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REGISTRAR OF COMPANIES

Registration number: SC047380

Dams of Craigie Farm Limited

Unaudited Financial Statements

31 January 2024

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Dams of Craigie Farm Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Dams of Craigie Farm Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dams of Craigie Farm Limited for the year ended 31 January 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Dams of Craigie Farm Limited, as a body, in accordance with the terms of our engagement letter dated 27 November 2023. Our work has been undertaken solely to prepare for your approval the accounts of Dams of Craigie Farm Limited and state those matters that we have agreed to state to the Board of Directors of Dams of Craigie Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dams of Craigie Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dams of Craigie Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dams of Craigie Farm Limited. You consider that Dams of Craigie Farm 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 accounts of Dams of Craigie Farm 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

7 October 2024

 

Dams of Craigie Farm Limited

(Registration number: SC047380)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,113,492

1,118,029

Investments

5

1

1

 

1,113,493

1,118,030

Current assets

 

Stocks

5,430

4,690

Debtors

6

733,030

756,414

Cash at bank and in hand

 

380

380

 

738,840

761,484

Creditors: Amounts falling due within one year

7

(224,794)

(320,770)

Net current assets

 

514,046

440,714

Total assets less current liabilities

 

1,627,539

1,558,744

Creditors: Amounts falling due after more than one year

7

(468,986)

(472,794)

Provisions for liabilities

(84,046)

(84,046)

Net assets

 

1,074,507

1,001,904

Capital and reserves

 

Allotted, called up and fully paid share capital

5,000

5,000

Revaluation reserve

831,821

831,821

Profit and loss account

237,686

165,083

Total equity

 

1,074,507

1,001,904

 

Dams of Craigie Farm Limited

(Registration number: SC047380)
Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
C W Russell
Director

.........................................
J M Russell
Company secretary and director

 
     
 

Dams of Craigie Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Glenapp Manse
Glenapp Estate
Ballantrae
GIRVAN
KA26 0PG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

 

Dams of Craigie Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated and 2% straight line basis

Plant and equipment

15% and 20% straight line basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Dams of Craigie Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Dams of Craigie Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

1,193,436

109,761

1,303,197

Additions

-

850

850

At 31 January 2024

1,193,436

110,611

1,304,047

Depreciation

At 1 February 2023

78,840

106,328

185,168

Charge for the year

2,138

3,249

5,387

At 31 January 2024

80,978

109,577

190,555

Carrying amount

At 31 January 2024

1,112,458

1,034

1,113,492

At 31 January 2023

1,114,596

3,433

1,118,029

 

Dams of Craigie Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Investments

2024
£

2023
£

Investments in joint ventures

1

1

Joint ventures

£

Cost

At 1 February 2023

1

At 31 January 2024

1

Carrying amount

At 31 January 2024

1

At 31 January 2023

1

6

Debtors

2024
£

2023
£

Trade debtors

274,700

309,954

Amounts owed by group undertakings and undertakings in which the company has a participating interest

455,830

443,269

Other debtors

2,500

3,191

733,030

756,414

 

Dams of Craigie Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

169,474

280,353

Trade creditors

 

42,969

35,846

Taxation and social security

 

7,280

-

Corporation tax liability

 

1,385

895

Other creditors

 

3,686

3,676

 

224,794

320,770

Due after one year

 

Loans and borrowings

8

468,986

472,794

2024
£

2023
£

After more than five years by instalments

404,192

377,694

404,192

377,694

 

Dams of Craigie Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

16,814

23,667

Bank overdrafts

59,034

153,711

Other borrowings

93,626

102,975

169,474

280,353

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

16,814

23,667

Bank overdrafts

59,034

153,711

75,848

177,378

Bank borrowings and overdrafts are secured by fixed and floating charges over the company's assets.

 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

468,986

472,794

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

468,986

472,794

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

9

Reserves

Deferred tax has been provided on previous revaluation uplifts of land and buildings.

On the transition date to Financial Reporting Standard 102, 1 February 2015, the company elected to apply the transitional option to take previous revalued land and buildings as deemed cost, with the cost model applied going forward.