Silverfin false false 31/03/2024 01/04/2023 31/03/2024 John Steel 08/07/2009 04 September 2024 The principal activity of the Company during the financial year continued to be that of a partner in the farming partnership of Messrs A & J Steel and that of contracting. SC362316 2024-03-31 SC362316 bus:Director1 2024-03-31 SC362316 2023-03-31 SC362316 core:CurrentFinancialInstruments 2024-03-31 SC362316 core:CurrentFinancialInstruments 2023-03-31 SC362316 core:ShareCapital 2024-03-31 SC362316 core:ShareCapital 2023-03-31 SC362316 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC362316 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC362316 core:OtherPropertyPlantEquipment 2023-03-31 SC362316 core:OtherPropertyPlantEquipment 2024-03-31 SC362316 core:CostValuation 2023-03-31 SC362316 core:AdditionsToInvestments 2024-03-31 SC362316 core:DisposalsRepaymentsInvestments 2024-03-31 SC362316 core:CostValuation 2024-03-31 SC362316 2022-03-31 SC362316 bus:OrdinaryShareClass1 2024-03-31 SC362316 bus:OrdinaryShareClass2 2024-03-31 SC362316 bus:OrdinaryShareClass3 2024-03-31 SC362316 bus:OrdinaryShareClass4 2024-03-31 SC362316 2023-04-01 2024-03-31 SC362316 bus:FilletedAccounts 2023-04-01 2024-03-31 SC362316 bus:SmallEntities 2023-04-01 2024-03-31 SC362316 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC362316 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC362316 bus:Director1 2023-04-01 2024-03-31 SC362316 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC362316 2022-04-01 2023-03-31 SC362316 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC362316 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC362316 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC362316 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC362316 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC362316 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 SC362316 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 SC362316 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC362316 (Scotland)

TURIN HOME FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

TURIN HOME FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

TURIN HOME FARM LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
TURIN HOME FARM LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 90,636 305,739
Investments 4 551,906 538,433
642,542 844,172
Current assets
Debtors 5 327,236 12,959
Cash at bank and in hand 69,908 24,133
397,144 37,092
Creditors: amounts falling due within one year 6 ( 191,284) ( 31,265)
Net current assets 205,860 5,827
Total assets less current liabilities 848,402 849,999
Provision for liabilities 7, 8 ( 22,659) ( 76,435)
Net assets 825,743 773,564
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 825,643 773,464
Total shareholders' funds 825,743 773,564

For the financial 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.

Director's responsibilities:

The financial statements of Turin Home Farm Limited (registered number: SC362316) were approved and authorised for issue by the Director on 04 September 2024. They were signed on its behalf by:

John Steel
Director
TURIN HOME FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
TURIN HOME FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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

Turin Home Farm Limited (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 15 Academy Street, Forfar, DD8 2HA, United Kingdom. The principal place of business is 131 Dunnichen Avenue, Forfar, DD8 2EJ.

The financial statements have been prepared under the historical cost convention, and 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for contracting and share of profits from the Partnership net of VAT and trade discounts. Turnover is recognised on accrual basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance

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.

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 Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

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

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 886,082 886,082
Disposals ( 590,102) ( 590,102)
At 31 March 2024 295,980 295,980
Accumulated depreciation
At 01 April 2023 580,343 580,343
Charge for the financial year 61,353 61,353
Disposals ( 436,352) ( 436,352)
At 31 March 2024 205,344 205,344
Net book value
At 31 March 2024 90,636 90,636
At 31 March 2023 305,739 305,739

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 538,433 538,433
Additions 21,537 21,537
Disposals ( 8,064) ( 8,064)
At 31 March 2024 551,906 551,906
Carrying value at 31 March 2024 551,906 551,906
Carrying value at 31 March 2023 538,433 538,433

The unlisted investment represents the company's interest in the farming partnership of Messrs A & J Steel.

5. Debtors

2024 2023
£ £
Trade debtors 324,574 7,200
Other debtors 2,662 5,759
327,236 12,959

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 136,878 13,444
Other creditors 54,406 17,821
191,284 31,265

7. Provision for liabilities

2024 2023
£ £
Deferred tax 22,659 76,435

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 76,435) ( 94,397)
Credited to the Statement of Income and Retained Earnings 53,776 17,962
At the end of financial year ( 22,659) ( 76,435)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
33 A ordinary shares of £ 1.00 each 33 33
33 B ordinary shares of £ 1.00 each 33 33
33 C ordinary shares of £ 1.00 each 33 33
1 D ordinary share of £ 1.00 1 1
100 100