Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr Allan Rennie 01/09/2015 25 September 2024 The principal activity of the Company during the financial year was farming and metal work. SC514409 2023-12-31 SC514409 bus:Director1 2023-12-31 SC514409 2022-12-31 SC514409 core:CurrentFinancialInstruments 2023-12-31 SC514409 core:CurrentFinancialInstruments 2022-12-31 SC514409 core:Non-currentFinancialInstruments 2023-12-31 SC514409 core:Non-currentFinancialInstruments 2022-12-31 SC514409 core:ShareCapital 2023-12-31 SC514409 core:ShareCapital 2022-12-31 SC514409 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC514409 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC514409 core:OtherPropertyPlantEquipment 2022-12-31 SC514409 core:OtherPropertyPlantEquipment 2023-12-31 SC514409 5 2023-12-31 SC514409 5 2022-12-31 SC514409 6 2023-12-31 SC514409 6 2022-12-31 SC514409 bus:OrdinaryShareClass1 2023-12-31 SC514409 core:WithinOneYear 2023-12-31 SC514409 core:WithinOneYear 2022-12-31 SC514409 core:BetweenOneFiveYears 2023-12-31 SC514409 core:BetweenOneFiveYears 2022-12-31 SC514409 core:MoreThanFiveYears 2023-12-31 SC514409 core:MoreThanFiveYears 2022-12-31 SC514409 2023-01-01 2023-12-31 SC514409 bus:FilletedAccounts 2023-01-01 2023-12-31 SC514409 bus:SmallEntities 2023-01-01 2023-12-31 SC514409 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC514409 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC514409 bus:Director1 2023-01-01 2023-12-31 SC514409 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC514409 2022-01-01 2022-12-31 SC514409 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC514409 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC514409 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC514409 (Scotland)

MOSSTON MUIR FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

MOSSTON MUIR FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

MOSSTON MUIR FARM LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
MOSSTON MUIR FARM LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 46,282 62,127
46,282 62,127
Current assets
Stocks 4 168,432 126,314
Debtors 5 3,667 9,485
Cash at bank and in hand 0 2,782
172,099 138,581
Creditors: amounts falling due within one year 6 ( 224,132) ( 197,142)
Net current liabilities (52,033) (58,561)
Total assets less current liabilities (5,751) 3,566
Creditors: amounts falling due after more than one year 7 0 ( 13,301)
Net liabilities ( 5,751) ( 9,735)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 5,851 ) ( 9,835 )
Total shareholder's deficit ( 5,751) ( 9,735)

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.

Director's responsibilities:

The financial statements of Mosston Muir Farm Limited (registered number: SC514409) were approved and authorised for issue by the Director on 25 September 2024. They were signed on its behalf by:

Mr Allan Rennie
Director
MOSSTON MUIR FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
MOSSTON MUIR FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mosston Muir Farm Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Mosston Muir, Guthrie, Forfar, DD8 2TX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £5,751. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for metal goods and cattle provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 12.5 - 25 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 143,715 143,715
At 31 December 2023 143,715 143,715
Accumulated depreciation
At 01 January 2023 81,588 81,588
Charge for the financial year 15,845 15,845
At 31 December 2023 97,433 97,433
Net book value
At 31 December 2023 46,282 46,282
At 31 December 2022 62,127 62,127

4. Stocks

2023 2022
£ £
Livestock 107,800 65,200
Crops 28,000 25,500
Other stock 32,632 35,614
168,432 126,314

5. Debtors

2023 2022
£ £
Trade debtors 0 6,208
Other debtors 3,667 3,277
3,667 9,485

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 23,413 11,303
Trade creditors 6,334 21,509
Obligations under finance leases and hire purchase contracts 4,463 5,298
Other creditors 189,922 159,032
224,132 197,142

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 8,838
Obligations under finance leases and hire purchase contracts 0 4,463
0 13,301

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 340,000 360,000

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 20,000 20,000
between one and five years 80,000 80,000
after five years 240,000 260,000
340,000 360,000