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REGISTERED NUMBER: SC496563 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2024

FOR

BINN AGRICULTURAL LIMITED

BINN AGRICULTURAL LIMITED (REGISTERED NUMBER: SC496563)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

BINN AGRICULTURAL LIMITED

COMPANY INFORMATION
for the Year Ended 29 March 2024







DIRECTORS: Mr A MacGregor
Mr J MacGregor
Mr G MacGregor





REGISTERED OFFICE: 5 Atholl Crescent
Edinburgh
EH3 8EJ





REGISTERED NUMBER: SC496563 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

BINN AGRICULTURAL LIMITED (REGISTERED NUMBER: SC496563)

STATEMENT OF FINANCIAL POSITION
29 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,887,106 5,948,570

CURRENT ASSETS
Stocks 5 626,012 637,695
Debtors 6 363,348 331,133
989,360 968,828
CREDITORS
Amounts falling due within one year 7 1,587,260 1,433,646
NET CURRENT LIABILITIES (597,900 ) (464,818 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,289,206

5,483,752

CREDITORS
Amounts falling due after more than one year 8 (27,000 ) (47,660 )

PROVISIONS FOR LIABILITIES 10 (640,972 ) (638,730 )
NET ASSETS 4,621,234 4,797,362

CAPITAL AND RESERVES
Called up share capital 730,465 730,465
Revaluation reserves 11 1,757,296 1,757,296
Retained earnings 11 2,133,473 2,309,601
4,621,234 4,797,362

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 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.

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 3 October 2024 and were signed on its behalf by:





Mr A MacGregor - Director


BINN AGRICULTURAL LIMITED (REGISTERED NUMBER: SC496563)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 March 2024

1. STATUTORY INFORMATION

Binn Agricultural 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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance, 15% on reducing balance and 10% on reducing balance
Fixtures and fittings - 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

BINN AGRICULTURAL LIMITED (REGISTERED NUMBER: SC496563)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 30 March 2023 5,643,061 754,731 3,443 6,401,235
Additions - 7,378 - 7,378
At 29 March 2024 5,643,061 762,109 3,443 6,408,613
DEPRECIATION
At 30 March 2023 55,600 395,120 1,945 452,665
Charge for year 13,900 54,792 150 68,842
At 29 March 2024 69,500 449,912 2,095 521,507
NET BOOK VALUE
At 29 March 2024 5,573,561 312,197 1,348 5,887,106
At 29 March 2023 5,587,461 359,611 1,498 5,948,570

Included in cost or valuation of land and buildings is freehold land of £ 2,605,000 (2023 - £ 2,605,000 ) which is not depreciated.

Cost or valuation at 29 March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2022 2,343,061 - - 2,343,061
Cost 3,300,000 762,109 3,443 4,065,552
5,643,061 762,109 3,443 6,408,613

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,300,000 3,300,000
Aggregate depreciation 55,600 55,600

Value of land in freehold land and buildings 5,587,461 5,587,461

Freehold land and buildings were valued on an open market basis on 29 March 2022 by Strutt and Partner, BNP Paribas Group .

The directors deem the valuation to remain appropriate as at 29 March 2024.

5. STOCKS
2024 2023
£    £   
Stocks 626,012 637,695

BINN AGRICULTURAL LIMITED (REGISTERED NUMBER: SC496563)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 90,342 17,702
Other debtors 273,006 313,431
363,348 331,133

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 327,567 237,623
Hire purchase contracts 20,660 23,000
Trade creditors 29,917 39,981
Taxation and social security 2,022 13,633
Other creditors 1,207,094 1,119,409
1,587,260 1,433,646

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 27,000 47,660

9. SECURED DEBTS

A standard security and floating charge are held over the property owned by the company by HSBC Bank Plc.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 640,972 638,730

Deferred
tax
£   
Balance at 30 March 2023 638,730
Movement in the year 2,242
Balance at 29 March 2024 640,972

11. RESERVES
Retained Revaluation
earnings reserves Totals
£    £    £   

At 30 March 2023 2,309,601 1,757,296 4,066,897
Deficit for the year (56,128 ) (56,128 )
Dividends (120,000 ) (120,000 )
At 29 March 2024 2,133,473 1,757,296 3,890,769

BINN AGRICULTURAL LIMITED (REGISTERED NUMBER: SC496563)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 March 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 March 2024 and 29 March 2023:

2024 2023
£    £   
Mr G MacGregor
Balance outstanding at start of year (7,964 ) 49,449
Amounts advanced 48,836 41,721
Amounts repaid (42,700 ) (99,134 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,828 ) (7,964 )

Mr A MacGregor
Balance outstanding at start of year (41,428 ) (6,481 )
Amounts advanced 97,782 17,128
Amounts repaid (60,000 ) (52,075 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,646 ) (41,428 )

Mr J MacGregor
Balance outstanding at start of year (32,207 ) 14,247
Amounts advanced 78,535 17,126
Amounts repaid (47,589 ) (63,580 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,261 ) (32,207 )

The loans are interest free and have no fixed repayment terms.

13. RELATED PARTY DISCLOSURES

As at 29th March 2024, included in other debtors, there was a loan balance due of £199,369 (2023: £196,969) from a company which is controlled and directed by one of the shareholders and directors.

As at 29th March 2024, included in other debtors, there was a loan balance due of £50,000 (2023: £nil) from an entity which is controlled and directed by one of the shareholders and directors.

As at 29th March 2024, included in other creditors, there was a loan balance due of £1,129,708 (2023: £1,014,099) to a company which is controlled and directed by the same shareholders and directors.

As at 29th March 2024, included in other creditors, there was a loan balance due of £nil (2023: £710) to a company which is controlled and directed by the same shareholders and directors.

The above loans are interest free and repayable on demand.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BINN AGRICULTURAL LIMITED (REGISTERED NUMBER: SC496563)

The following reproduces the text of the report prepared for the directors 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors 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 Binn Agricultural Limited for the year ended 29 March 2024 which comprise the Income Statement, Statement of Financial Position 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Binn Agricultural Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Binn Agricultural Limited and state those matters that we have agreed to state to the Board of Directors of Binn Agricultural Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Binn Agricultural 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 loss of Binn Agricultural Limited. You consider that Binn Agricultural 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 Binn Agricultural 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.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


3 October 2024