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REGISTERED NUMBER: SC500187 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

COLAREN FARMS LTD

COLAREN FARMS LTD (REGISTERED NUMBER: SC500187)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COLAREN FARMS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C W Smith
Mrs K Smith





REGISTERED OFFICE: Colaren House
Burnthill Farm
Fraserburgh
Aberdeenshire
AB43 7EJ





REGISTERED NUMBER: SC500187 (Scotland)

COLAREN FARMS LTD (REGISTERED NUMBER: SC500187)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 15,598 -
Tangible assets 6 5,938,137 2,713,482
Investments 7 1,000 1,000
5,954,735 2,714,482

CURRENT ASSETS
Stocks 202,166 38,575
Debtors 8 330,165 246,116
Cash at bank and in hand 126,058 493,113
658,389 777,804
CREDITORS
Amounts falling due within one year 9 574,136 569,278
NET CURRENT ASSETS 84,253 208,526
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,038,988

2,923,008

CREDITORS
Amounts falling due after more than one
year

10

(4,034,649

)

(1,448,705

)

PROVISIONS FOR LIABILITIES (217,027 ) (151,576 )
NET ASSETS 1,787,312 1,322,727

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,787,212 1,322,627
SHAREHOLDERS' FUNDS 1,787,312 1,322,727

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 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.

COLAREN FARMS LTD (REGISTERED NUMBER: SC500187)

BALANCE SHEET - 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 Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:




C W Smith - Director



Mrs K Smith - Director


COLAREN FARMS LTD (REGISTERED NUMBER: SC500187)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Colaren Farms Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

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

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.

Other intangible assets are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off 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 - 2% on cost
Plant and machinery etc - 15% on reducing balance and 5% on cost and 20% 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.


COLAREN FARMS LTD (REGISTERED NUMBER: SC500187)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
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
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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4. EMPLOYEES AND DIRECTORS

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

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 19,100
At 31 December 2023 19,100
AMORTISATION
Charge for year 3,502
At 31 December 2023 3,502
NET BOOK VALUE
At 31 December 2023 15,598

COLAREN FARMS LTD (REGISTERED NUMBER: SC500187)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 2,120,900 988,747 3,109,647
Additions 3,130,614 366,935 3,497,549
Disposals (109,967 ) - (109,967 )
At 31 December 2023 5,141,547 1,355,682 6,497,229
DEPRECIATION
At 1 January 2023 110,007 286,158 396,165
Charge for year 36,194 126,733 162,927
At 31 December 2023 146,201 412,891 559,092
NET BOOK VALUE
At 31 December 2023 4,995,346 942,791 5,938,137
At 31 December 2022 2,010,893 702,589 2,713,482

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

Plant and
machinery
etc
£   
COST
At 1 January 2023 728,487
Additions 348,000
At 31 December 2023 1,076,487
DEPRECIATION
At 1 January 2023 161,199
Charge for year 97,286
At 31 December 2023 258,485
NET BOOK VALUE
At 31 December 2023 818,002
At 31 December 2022 567,288

COLAREN FARMS LTD (REGISTERED NUMBER: SC500187)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 1,000
NET BOOK VALUE
At 31 December 2023 1,000
At 31 December 2022 1,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 271,115 84,309
Other debtors 59,050 161,807
330,165 246,116

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 94,900 55,700
Hire purchase contracts 147,293 135,361
Trade creditors 108,298 87,881
Taxation and social security 101,037 54,062
Other creditors 122,608 236,274
574,136 569,278

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,272,109 613,589
Hire purchase contracts 281,743 174,931
Other creditors 2,480,797 660,185
4,034,649 1,448,705

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 917,072 404,460

COLAREN FARMS LTD (REGISTERED NUMBER: SC500187)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,367,009 669,289
Hire purchase contracts 429,036 310,292
1,796,045 979,581

The bank loan is secured by a standard security over Coburty Farm, Burnthill and Little Burnthill Farms, Fraserburgh and by a bond and floating charge.

12. ULTIMATE CONTROLLING PARTY

The controlling party is C W Smith.