profit
( 469)
7,430
-------
--------
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
72,121
193,699
1,194
19,629
517
287,160
Additions
96,635
5,219
101,854
---------
---------
-------
--------
----
---------
At 31 Mar 2024
168,756
198,918
1,194
19,629
517
389,014
---------
---------
-------
--------
----
---------
Depreciation
At 1 Apr 2023
2,095
97,718
1,149
17,943
118,905
Charge for the year
18,761
4
337
344
19,446
---------
---------
-------
--------
----
---------
At 31 Mar 2024
2,095
116,479
1,153
18,280
344
138,351
---------
---------
-------
--------
----
---------
Carrying amount
At 31 Mar 2024
166,661
82,439
41
1,349
173
250,663
---------
---------
-------
--------
----
---------
At 31 Mar 2023
70,026
95,981
45
1,686
517
168,255
---------
---------
-------
--------
----
---------
6. Debtors
2024
2023
£
£
Trade debtors
310
( 820)
Other debtors
3,854
19,474
-------
--------
4,164
18,654
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,008
1,322
Corporation tax
1,890
Other creditors
214,841
241,586
---------
---------
218,739
242,908
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
9,100
----
-------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
55
55
55
55
----
----
----
----
10. Transactions with directors
The company was under the control of Mr G W Beattie throughout the current year. At the year end the company was due to the directors £203,636 (2023 - £203,636). This loan is interest free with no set repayment terms and repayable on demand.