Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Daisy Jean Dunnett 21/11/2022 Dorothy Janette Dunnett 10/03/2020 John Harrison 21/11/2022 18 September 2024 The principal activity of the Company during the financial year continued to be that of growing perennial crops, plant propagation and seed processing for propagation. SC056516 2023-12-31 SC056516 bus:Director1 2023-12-31 SC056516 bus:Director2 2023-12-31 SC056516 bus:Director3 2023-12-31 SC056516 2022-12-31 SC056516 core:CurrentFinancialInstruments 2023-12-31 SC056516 core:CurrentFinancialInstruments 2022-12-31 SC056516 core:Non-currentFinancialInstruments 2023-12-31 SC056516 core:Non-currentFinancialInstruments 2022-12-31 SC056516 core:ShareCapital 2023-12-31 SC056516 core:ShareCapital 2022-12-31 SC056516 core:RevaluationReserve 2023-12-31 SC056516 core:RevaluationReserve 2022-12-31 SC056516 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC056516 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC056516 core:LandBuildings 2022-12-31 SC056516 core:PlantMachinery 2022-12-31 SC056516 core:Vehicles 2022-12-31 SC056516 core:OfficeEquipment 2022-12-31 SC056516 core:LandBuildings 2023-12-31 SC056516 core:PlantMachinery 2023-12-31 SC056516 core:Vehicles 2023-12-31 SC056516 core:OfficeEquipment 2023-12-31 SC056516 bus:OrdinaryShareClass1 2023-12-31 SC056516 bus:PreferenceShareClass1 2023-12-31 SC056516 2023-01-01 2023-12-31 SC056516 bus:FilletedAccounts 2023-01-01 2023-12-31 SC056516 bus:SmallEntities 2023-01-01 2023-12-31 SC056516 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC056516 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC056516 bus:Director1 2023-01-01 2023-12-31 SC056516 bus:Director2 2023-01-01 2023-12-31 SC056516 bus:Director3 2023-01-01 2023-12-31 SC056516 core:LandBuildings 2023-01-01 2023-12-31 SC056516 core:PlantMachinery 2023-01-01 2023-12-31 SC056516 core:Vehicles 2023-01-01 2023-12-31 SC056516 core:OfficeEquipment 2023-01-01 2023-12-31 SC056516 2022-01-01 2022-12-31 SC056516 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC056516 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC056516 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC056516 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC056516 bus:PreferenceShareClass1 2023-01-01 2023-12-31 SC056516 bus:PreferenceShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC056516 (Scotland)

CHRISTIE-ELITE NURSERIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

CHRISTIE-ELITE NURSERIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

CHRISTIE-ELITE NURSERIES LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
CHRISTIE-ELITE NURSERIES LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,134,527 1,177,992
1,134,527 1,177,992
Current assets
Stocks 1,585,104 1,656,798
Debtors 4 177,379 194,368
Cash at bank and in hand 1,021 1,652
1,763,504 1,852,818
Creditors: amounts falling due within one year 5 ( 1,893,009) ( 1,994,212)
Net current liabilities (129,505) (141,394)
Total assets less current liabilities 1,005,022 1,036,598
Creditors: amounts falling due after more than one year 6 ( 189,885) ( 250,644)
Net assets 815,137 785,954
Capital and reserves
Called-up share capital 7 700,100 700,100
Revaluation reserve 701,863 701,863
Profit and loss account ( 586,826 ) ( 616,009 )
Total shareholder's funds 815,137 785,954

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.

Directors' responsibilities:

The financial statements of Christie-Elite Nurseries Limited (registered number: SC056516) were approved and authorised for issue by the Board of Directors on 18 September 2024. They were signed on its behalf by:

Dorothy Janette Dunnett
Director
CHRISTIE-ELITE NURSERIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
CHRISTIE-ELITE NURSERIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
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

Christie-Elite Nurseries 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 Fasque Estate Office Balnakettle Farm, Fettercairn, Laurencekirk, AB30 1DS, Scotland, 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 £129,505. The Company is supported through loans from entities in which a director has an interest. 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 the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 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 10 - 15 % reducing balance
Plant and machinery 6.66 - 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 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.

Leases

The Company as lessee
Assets held under finance leases, 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).

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. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 cash in hand, deposits held at call with banks and 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 and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities including creditors and bank loans, are initially 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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 34

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 1,408,821 626,335 267,120 16,442 2,318,718
Additions 0 0 0 1 1
At 31 December 2023 1,408,821 626,335 267,120 16,443 2,318,719
Accumulated depreciation
At 01 January 2023 371,621 542,283 212,380 14,442 1,140,726
Charge for the financial year 12,275 19,704 10,051 1,436 43,466
At 31 December 2023 383,896 561,987 222,431 15,878 1,184,192
Net book value
At 31 December 2023 1,024,925 64,348 44,689 565 1,134,527
At 31 December 2022 1,037,200 84,052 54,740 2,000 1,177,992

4. Debtors

2023 2022
£ £
Trade debtors 147,593 101,183
Other debtors 29,786 93,185
177,379 194,368

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 88,144 96,861
Trade creditors 126,484 82,633
Other taxation and social security 57,469 37,945
Obligations under finance leases and hire purchase contracts 2,554 4,956
Other creditors 1,618,358 1,771,817
1,893,009 1,994,212

Included within bank loans and overdrafts are loans of £59,723 (2022 - £59,723) which are secured by a floating charge over the assets/undertaking of the business.

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

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

2023 2022
£ £
Bank loans 189,885 248,090
Obligations under finance leases and hire purchase contracts 0 2,554
189,885 250,644

Included within bank loans are loans which are secured by a floating charge over the assets/undertaking of the business.

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
700,000 2.00% Redeemable preference shares of £ 1.00 each 700,000 700,000
700,100 700,100

8. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts due to entities in which the directors have an interest 1,547,776 1,627,776

The above loans are unsecured, interest free and repayable on demand.