Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01No description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC266842 2023-04-01 2024-03-31 SC266842 2022-03-01 2023-03-31 SC266842 2024-03-31 SC266842 2023-03-31 SC266842 c:CompanySecretary1 2023-04-01 2024-03-31 SC266842 c:Director1 2023-04-01 2024-03-31 SC266842 c:Director2 2023-04-01 2024-03-31 SC266842 c:Director3 2023-04-01 2024-03-31 SC266842 c:Director3 2024-03-31 SC266842 c:Director4 2023-04-01 2024-03-31 SC266842 c:Director4 2024-03-31 SC266842 c:RegisteredOffice 2023-04-01 2024-03-31 SC266842 d:Buildings 2023-04-01 2024-03-31 SC266842 d:Buildings 2024-03-31 SC266842 d:Buildings 2023-03-31 SC266842 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC266842 d:PlantMachinery 2023-04-01 2024-03-31 SC266842 d:PlantMachinery 2024-03-31 SC266842 d:PlantMachinery 2023-03-31 SC266842 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC266842 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC266842 d:CurrentFinancialInstruments 2024-03-31 SC266842 d:CurrentFinancialInstruments 2023-03-31 SC266842 d:Non-currentFinancialInstruments 2024-03-31 SC266842 d:Non-currentFinancialInstruments 2023-03-31 SC266842 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC266842 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC266842 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC266842 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC266842 d:ShareCapital 2024-03-31 SC266842 d:ShareCapital 2023-03-31 SC266842 d:RevaluationReserve 2024-03-31 SC266842 d:RevaluationReserve 2023-03-31 SC266842 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC266842 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC266842 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC266842 c:OrdinaryShareClass1 2024-03-31 SC266842 c:OrdinaryShareClass1 2023-03-31 SC266842 c:FRS102 2023-04-01 2024-03-31 SC266842 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC266842 c:FullAccounts 2023-04-01 2024-03-31 SC266842 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC266842 5 2023-04-01 2024-03-31 SC266842 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC266842










R & A STODART LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
R & A STODART LIMITED
 

COMPANY INFORMATION


DIRECTORS
Robert J Stodart 
Mrs Alison M Stodart 
Rory J Stodart (appointed 5 June 2023)
Thomas R Stodart (appointed 5 June 2023)




COMPANY SECRETARY
Mrs Alison M Stodart



REGISTERED NUMBER
SC266842



REGISTERED OFFICE
Mill of Inverarity
Inverarity

Forfar

Angus

DD8 2




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
R & A STODART LIMITED
REGISTERED NUMBER: SC266842

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

FIXED ASSETS
  

Tangible assets
 4 
5,237,101
4,939,346

Investments
 5 
605
605

  
5,237,706
4,939,951

CURRENT ASSETS
  

Stocks
  
896,778
791,447

Debtors
 6 
425,358
371,854

Cash at bank and in hand
  
128,908
35,476

  
1,451,044
1,198,777

Creditors: amounts falling due within one year
 7 
(1,874,863)
(1,512,959)

NET CURRENT LIABILITIES
  
 
 
(423,819)
 
 
(314,182)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
4,813,887
4,625,769

Creditors: amounts falling due after more than one year
 8 
(1,899,943)
(1,889,750)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(454,877)
(400,909)

  
 
 
(454,877)
 
 
(400,909)

NET ASSETS
  
2,459,067
2,335,110


CAPITAL AND RESERVES
  

Called up share capital 
 9 
100
100

Revaluation reserve
  
1,215,000
1,215,000

Profit and loss account
  
1,243,967
1,120,010

  
2,459,067
2,335,110


Page 1

 
R & A STODART LIMITED
REGISTERED NUMBER: SC266842

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 12 September 2024.




Robert J Stodart
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
R & A STODART LIMITED
 

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

1.


GENERAL INFORMATION

R & A Stodart Limited is a private limited company limited by shares incorporated in Scotland.  The registered office is Mill of Inverarity, Forfar, Angus, DD8 2JN. 
The Company's functional and presentational currency is GBP.  

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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
R & A STODART LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

DEFINED BENEFIT PENSION PLAN

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 4

 
R & A STODART 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:

Plant & machinery
-
12.5%
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.

Page 5

 
R & A STODART LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

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.

 
2.8

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.

  
2.9

AGRICULTURAL SUPPORT SCHEME

Income from the Basic Payment Scheme is not recognised until 31 December of the relevant scheme year, when all conditions of the scheme have been complied with.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
R & A STODART LIMITED
 

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

4.


TANGIBLE FIXED ASSETS





Heritable property
Plant & machinery
Total

£
£
£



COST OR VALUATION


At 1 April 2023
4,167,345
1,122,967
5,290,312


Additions
-
475,555
475,555


Disposals
-
(42,285)
(42,285)



At 31 March 2024

4,167,345
1,556,237
5,723,582



DEPRECIATION


At 1 April 2023
-
350,966
350,966


Charge for the year on owned assets
-
152,837
152,837


Disposals
-
(17,322)
(17,322)



At 31 March 2024

-
486,481
486,481



NET BOOK VALUE



At 31 March 2024
4,167,345
1,069,756
5,237,101



At 31 March 2023
4,167,345
772,001
4,939,346

Cost or valuation at 31 March 2024 is as follows:

Land and buildings
£


AT COST
2,952,345
AT VALUATION:

Valuation by external professional valuer on 11 October 2016
1,215,000



4,167,345

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
2,952,345
2,952,345

NET BOOK VALUE
2,952,345
2,952,345

Page 7

 
R & A STODART LIMITED
 

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

5.


FIXED ASSET INVESTMENTS





Trade investments

£





At 1 April 2023
605





6.


DEBTORS

2024
2023
£
£



Trade debtors
348,753
296,778

Other debtors
76,605
75,076

425,358
371,854



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
334,264
345,176

Trade creditors
667,615
326,187

Other taxation and social security
1,454
37,072

Obligations under finance lease and hire purchase contracts
108,361
54,398

Other creditors
763,169
750,126

1,874,863
1,512,959


The following liabilities were secured:

2024
2023
£
£



Bank loans
334,264
345,176

Hire purchase creditors
108,361
54,398

442,625
399,574

Details of security provided:

The bank loans are secured by a fixed charge over Drowndubbs Farm, Burnside of Kirkbuddo Farm and New Grange. 
The balances included within hire purchase contracts are secured against the underlying assets purchased.

Page 8

 
R & A STODART LIMITED
 

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

8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
1,750,450
1,819,504

Net obligations under finance leases and hire purchase contracts
149,493
70,246

1,899,943
1,889,750


The following liabilities were secured:

2024
2023
£
£



Bank loans
1,750,450
1,819,504

Hire purchase creditors
149,493
70,246

1,899,943
1,889,750

Details of security provided:

The bank loans are secured by a fixed charge over Drowndubbs Farm, Burnside of Kirkbuddo Farm and New Grange. 
The balances included within hire purchase contracts are secured against the underlying assets purchased.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2024
2023
£
£


Repayable by instalments
1,428,742
1,458,544

1,428,742
1,458,544




9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



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



Page 9