Registered number
SC438678
Damhead Agricultural Services Limited
Filleted Accounts
31 December 2023
Damhead Agricultural Services Limited
Registered number: SC438678
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 681,764 601,527
Current assets
Debtors 4 - 10,759
Cash at bank and in hand 1,768 102,425
1,768 113,184
Creditors: amounts falling due within one year 5 (638,363) (640,101)
Net current liabilities (636,595) (526,917)
Total assets less current liabilities 45,169 74,610
Creditors: amounts falling due after more than one year 6 (13,722) (30,189)
Net assets 31,447 44,421
Capital and reserves
Called up share capital 100 100
Profit and loss account 31,347 44,321
Shareholders' funds 31,447 44,421
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Shevill
Director
Approved by the board on 23 September 2024
Damhead Agricultural Services Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not provided
Plant and machinery 25% reducing balance
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 554,185 49,400 603,585
Additions 92,072 - 92,072
At 31 December 2023 646,257 49,400 695,657
Depreciation
At 1 January 2023 - 2,058 2,058
Charge for the year - 11,835 11,835
At 31 December 2023 - 13,893 13,893
Net book value
At 31 December 2023 646,257 35,507 681,764
At 31 December 2022 554,185 47,342 601,527
4 Debtors 2023 2022
£ £
Other debtors - 10,759
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 16,467 16,467
Trade creditors 525 525
Taxation and social security costs 25 -
Other creditors 621,346 623,109
638,363 640,101
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 13,722 30,189
7 Other information
Damhead Agricultural Services Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
17 Flowerhill Street
Airdrie
ML6 6AP
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