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REGISTRAR OF COMPANIES

Registration number: SC330850

Craigley Farms Ltd

Unaudited Financial Statements

31 December 2023

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Craigley Farms Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Craigley Farms Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Craigley Farms Ltd for the year ended 31 December 2023 as set out on pages 2 to 12 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 Craigley Farms Ltd, as a body, in accordance with the terms of our engagement letter dated 3 August 2022. Our work has been undertaken solely to prepare for your approval the accounts of Craigley Farms Ltd and state those matters that we have agreed to state to the Board of Directors of Craigley Farms Ltd, 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 Craigley Farms Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Craigley Farms Ltd 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 Craigley Farms Ltd. You consider that Craigley Farms Ltd 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 Craigley Farms Ltd. 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

22 July 2024

 

Craigley Farms Ltd

(Registration number: SC330850)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,121,028

1,954,292

Investments

6

2,281,950

2,281,950

 

4,402,978

4,236,242

Current assets

 

Stocks

2,194,790

2,175,368

Debtors

7

470,068

501,677

Cash at bank and in hand

 

510,539

52,085

 

3,175,397

2,729,130

Creditors: Amounts falling due within one year

8

(4,295,269)

(4,116,769)

Net current liabilities

 

(1,119,872)

(1,387,639)

Total assets less current liabilities

 

3,283,106

2,848,603

Creditors: Amounts falling due after more than one year

8

(161,506)

(200,623)

Provisions for liabilities

(369,157)

(308,810)

Net assets

 

2,752,443

2,339,170

Capital and reserves

 

Allotted, called up and fully paid share capital

200

200

Profit and loss account

2,752,243

2,338,970

Total equity

 

2,752,443

2,339,170

 

Craigley Farms Ltd

(Registration number: SC330850)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2024
 

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

R Y Wallace

Director

 

Craigley Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Craigley
Gelston
CASTLE DOUGLAS
DG7 1SR

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.

The company has net current liabilities at 31 December 2023 and meets its day to day working capital requirements by way of a short term loan from its director. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its director, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

 

Craigley Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)


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.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Craigley Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

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

5% straight line

Plant and equipment

15% and 10% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 year straight line

Land and buildings relate to tenants improvements on land leased by the company from the shareholders. 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% straight line over their useful economic life, and not the duration of the lease.

Investments

Investments in subsidiaries are measured at cost less impairment.

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.

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.

 

Craigley Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

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.

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.

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.

Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

 

Craigley Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2022 - 19).

 

Craigley Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 January 2023

55,000

55,000

At 31 December 2023

55,000

55,000

Amortisation

At 1 January 2023

55,000

55,000

At 31 December 2023

55,000

55,000

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

721,155

2,038,870

33,175

1,952

2,795,152

Additions

30,040

406,103

-

430

436,573

Disposals

-

(66,600)

-

-

(66,600)

At 31 December 2023

751,195

2,378,373

33,175

2,382

3,165,125

Depreciation

At 1 January 2023

150,856

672,354

16,026

1,624

840,860

Charge for the year

36,794

208,007

4,287

199

249,287

Eliminated on disposal

-

(46,050)

-

-

(46,050)

At 31 December 2023

187,650

834,311

20,313

1,823

1,044,097

Carrying amount

At 31 December 2023

563,545

1,544,062

12,862

559

2,121,028

At 31 December 2022

570,299

1,366,516

17,149

328

1,954,292

 

Craigley Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Investments

2023
£

2022
£

Investments in subsidiaries

2,281,950

2,281,950

Subsidiaries

£

Cost or valuation

At 1 January 2023

2,281,950

At 31 December 2023

2,281,950

Carrying amount

At 31 December 2023

2,281,950

At 31 December 2022

2,281,950

7

Debtors

2023
£

2022
£

Trade debtors

423,229

467,080

Other debtors

46,839

34,597

470,068

501,677

 

Craigley Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,985,360

1,979,083

Trade creditors

 

415,075

284,527

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

 

1,573,173

1,554,572

Corporation tax liability

 

98,646

107,144

Other creditors

 

223,015

191,443

 

4,295,269

4,116,769

Due after one year

 

Loans and borrowings

9

151,070

188,345

Other creditors

 

10,436

12,278

 

161,506

200,623

2023
£

2022
£

After more than five years by instalments

21,874

34,373

21,874

34,373

 

Craigley Farms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

12,499

12,499

Finance lease liabilities

93,840

68,529

Redeemable preference shares

1,290,000

290,000

Other borrowings

589,021

1,608,055

1,985,360

1,979,083

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

2023
£

2022
£

Bank borrowings

12,499

12,499

Finance lease liabilities

93,840

68,529

106,339

81,028

Bank borrowings are secured by a bond and floating charge over the company's assets.

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

71,871

84,370

Finance lease liabilities

79,199

103,975

151,070

188,345

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

2023
£

2022
£

Bank borrowings

71,871

84,370

Finance lease liabilities

79,199

103,975

151,070

188,345

Bank borrowings are secured by a bond and floating charge over the company's assets.

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