Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Alistair Graham Forbes 20/08/2019 Cameron Peter Forbes 20/08/2019 Gail Forbes 13/07/2018 Michael Bartow Forbes 13/07/2018 28 August 2024 The principal activity of the Company during the financial year continued to be that of farming and contracting. SC602529 2024-03-31 SC602529 bus:Director1 2024-03-31 SC602529 bus:Director2 2024-03-31 SC602529 bus:Director3 2024-03-31 SC602529 bus:Director4 2024-03-31 SC602529 2023-03-31 SC602529 core:CurrentFinancialInstruments 2024-03-31 SC602529 core:CurrentFinancialInstruments 2023-03-31 SC602529 core:Non-currentFinancialInstruments 2024-03-31 SC602529 core:Non-currentFinancialInstruments 2023-03-31 SC602529 core:ShareCapital 2024-03-31 SC602529 core:ShareCapital 2023-03-31 SC602529 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC602529 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC602529 core:LandBuildings 2023-03-31 SC602529 core:OtherPropertyPlantEquipment 2023-03-31 SC602529 core:LandBuildings 2024-03-31 SC602529 core:OtherPropertyPlantEquipment 2024-03-31 SC602529 6 2024-03-31 SC602529 6 2023-03-31 SC602529 2022-03-31 SC602529 bus:OrdinaryShareClass1 2024-03-31 SC602529 2023-04-01 2024-03-31 SC602529 bus:FilletedAccounts 2023-04-01 2024-03-31 SC602529 bus:SmallEntities 2023-04-01 2024-03-31 SC602529 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC602529 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC602529 bus:Director1 2023-04-01 2024-03-31 SC602529 bus:Director2 2023-04-01 2024-03-31 SC602529 bus:Director3 2023-04-01 2024-03-31 SC602529 bus:Director4 2023-04-01 2024-03-31 SC602529 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC602529 2022-04-01 2023-03-31 SC602529 core:LandBuildings 2023-04-01 2024-03-31 SC602529 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC602529 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC602529 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC602529 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC602529 (Scotland)

AGM FORBES LIMITED

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

AGM FORBES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

AGM FORBES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
AGM FORBES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,082,042 1,178,002
Biological assets 544,264 551,081
1,626,306 1,729,083
Current assets
Stocks 4 235,006 294,280
Debtors 5 626,516 517,375
861,522 811,655
Creditors: amounts falling due within one year 6 ( 1,543,151) ( 1,917,217)
Net current liabilities (681,629) (1,105,562)
Total assets less current liabilities 944,677 623,521
Creditors: amounts falling due after more than one year 7 ( 706,121) ( 527,929)
Provision for liabilities 8, 9 ( 113,199) ( 53,882)
Net assets 125,357 41,710
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 125,257 41,610
Total shareholders' funds 125,357 41,710

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.

Directors' responsibilities:

The financial statements of Agm Forbes Limited (registered number: SC602529) were approved and authorised for issue by the Board of Directors on 28 August 2024. They were signed on its behalf by:

Michael Bartow Forbes
Director
AGM FORBES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
AGM FORBES 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

Agm Forbes 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 Omachie Farm, Kingennie, Dundee, DD5 3RE, United Kingdom.

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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £681,629. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and they will not seek repayment of their loan accounts.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for farming and is shown net of VAT and other sales related taxes. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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:

Land and buildings not depreciated
Plant and machinery etc. 12.5 - 25 % 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.

Biological assets

The Company owned pigs. In accordance with FRS102, these are defined as biological assets.

Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the entity; and the fair value or cost of the asset can be measured reliably.

Leases

The Company as lessee
Assets held under hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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 directors 20 25

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 432,226 1,109,050 1,541,276
Additions 0 8,000 8,000
At 31 March 2024 432,226 1,117,050 1,549,276
Accumulated depreciation
At 01 April 2023 0 363,274 363,274
Charge for the financial year 0 103,960 103,960
At 31 March 2024 0 467,234 467,234
Net book value
At 31 March 2024 432,226 649,816 1,082,042
At 31 March 2023 432,226 745,776 1,178,002

4. Stocks

2024 2023
£ £
Crops 164,909 166,205
Other stock 70,097 128,075
235,006 294,280

5. Debtors

2024 2023
£ £
Trade debtors 60,126 43,797
Corporation tax 142,954 0
Other debtors 423,436 473,578
626,516 517,375

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 421,626 794,973
Trade creditors 893,095 871,122
Taxation and social security 21,204 17,489
Obligations under finance leases and hire purchase contracts 91,660 94,024
Other creditors 115,566 139,609
1,543,151 1,917,217

Bank borrowings are secured by floating charges covering all assets of the company.

Included within obligations under finance leases and hire purchase contracts are obligations under finance leases amounting to £91,660 (2023 - £94,024). These are secured over the related assets.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 564,845 301,299
Obligations under finance leases and hire purchase contracts 141,276 226,630
706,121 527,929

Bank borrowings are secured by floating charges covering all assets of the company.

Included within in obligations under finance leases and hire purchase contracts are obligations under finance leases amounting to £141,276 (2023 - £226,630). These are secured over the related assets.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 113,199 53,882

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 53,882) ( 53,882)
Charged to the Profit and Loss Account ( 59,317) 0
At the end of financial year ( 113,199) ( 53,882)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to key management personnel (53,885) (42,634)

Advances of £148,513 were made by the company to the directors' during the year and repayments of £137,262 were made by the directors' to the company, The balance is unsecured, interest-free and has no fixed terms of repayment.

Other related party transactions

2024 2023
£ £
Amounts due from related parties 350,000 350,000