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REGISTERED NUMBER: 09357688 (England and Wales)






















Unaudited Financial Statements for the Year Ended 31st January 2024

for

Maltas Farms (Scotland) Limited

Maltas Farms (Scotland) Limited (Registered number: 09357688)






Contents of the Financial Statements
for the year ended 31st January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Maltas Farms (Scotland) Limited

Company Information
for the year ended 31st January 2024







DIRECTORS: M E Maltas
W D B Maltas





REGISTERED OFFICE: Glebe Farm
Hilston Road
Roos
Hull
HU12 0JB





REGISTERED NUMBER: 09357688 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Maltas Farms (Scotland) Limited (Registered number: 09357688)

Balance Sheet
31st January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 287,350 284,253
287,350 284,253

CURRENT ASSETS
Stocks 341,150 382,260
Debtors 6 26,591 24,971
Cash at bank 71,512 97,877
439,253 505,108
CREDITORS
Amounts falling due within one year 7 160,287 129,714
NET CURRENT ASSETS 278,966 375,394
TOTAL ASSETS LESS CURRENT
LIABILITIES

566,316

659,647

CREDITORS
Amounts falling due after more than one
year

8

4,658

-
NET ASSETS 561,658 659,647

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 561,656 659,645
SHAREHOLDERS' FUNDS 561,658 659,647

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 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.

Maltas Farms (Scotland) Limited (Registered number: 09357688)

Balance Sheet - continued
31st January 2024


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th June 2024 and were signed on its behalf by:





W D B Maltas - Director


Maltas Farms (Scotland) Limited (Registered number: 09357688)

Notes to the Financial Statements
for the year ended 31st January 2024

1. STATUTORY INFORMATION

Maltas Farms (Scotland) Limited is a private company, limited by shares , registered in England and Wales. 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
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents sales of farm produce and farm subsidies, net of VAT and trade discounts. Turnover is recognised when the economic risks and rewards pass to third parties.

Government grants
The company receives government grants in respect of the Basic Payment Scheme, under the Common Agricultural Policy. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using performance model.

Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to.

Other government grants of a revenue nature are credited to income so as to match them with expenditure to which they relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Farm and Building -10% on reducing balance
Freehold land - no depreciation
Plant and machinery - 15% on reducing balance
Motor Vehicles - 25% on reducing balance
Tractors, Trailers and Combine - 20% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.


Maltas Farms (Scotland) Limited (Registered number: 09357688)

Notes to the Financial Statements - continued
for the year ended 31st January 2024

2. ACCOUNTING POLICIES - continued
Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

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

Maltas Farms (Scotland) Limited (Registered number: 09357688)

Notes to the Financial Statements - continued
for the year ended 31st January 2024

4. INTANGIBLE FIXED ASSETS
BPS
entitlements
£   
COST
At 1st February 2023
and 31st January 2024 51,638
AMORTISATION
At 1st February 2023
and 31st January 2024 51,638
NET BOOK VALUE
At 31st January 2024 -
At 31st January 2023 -

5. TANGIBLE FIXED ASSETS
Freehold Fixtures
land and Plant and and
buildings machinery fittings
£    £    £   
COST
At 1st February 2023 431,004 40,620 358
Additions - - -
Disposals - - -
At 31st January 2024 431,004 40,620 358
DEPRECIATION
At 1st February 2023 201,771 32,523 305
Charge for year 10,164 1,215 13
Eliminated on disposal - - -
At 31st January 2024 211,935 33,738 318
NET BOOK VALUE
At 31st January 2024 219,069 6,882 40
At 31st January 2023 229,233 8,097 53

Maltas Farms (Scotland) Limited (Registered number: 09357688)

Notes to the Financial Statements - continued
for the year ended 31st January 2024

5. TANGIBLE FIXED ASSETS - continued

Tractors
Motor and
vehicles trailers Totals
£    £    £   
COST
At 1st February 2023 37,824 92,483 602,289
Additions 31,995 - 31,995
Disposals (20,329 ) - (20,329 )
At 31st January 2024 49,490 92,483 613,955
DEPRECIATION
At 1st February 2023 28,698 54,739 318,036
Charge for year 4,981 4,658 21,031
Eliminated on disposal (12,462 ) - (12,462 )
At 31st January 2024 21,217 59,397 326,605
NET BOOK VALUE
At 31st January 2024 28,273 33,086 287,350
At 31st January 2023 9,126 37,744 284,253

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 26,591 24,971

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,105 -
Trade creditors 45,094 41,111
Taxation and social security 335 300
Other creditors 111,753 88,303
160,287 129,714

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 4,658 -