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REGISTERED NUMBER: SC616306 (Scotland)











































Leslie Farm Services Ltd

Unaudited Financial Statements

for the Year Ended 31st December 2023






Leslie Farm Services Ltd (Registered number: SC616306)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


Leslie Farm Services Ltd

Company Information
for the year ended 31st December 2023







Directors: C G Leslie
Mrs C F Leslie





Registered office: 4 The Courtyard
Haddington
EH41 4LS





Registered number: SC616306 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Leslie Farm Services Ltd (Registered number: SC616306)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 395,742 374,818

Current assets
Debtors 5 123,204 245,561
Investments 6 250 250
Cash at bank 24,787 26,155
148,241 271,966
Creditors
Amounts falling due within one year 7 142,701 231,706
Net current assets 5,540 40,260
Total assets less current liabilities 401,282 415,078

Creditors
Amounts falling due after more than one
year

8

(154,799

)

(198,410

)

Provisions for liabilities (49,497 ) (42,220 )
Net assets 196,986 174,448

Capital and reserves
Called up share capital 2 2
Retained earnings 196,984 174,446
196,986 174,448

Leslie Farm Services Ltd (Registered number: SC616306)

Balance Sheet - continued
31st December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th September 2024 and were signed on its behalf by:





C G Leslie - Director


Leslie Farm Services Ltd (Registered number: SC616306)

Notes to the Financial Statements
for the year ended 31st December 2023

1. Statutory information

Leslie Farm Services Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Tractors and combines - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, loans and directors' loans.

Hire purchase contracts and loans are initially measured at the present value of future payments, discounted at the market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Leslie Farm Services Ltd (Registered number: SC616306)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Investments
Current asset investments are at the lower of cost and net realisable value.

Going concern
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and they have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

3. Employees and directors

The average number of employees during the year was 1 (2022 - 1 ) .

Leslie Farm Services Ltd (Registered number: SC616306)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

4. Tangible fixed assets
Tractors
Plant and and Motor
machinery combines vehicles Totals
£    £    £    £   
Cost
At 1st January 2023 175,409 307,911 - 483,320
Additions 38,545 2,000 27,750 68,295
At 31st December 2023 213,954 309,911 27,750 551,615
Depreciation
At 1st January 2023 49,172 59,330 - 108,502
Charge for year 20,747 24,890 1,734 47,371
At 31st December 2023 69,919 84,220 1,734 155,873
Net book value
At 31st December 2023 144,035 225,691 26,016 395,742
At 31st December 2022 126,237 248,581 - 374,818


5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 99,929 222,205
Other debtors 23,275 23,356
123,204 245,561

6. Current asset investments
2023 2022
£    £   
Unlisted investments 250 250

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 7,500 7,500
Hire purchase contracts 82,471 73,334
Trade creditors 42,858 136,712
Taxation and social security 8,872 13,160
Other creditors 1,000 1,000
142,701 231,706

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 10,625 18,125
Hire purchase contracts 144,174 180,285
154,799 198,410

Leslie Farm Services Ltd (Registered number: SC616306)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 226,645 253,619

Hire purchase contracts are secured against the assets to which they relate.

10. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the year ended 31st December 2023 and year ended 31st December 2022:

20232022
££
Directors
Balance outstanding at start of year23,1959,331
Amounts advanced31,85631,549
Amounts repaid(32,941)(17,685)
Balance outstanding at end of year22,11023,195

These loans are unsecured and repayable on demand. Interest is charged by the company at the official rate published by HMRC.

11. Post balance sheet events

On 15th August 2024, an interim dividend of £15,000 per ordinary share was declared.