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REGISTERED NUMBER: SC290659 (Scotland)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

FRANK A SMART & SON LIMITED

FRANK A SMART & SON LIMITED (REGISTERED NUMBER: SC290659)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7

Chartered Accountants' Report 8

FRANK A SMART & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTOR: F A Smart





REGISTERED OFFICE: Easter Tolmauds
Tornaveen
TORPHINS
Aberdeenshire
AB31 4PP





REGISTERED NUMBER: SC290659 (Scotland)





ACCOUNTANTS: Bain Henry Reid
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL

FRANK A SMART & SON LIMITED (REGISTERED NUMBER: SC290659)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,000 -
Tangible assets 5 2,957,415 2,931,910
Investments 6 110 110
Investment property 7 434,049 434,049
3,401,574 3,366,069

CURRENT ASSETS
Stocks 175,360 142,400
Debtors 8 790,583 289,109
Investments 9 565,650 313,000
Cash at bank 8,300,971 8,379,348
9,832,564 9,123,857
CREDITORS
Amounts falling due within one year 10 328,730 350,216
NET CURRENT ASSETS 9,503,834 8,773,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,905,408

12,139,710

CREDITORS
Amounts falling due after more than one year 11 (488,649 ) (328,649 )

PROVISIONS FOR LIABILITIES 12 (364,619 ) (249,215 )
NET ASSETS 12,052,140 11,561,846

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 12,052,139 11,561,845
SHAREHOLDERS' FUNDS 12,052,140 11,561,846

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

FRANK A SMART & SON LIMITED (REGISTERED NUMBER: SC290659)

BALANCE SHEET - continued
30 SEPTEMBER 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:





F A Smart - Director


FRANK A SMART & SON LIMITED (REGISTERED NUMBER: SC290659)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Frank A Smart & Son 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.

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 judgements and estimates
Management has considered the consequences of COVID-19 and other events and conditions and has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. It expects that COVID-19 might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future asset valuations.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and other sales taxes. Turnover includes revenue earned from the sale of goods, rendering of services, rental income and government agricultural subsidies.

Sale of goods
Turnover from the sale of goods is recognised when goods have been delivered to customers such that the significant risks and rewards of ownership have transferred to them.

Rendering of services
Revenue is recognised in the accounting period in which the services are rendered when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income
Rental income earned from caravan site is recognised on a straight line basis over the term of the relevant lease and is included in turnover.
Rental income earned from investment properties is recognised on a straight line basis over the term of the relevant lease and is included in other operating income.

Government agricultural subsidies
Government agricultural subsidies are recognised on a straight line basis on receipt of confirmation of entitlement.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Basic payment scheme are being amortised evenly over their estimated useful life of three years.

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 etc - 25% on reducing balance, 20% on reducing balance and Over 20 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell.

Biological assets, living plants and animals are included in stock at the lower of cost and estimated selling price less costs to sell.

FRANK A SMART & SON LIMITED (REGISTERED NUMBER: SC290659)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Single Basic
farm payment
payment scheme Totals
£    £    £   
COST
At 1 October 2022 7,379,378 11,214 7,390,592
Additions - 15,000 15,000
At 30 September 2023 7,379,378 26,214 7,405,592
AMORTISATION
At 1 October 2022 7,379,378 11,214 7,390,592
Amortisation for year - 5,000 5,000
At 30 September 2023 7,379,378 16,214 7,395,592
NET BOOK VALUE
At 30 September 2023 - 10,000 10,000
At 30 September 2022 - - -

FRANK A SMART & SON LIMITED (REGISTERED NUMBER: SC290659)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 507,174 3,443,876 3,951,050
Additions - 184,429 184,429
Disposals - (55,517 ) (55,517 )
At 30 September 2023 507,174 3,572,788 4,079,962
DEPRECIATION
At 1 October 2022 - 1,019,140 1,019,140
Charge for year - 151,599 151,599
Eliminated on disposal - (48,192 ) (48,192 )
At 30 September 2023 - 1,122,547 1,122,547
NET BOOK VALUE
At 30 September 2023 507,174 2,450,241 2,957,415
At 30 September 2022 507,174 2,424,736 2,931,910

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2022
and 30 September 2023 110
NET BOOK VALUE
At 30 September 2023 110
At 30 September 2022 110

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 434,049
NET BOOK VALUE
At 30 September 2023 434,049
At 30 September 2022 434,049

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 611,365 270,709
Other debtors 179,218 18,400
790,583 289,109

FRANK A SMART & SON LIMITED (REGISTERED NUMBER: SC290659)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


9. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Other loans 565,650 313,000

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 128,942 89,379
Taxation and social security 134,702 175,886
Other creditors 65,086 84,951
328,730 350,216

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 488,649 328,649

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 364,619 249,215

Deferred
tax
£   
Balance at 1 October 2022 249,215
Provided during year 115,404
Balance at 30 September 2023 364,619

13. RELATED PARTY DISCLOSURES

Details of director's loan account transactions and the year end balance are as follows:

20232022
£   £   

Amount due to the director at start of the year59,18860,358
Received from the director during the year--
Paid to the director during the year(2,565)(1,157)
Amount due to the director at end of the year56,62359,188

The loan has no set repayment terms and no interest is chargeable.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FRANK A SMART & SON LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Frank A Smart & Son Limited for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Frank A Smart & Son Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Frank A Smart & Son Limited and state those matters that we have agreed to state to the director of Frank A Smart & Son Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Frank A Smart & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Frank A Smart & Son Limited. You consider that Frank A Smart & Son Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Frank A Smart & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bain Henry Reid
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL


24 September 2024