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REGISTERED NUMBER: SC175589 (Scotland)















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: I E Ivory
A F Ivory
C A H Ivory
J M Ivory



SECRETARY: Turcan Connell Company Secretaries Limited



REGISTERED OFFICE: c/o Turcan Connell
Princes Exchange
1 Earl Grey Street
Edinburgh
EH3 9EE



REGISTERED NUMBER: SC175589 (Scotland)



ACCOUNTANTS: Jeffrey Crawford & Co
Chartered Accountants
25 Castle Terrace
Edinburgh
EH1 2ER



BANKERS: Hampden & Co
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 1,832,293 1,723,186
Investments 5 417,798 425,410
2,250,091 2,148,596

CURRENT ASSETS
Debtors 6 - 13,134
Cash at bank 5,490 3,333
5,490 16,467
CREDITORS
Amounts falling due within one year 7 64,720 65,417
NET CURRENT LIABILITIES (59,230 ) (48,950 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,190,861

2,099,646


CAPITAL AND RESERVES
Called up share capital 8 2,098 2,098
Share premium 9 1,307,472 1,307,472
Revaluation reserve 9 113,607 -
Retained earnings 9 767,684 790,076
SHAREHOLDERS' FUNDS 2,190,861 2,099,646
2,190,861 2,099,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Goose Farming Company Limited (Registered number: SC175589)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





I E Ivory - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
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.
Farm buildings - 4% on cost
Equipment - 7.5% on cost

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 1,676,219 147,074 19,589 1,842,882
DEPRECIATION
At 1 April 2023 - 113,607 6,089 119,696
Charge for year - - 4,500 4,500
Charge written back - (113,607 ) - (113,607 )
At 31 March 2024 - - 10,589 10,589
NET BOOK VALUE
At 31 March 2024 1,676,219 147,074 9,000 1,832,293
At 31 March 2023 1,676,219 33,467 13,500 1,723,186

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 - 1,000
VAT - 1,134
- 13,134

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation - 5,167
VAT 480 -
Other creditors 2,000 -
Accruals and deferred income 13,240 2,250
Other loans 49,000 58,000
64,720 65,417

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: £    £   
2,098 Ordinary £1 2,098 2,098

9. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 790,076 1,307,472 - 2,097,548
Profit for the year 2,784 2,784
Dividends (25,176 ) (25,176 )
Revaluation reserve - - 113,607 113,607
At 31 March 2024 767,684 1,307,472 113,607 2,188,763