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REGISTERED NUMBER: SC274099 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GEOFFREY BRUCE LTD

GEOFFREY BRUCE LTD (REGISTERED NUMBER: SC274099)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GEOFFREY BRUCE LTD

COMPANY INFORMATION
for the year ended 31 DECEMBER 2023







DIRECTOR: C G W Bruce





SECRETARY: I Gillies





REGISTERED OFFICE: Viewbank
Coupar Angus
Perthshire
PH13 9EU





REGISTERED NUMBER: SC274099 (Scotland)

GEOFFREY BRUCE LTD (REGISTERED NUMBER: SC274099)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,355,313 1,220,842

CURRENT ASSETS
Stocks 518,349 666,194
Debtors 5 41,168 39,843
Cash at bank 479,642 381,895
1,039,159 1,087,932
CREDITORS
Amounts falling due within one year 6 (2,726,071 ) (2,963,451 )
NET CURRENT LIABILITIES (1,686,912 ) (1,875,519 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(331,599

)

(654,677

)

CREDITORS
Amounts falling due after more than one year 7 (60,050 ) -

ACCRUALS AND DEFERRED INCOME (15,985 ) (21,314 )
NET LIABILITIES (407,634 ) (675,991 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (407,734 ) (676,091 )
SHAREHOLDERS' FUNDS (407,634 ) (675,991 )

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

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

The director acknowledges his 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.

GEOFFREY BRUCE LTD (REGISTERED NUMBER: SC274099)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 director and authorised for issue on 24 September 2024 and were signed by:





C G W Bruce - Director


GEOFFREY BRUCE LTD (REGISTERED NUMBER: SC274099)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Geoffrey Bruce Ltd is a private company, limited by shares, registered in Scotland, registration number SC274099. The registered office is Viewbank, Coupar Angus, Perthshire, PH13 9EU.

The principal activity of the company is farming.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going concern
These financial statements have been prepared on the going concern basis despite the fact that Statement of Financial Position is showing a net current liability position of the Company. The key driver for this are loans provided to the Company by related companies, which are all repayable on demand with no fixed terms of repayment. There is no indication that the loans will be recalled, hence the going concern basis of the Company is considered to be appropriate.

Significant judgements and estimates
In preparing these financial statements, the director is required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

Plant and equipment
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined later in these notes.

Stock
As a significant element of crop stock has not yet been harvested at the year end, valuation of this non-physical stock relies on the directors applying a suitable methodology, as outlined in the "Stock" policy later in these notes.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Sale of Crops
Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably.

Services
Income from contracting services is recognised when performed, such that risks and rewards have been transferred.

GEOFFREY BRUCE LTD (REGISTERED NUMBER: SC274099)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on cost
Plant and machinery etc - 33% on cost, 25% on reducing balance and 10% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

Stocks
Stock comprises both physical (harvested) and non-physical (field stock). Physical stock is valued at the lower of cost and net realisable value. Non-physical stock is valued based on costs incurred in getting crops to the stage of completion at the year end, including cost per acre of sowing land.

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

GEOFFREY BRUCE LTD (REGISTERED NUMBER: SC274099)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the period in which they are incurred. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 106 (2022 - 108 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 5,992 3,222,966 3,228,958
Additions - 400,376 400,376
Disposals - (78,895 ) (78,895 )
At 31 December 2023 5,992 3,544,447 3,550,439
DEPRECIATION
At 1 January 2023 5,992 2,002,124 2,008,116
Charge for year - 258,701 258,701
Eliminated on disposal - (71,691 ) (71,691 )
At 31 December 2023 5,992 2,189,134 2,195,126
NET BOOK VALUE
At 31 December 2023 - 1,355,313 1,355,313
At 31 December 2022 - 1,220,842 1,220,842

GEOFFREY BRUCE LTD (REGISTERED NUMBER: SC274099)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 150,600
At 31 December 2023 150,600
DEPRECIATION
Charge for year 31,375
At 31 December 2023 31,375
NET BOOK VALUE
At 31 December 2023 119,225

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,913 13,195
Other debtors 36,255 26,648
41,168 39,843

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 30,025 -
Trade creditors 310,103 335,512
Taxation and social security 20,634 8,142
Other creditors 2,365,309 2,619,797
2,726,071 2,963,451

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 60,050 -