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Registration number: SC581034

Corsewall Castle Farm Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Corsewall Castle Farm Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Corsewall Castle Farm Limited

(Registration number: SC581034)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,879,659

1,981,714

Current assets

 

Stocks

5

236,835

235,844

Debtors

6

27,096

24,167

Cash at bank and in hand

 

6,337

13,418

 

270,268

273,429

Creditors: Amounts falling due within one year

7

(211,381)

(156,252)

Net current assets

 

58,887

117,177

Total assets less current liabilities

 

1,938,546

2,098,891

Creditors: Amounts falling due after more than one year

7

(1,841,672)

(1,948,583)

Provisions for liabilities

(19,915)

(17,943)

Net assets

 

76,959

132,365

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

76,859

132,265

Shareholders' funds

 

76,959

132,365

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 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Corsewall Castle Farm Limited

(Registration number: SC581034)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................
Mrs Marie A Turtle
Director

.........................................
Mr Iain Turtle
Director

 

Corsewall Castle Farm Limited

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:
Corsewall Castle Farm
Kirkcolm
Stranraer
DG9 0QG

These financial statements were authorised for issue by the Board on 3 September 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Corsewall Castle Farm Limited

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

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.

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 basis

Other tangible assets

25% reducing balance basis

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Corsewall Castle Farm Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Corsewall Castle Farm Limited

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

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

2,250,000

123,168

2,373,168

Additions

-

36,998

36,998

At 31 December 2023

2,250,000

160,166

2,410,166

Depreciation

At 1 January 2023

337,500

53,954

391,454

Charge for the year

112,500

26,553

139,053

At 31 December 2023

450,000

80,507

530,507

Carrying amount

At 31 December 2023

1,800,000

79,659

1,879,659

At 31 December 2022

1,912,500

69,214

1,981,714

5

Stocks

2023
£

2022
£

Other inventories

236,835

235,844

6

Debtors

Current

2023
£

2022
£

Trade debtors

22,750

22,750

Other debtors

4,346

1,417

 

27,096

24,167

 

Corsewall Castle Farm Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

134,160

121,360

Trade creditors

 

37,218

10,743

Accruals and deferred income

 

925

865

Other creditors

 

39,078

23,284

 

211,381

156,252

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,841,672

1,948,583

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Corsewall Castle Farm Limited

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,795,213

1,899,625

Hire purchase contracts

46,459

48,958

1,841,672

1,948,583

2023
£

2022
£

Current loans and borrowings

Bank borrowings

108,860

108,860

Hire purchase contracts

25,300

12,500

134,160

121,360

Bank borrowings

The carrying amount at year end is £1,879,073 (2022 - £1,973,485).

The bank loan is secured by:
A floating charge from Corsewall Castle Farm Limited;
A guarantee from Messrs Turtle;
A guarantee from Mr I Turtle and Mrs M A Turtle.

10

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

26,559

2022

Key management
£

Amounts payable to related party

18,663

11

Parent and ultimate parent undertaking

The company is controlled by the directors.