Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01false20No description of principal activity19truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC153192 2023-04-01 2024-03-31 SC153192 2022-04-01 2023-03-31 SC153192 2024-03-31 SC153192 2023-03-31 SC153192 c:CompanySecretary1 2023-04-01 2024-03-31 SC153192 c:Director1 2023-04-01 2024-03-31 SC153192 c:Director2 2023-04-01 2024-03-31 SC153192 c:Director3 2023-04-01 2024-03-31 SC153192 c:RegisteredOffice 2023-04-01 2024-03-31 SC153192 d:Buildings 2023-04-01 2024-03-31 SC153192 d:Buildings 2024-03-31 SC153192 d:Buildings 2023-03-31 SC153192 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC153192 d:PlantMachinery 2023-04-01 2024-03-31 SC153192 d:PlantMachinery 2024-03-31 SC153192 d:PlantMachinery 2023-03-31 SC153192 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC153192 d:MotorVehicles 2023-04-01 2024-03-31 SC153192 d:MotorVehicles 2024-03-31 SC153192 d:MotorVehicles 2023-03-31 SC153192 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC153192 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC153192 d:CurrentFinancialInstruments 2024-03-31 SC153192 d:CurrentFinancialInstruments 2023-03-31 SC153192 d:Non-currentFinancialInstruments 2024-03-31 SC153192 d:Non-currentFinancialInstruments 2023-03-31 SC153192 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC153192 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC153192 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC153192 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC153192 d:ShareCapital 2024-03-31 SC153192 d:ShareCapital 2023-03-31 SC153192 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC153192 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC153192 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC153192 c:OrdinaryShareClass1 2024-03-31 SC153192 c:OrdinaryShareClass1 2023-03-31 SC153192 c:FRS102 2023-04-01 2024-03-31 SC153192 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC153192 c:FullAccounts 2023-04-01 2024-03-31 SC153192 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC153192 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC153192










GRAY FARMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
GRAY FARMS LIMITED
 

COMPANY INFORMATION


DIRECTORS
C W Gray 
P W Gray 
Mrs M H Gray 




COMPANY SECRETARY
C W Gray



REGISTERED NUMBER
SC153192



REGISTERED OFFICE
Greenacres

Fordyce

Banffshire

AB45 2UL




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
GRAY FARMS LIMITED
REGISTERED NUMBER: SC153192

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

FIXED ASSETS
  

Tangible assets
 4 
5,882,313
5,963,539

Fixed asset investments
  
65,220
65,220

  
5,947,533
6,028,759

CURRENT ASSETS
  

Stocks
  
285,253
334,359

Debtors: amounts falling due within one year
 5 
1,543,999
720,775

Cash at bank and in hand
  
307,494
129,875

  
2,136,746
1,185,009

Creditors: amounts falling due within one year
 6 
(1,995,909)
(1,790,797)

NET CURRENT ASSETS/(LIABILITIES)
  
 
 
140,837
 
 
(605,788)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
6,088,370
5,422,971

Creditors: amounts falling due after more than one year
 7 
(1,701,737)
(2,043,988)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(486,396)
(504,006)

  
 
 
(486,396)
 
 
(504,006)

NET ASSETS
  
3,900,237
2,874,977


CAPITAL AND RESERVES
  

Called up share capital 
 8 
100
100

Profit and loss account
  
3,900,137
2,874,877

  
3,900,237
2,874,977

Page 1

 
GRAY FARMS LIMITED
REGISTERED NUMBER: SC153192

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.


P W Gray
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Gray Farms Limited is a private company, limited by shares, incorporated in Scotland with the registration number SC153192. The registered office is Greenacres, Fordyce, Aberdeenshire, AB45 2UL. 
The financial statements are presented in Sterling which is the functional currency of the Company and
rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Buildings
-
4.00%
Straight line
Plant and machinery
-
12.50%
Reducing balance
Motor vehicles
-
25.00%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

In relation to land and buildings, no depreciation has been applied on land.  In respect of buildings, depreciation rates have been set taking into account the useful economic life of the assets and their estimated residual values. 

Page 4

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.8

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 20 (2023 - 19).

Page 5

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 April 2023
4,588,138
2,168,265
45,110
6,801,513


Additions
-
140,531
3,500
144,031


Disposals
-
(17,290)
(3,500)
(20,790)



At 31 March 2024

4,588,138
2,291,506
45,110
6,924,754



DEPRECIATION


At 1 April 2023
56,478
765,851
15,645
837,974


Charge for the year on owned assets
14,730
191,901
7,366
213,997


Disposals
-
(9,530)
-
(9,530)



At 31 March 2024

71,208
948,222
23,011
1,042,441



NET BOOK VALUE



At 31 March 2024
4,516,930
1,343,284
22,099
5,882,313



At 31 March 2023
4,531,660
1,402,414
29,465
5,963,539
Page 6

 
GRAY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


DEBTORS

2024
2023
£
£


Trade debtors
453,879
494,456

Amounts owed by group undertakings
733,228
132,362

Other debtors
347,782
83,937

Prepayments and accrued income
9,110
10,020

1,543,999
720,775



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
251,680
244,619

Trade creditors
295,273
184,133

Amounts owed to associates
173,905
9,825

Obligations under finance lease and hire purchase contracts
88,119
86,623

Other creditors
1,174,528
1,248,315

Accruals and deferred income
12,404
17,282

1,995,909
1,790,797



7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
1,701,737
1,955,869

Net obligations under finance leases and hire purchase contracts
-
88,119

1,701,737
2,043,988



8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



Page 7