REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Goose Farming Company Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Goose Farming Company Limited |
Goose Farming Company Limited (Registered number: SC175589) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Goose Farming Company Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
25 Castle Terrace |
Edinburgh |
EH1 2ER |
BANKERS: |
9 Charlotte Square |
Edinburgh |
EH2 4DR |
Goose Farming Company Limited (Registered number: SC175589) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium | 9 |
Revaluation reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
2,190,861 | 2,099,646 |
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. |
Goose Farming Company Limited (Registered number: SC175589) |
Balance Sheet - continued |
31 March 2024 |
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 |
Goose Farming Company Limited (Registered number: SC175589) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Goose Farming Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgement and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
There have been no significant judgements (apart from those involving estimates) in the period that have a significant effect on the financial figures. |
Turnover |
Turnover represents the amount derived from ordinary activities during the year, being amounts invoiced, excluding value added tax, except in the case of activities carried out under a partnership agreement where revenue is recognised to the extent of a right to consideration arising under that agreement. |
Tangible fixed assets |
Farm buildings | - |
Equipment | - |
Agricultural land in not depreciated but held at cost and is subject to an annual impairment review by the director's, which if found necessary it charged to the profit and loss. |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company hold basic financial instruments which comprise cash and cash equivalents, trade and other receivables and trade and other payables. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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. |
Fixed asset investments |
Fixed asset investment consists of an investment in a limited partnership in which the company is a partner. This is stated at cost unless in the opinion of the directors there has been an impairment in which case an appropriate adjustment is made. |
Goose Farming Company Limited (Registered number: SC175589) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Agricultural | Farm |
land | buildings | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Charge written back | - | (113,607 | ) | - | (113,607 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
At the year end 31 March 2024 the directors revalued the Farm Buildings back to original cost as this better reflected the current values. The directors do not believe it is appropriate to depreciate the farm buildings in the year in which they were revalued. |
5. | FIXED ASSET INVESTMENTS |
STRATHISLA FARMS |
Capital account |
Current account |
Partnership Interest |
Cost | £ | £ | £ |
At 1 April 2023 | 300,000 | 125,410 | 425,410 |
Repayments | - | (36,000 | ) | (36,000 | ) |
Share of profit | - | 28,388 | 28,388 |
300,000 | 117,798 | 417,798 |
NET BOOK VALUE |
At 31 March 2024 | 417,798 |
At 31 March 2023 | 425,410 |
The fixed asset investment represents the investment in Strathisla Farms LP, a limited partnership in which the company is a partner. The farming activities of the company are carried out by Strathisla Farms LP under the partnership agreement. The trading results show a profit for the year amounting to £28,388 (2023: £53,763). Movements in partnership interest are due to repayments from the current account net of any profit share. The valuation of the investment is stated at cost less impairment if considered necessary. |
Goose Farming Company Limited (Registered number: SC175589) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Strathisla deposit | - | 11,000 |
Other debtors |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation |
VAT | 480 | - |
Other creditors | 2,000 | - |
Accruals and deferred income |
Other loans | 49,000 | 58,000 |
Other loans represents funds advanced by a Family Trust in which two of the directors acts as Trustees. The loan is interest free, unsecured and repayable on demand. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2,098 | 2,098 |
9. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 2,097,548 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation reserve | - | - | 113,607 | 113,607 |
At 31 March 2024 | 2,188,763 |