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REGISTERED NUMBER: SC410577 (Scotland)















KEDZLIE FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KEDZLIE FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Ms R L Savry
L J Savry
Ms J D Savry





REGISTERED OFFICE: Kedzlie Farm House
Kedzlie Farm Blainsie
Lauderdale
Galashiels
TD1 2PJ





REGISTERED NUMBER: SC410577 (Scotland)






KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,900,570 3,904,163
Investment property 6 155,031 155,031
4,055,601 4,059,194

CURRENT ASSETS
Stocks 1,208,554 1,318,225
Debtors 7 231,577 105,161
Cash at bank 339,704 415,287
1,779,835 1,838,673
CREDITORS
Amounts falling due within one year 8 4,269,801 4,396,342
NET CURRENT LIABILITIES (2,489,966 ) (2,557,669 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,565,635

1,501,525

CREDITORS
Amounts falling due after more than one
year

9

(520,650

)

(644,133

)

PROVISIONS FOR LIABILITIES (8,471 ) -
NET ASSETS 1,036,514 857,392

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 1,036,511 857,389
1,036,514 857,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





L J Savry - Director


KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Kedzlie Farm Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model, other than investment properties, 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, using the straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property- 2% reducing balance
Plant, machinery & equipment- 15% & 25% 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 the Statement of Comprehensive Income.

Investment property
Investment property is carried at fair value determined annually by the directors given their knowledge of the industry and market prices. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

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 balance sheet 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.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to related parties.

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.


KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Pensions

Defined contribution pension plan
The Company operated a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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 useful economic lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account 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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 160,000
AMORTISATION
At 1 January 2023
and 31 December 2023 160,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 3,777,048 960,425 4,737,473
Additions - 100,978 100,978
At 31 December 2023 3,777,048 1,061,403 4,838,451
DEPRECIATION
At 1 January 2023 328,205 505,105 833,310
Charge for year 28,992 75,579 104,571
At 31 December 2023 357,197 580,684 937,881
NET BOOK VALUE
At 31 December 2023 3,419,851 480,719 3,900,570
At 31 December 2022 3,448,843 455,320 3,904,163

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 155,031
NET BOOK VALUE
At 31 December 2023 155,031
At 31 December 2022 155,031

The Directors have considered the value of the investment property on an open market value for existing use basis and consider that the value is not materially different to the balance sheet carrying value as above.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 122,178 15,380
Other debtors 109,399 89,781
231,577 105,161

KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 160,200 160,200
Hire purchase contracts 3,333 13,334
Trade creditors 90,412 262,020
Taxation and social security 10,705 1,133
Other creditors 4,005,151 3,959,655
4,269,801 4,396,342

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 520,650 640,800
Hire purchase contracts - 3,333
520,650 644,133

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 680,850 801,000
Hire purchase contracts 3,333 16,667
684,183 817,667

Bank borrowings are secured by a Standard Security charge over the lands and farm owned by the company. Amounts due under hire purchase contracts are secured by the asset being acquired.

11. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,495 (2022: £1,218). Contributions totalling £347 (2022: £193) were payable to the fund at the balance sheet date and are included in creditors.

KEDZLIE FARM LIMITED (REGISTERED NUMBER: SC410577)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. RELATED PARTY DISCLOSURES

Leo Group Limited and its subsidiary companies are related parties due to being controlled by Mr D Sawrij who has significant influence over Kedzlie Farm Limited.

The balances due from / (owed to) related parties at the year end are as follows:

2023 2022
£    £   

Leo Group Limited (3,784,335 ) (3,869,422 )
Omega Proteins Limited 3,928 (4,305 )
Leo Aviation ltd 287 495
Leo Sawrij Limited 3,928 184
The Big Green Timber Company Limited (96,949 ) (79,596 )
Mr D Sawrij (49,626 ) (49,626 )

During the year the company purchased goods totalling £98,060 (2022: £77,040) from related parties.