Company registration number SC392070 (Scotland)
AXIS FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
AXIS FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
AXIS FARMS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
36,080
41,437
Tangible assets
4
17,535,668
17,520,338
17,571,748
17,561,775
Current assets
Stocks
6
1,415,083
1,596,512
Debtors
5
141,562
124,148
1,556,645
1,720,660
Creditors: amounts falling due within one year
7
(6,044,937)
(6,018,024)
Net current liabilities
(4,488,292)
(4,297,364)
Total assets less current liabilities
13,083,456
13,264,411
Creditors: amounts falling due after more than one year
8
(203,299)
(210,396)
Net assets
12,880,157
13,054,015
Capital and reserves
Called up share capital
14,082,362
14,082,362
Profit and loss reserves
(1,202,205)
(1,028,347)
Total equity
12,880,157
13,054,015
AXIS FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
JIM ANDERSON
Jim Anderson
Director
Company registration number SC392070 (Scotland)
AXIS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Axis Farms Limited is a private company limited by shares incorporated in Scotland. The registered office is Balcairn, Oldmeldrum, Aberdeenshire, AB51 0EU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on a going concern basis. At the balance sheet date, the company had net current liabilities of £4,488,292. Included within these liabilities are amounts due to the directors of £5,true014,366. The directors have confirmed that they shall not seek repayment of amounts due to them. Furthermore, the directors have confirmed they shall continue to support the company to facilitate its ability to continue as a going concern for the foreseeable future. These factors, combined with income expected to be generated from property rental and farming activities means that the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

 

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from livestock and crop sales are recognised in the month of sale.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Payment entitlements
10 years straight line
AXIS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
Land - no depreciation charged, Buildings - 50 years straight-line
Plant and equipment
4-10 years straight-line
Other fixed assets
4 years straight-line
Motor vehicles
4 years straight-line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Livestock and crop stocks are recorded at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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.

1.8
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.9
Retirement benefits

The company operates a defined contribution plan for it's 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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

AXIS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

1.13

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
9
3
Intangible fixed assets
Entitlements
£
Cost
At 1 February 2023 and 31 January 2024
201,350
Amortisation and impairment
At 1 February 2023
159,913
Amortisation charged for the year
5,357
At 31 January 2024
165,270
Carrying amount
At 31 January 2024
36,080
At 31 January 2023
41,437
AXIS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and equipment
Other fixed assets
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
18,177,783
1,789,345
51,000
77,250
20,095,378
Additions
76,041
293,431
-
0
-
0
369,472
Disposals
-
0
(71,500)
-
0
-
0
(71,500)
At 31 January 2024
18,253,824
2,011,276
51,000
77,250
20,393,350
Depreciation and impairment
At 1 February 2023
1,197,521
1,271,488
39,343
66,688
2,575,040
Depreciation charged in the year
228,883
115,594
3,321
6,344
354,142
Eliminated in respect of disposals
-
0
(71,500)
-
0
-
0
(71,500)
At 31 January 2024
1,426,404
1,315,582
42,664
73,032
2,857,682
Carrying amount
At 31 January 2024
16,827,420
695,694
8,336
4,218
17,535,668
At 31 January 2023
16,980,262
517,857
11,657
10,562
17,520,338
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,253
41,992
Other debtors
60,501
29,750
Prepayments and accrued income
64,808
52,406
141,562
124,148
6
Stocks
2024
2023
£
£
Cattle
990,162
809,263
Crops
174,672
464,591
Fuel and fertiliser
189,975
263,094
Work in progress
60,274
59,564
1,415,083
1,596,512
AXIS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
767,014
3,810,826
Obligations under finance leases
64,016
28,823
Trade creditors
178,803
135,585
Taxation and social security
7,030
7,056
Other creditors
5,014,366
2,014,639
Accruals and deferred income
13,708
21,095
6,044,937
6,018,024
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
99,882
196,596
Obligations under finance leases
103,417
13,800
203,299
210,396

Secured loans

 

The bank loan is secured on the following terms:

1) A Standard Security over properties owned by the company.

2) A Floating Charge over the company's assets and undertakings.

AXIS FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
9
Related party transactions

Transactions

 

During the current year, the company made repayments to the directors of £273 and credits of £3,000,000 were received. This resulted in a balance at the year end of £5,014,366 owed to the directors (2023 - £2,014,639).

 

There are no set repayment terms, nor is interest charged on the above balances.

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