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REGISTERED NUMBER: SC504187 (Scotland)




















G & A Field Contracting Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024






G & A Field Contracting Ltd (Registered number: SC504187)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G & A Field Contracting Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mrs A M Mcfarlane





SECRETARY: Mrs A M Mcfarlane





REGISTERED OFFICE: 1 Cairnbeddie Farm Cottages
St Martins
Perthshire
PH2 6AQ





REGISTERED NUMBER: SC504187 (Scotland)





ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT

G & A Field Contracting Ltd (Registered number: SC504187)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 824,849 647,994

CURRENT ASSETS
Stocks 403,000 310,496
Debtors 5 431,129 37,245
Cash at bank and in hand 135,765 139,486
969,894 487,227
CREDITORS
Amounts falling due within one year 6 774,807 511,088
NET CURRENT ASSETS/(LIABILITIES) 195,087 (23,861 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,019,936 624,133

CREDITORS
Amounts falling due after more than one
year

7

(109,376

)

(201,120

)

PROVISIONS FOR LIABILITIES (197,659 ) (72,360 )
NET ASSETS 712,901 350,653

G & A Field Contracting Ltd (Registered number: SC504187)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 30,000 30,000
Retained earnings 682,801 320,553
712,901 350,653

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2024 and were signed by:





Mrs A M Mcfarlane - Director


G & A Field Contracting Ltd (Registered number: SC504187)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

G & A Field Contracting Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured as the net sales of agricultural services, after value added tax. Turnover is recognised at the point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and over lease term

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company has financial assets and financial liabilities only of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.


G & A Field Contracting Ltd (Registered number: SC504187)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

G & A Field Contracting Ltd (Registered number: SC504187)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST OR VALUATION
At 1 April 2023 890,699
Additions 420,331
Disposals (76,749 )
At 31 March 2024 1,234,281
DEPRECIATION
At 1 April 2023 242,705
Charge for year 185,914
Eliminated on disposal (19,187 )
At 31 March 2024 409,432
NET BOOK VALUE
At 31 March 2024 824,849
At 31 March 2023 647,994

Cost or valuation at 31 March 2024 is represented by:

Plant and
machinery
etc
£   
Valuation in 2022 40,000
Cost 1,194,281
1,234,281

G & A Field Contracting Ltd (Registered number: SC504187)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 April 2023 389,699
Additions 126,583
At 31 March 2024 516,282
DEPRECIATION
At 1 April 2023 135,045
Charge for year 77,257
At 31 March 2024 212,302
NET BOOK VALUE
At 31 March 2024 303,980
At 31 March 2023 254,654

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 184,896 30,405
Other debtors 246,233 6,840
431,129 37,245

G & A Field Contracting Ltd (Registered number: SC504187)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,783
Hire purchase contracts and finance leases (see note 8)
157,510

76,354
Trade creditors 424,619 223,219
Amounts owed to participating interests 15,013 27,024
Taxation and social security 164,391 169,572
Other creditors 3,274 4,136
774,807 511,088

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 17,646 26,825
Hire purchase contracts and finance leases (see note 8)
91,730

174,295
109,376 201,120

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year 121,254 38,809 36,256 37,545
Between one and five years 77,705 129,669 14,025 44,626
198,959 168,478 50,281 82,171

9. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 30,000

G & A Field Contracting Ltd (Registered number: SC504187)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mrs A M Mcfarlane
Balance outstanding at start of year 3,053 (22,057 )
Amounts advanced 228,687 123,875
Amounts repaid (3,983 ) (98,765 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 227,757 3,053

Other debtors includes a loan to the director. The loan is unsecured, interest charged at 2.25%, and was repaid within 9 months of the year end.

11. POST BALANCE SHEET EVENTS

Subsequent to the year-end, following the death of an employee, a death in service benefit amounting to approximately £400,000 will be payable. The financial impact of this event will be recognised in the subsequent financial period.