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REGISTERED NUMBER: SC716438 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 January 2024

for

City Farm Scotland Limited

City Farm Scotland Limited (Registered number: SC716438)






Contents of the Financial Statements
For The Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

City Farm Scotland Limited

Company Information
For The Year Ended 31 January 2024







DIRECTORS: G Ritchie (Jnr)
Ms C M Owens





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC716438 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

City Farm Scotland Limited (Registered number: SC716438)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 612,607 689,183
Tangible assets 5 38,606 451,729
Investment property 6 414,024 -
1,065,237 1,140,912

CURRENT ASSETS
Debtors 7 18,733 11,580
Cash at bank 83,863 43,019
102,596 54,599
CREDITORS
Amounts falling due within one year 8 1,247,363 1,255,945
NET CURRENT LIABILITIES (1,144,767 ) (1,201,346 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(79,530

)

(60,434

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (79,630 ) (60,534 )
(79,530 ) (60,434 )

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

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

City Farm Scotland Limited (Registered number: SC716438)

Balance Sheet - continued
31 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:





Ms C M Owens - Director


City Farm Scotland Limited (Registered number: SC716438)

Notes to the Financial Statements
For The Year Ended 31 January 2024

1. STATUTORY INFORMATION

City Farm Scotland Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Computer equipment - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.


City Farm Scotland Limited (Registered number: SC716438)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

Going concern
The company is dependent on continuing support from its directors and other lenders. The directors are committed to continue to provide financial support for the foreseeable future. Accordingly the financial statements has been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 765,759
AMORTISATION
At 1 February 2023 76,576
Charge for year 76,576
At 31 January 2024 153,152
NET BOOK VALUE
At 31 January 2024 612,607
At 31 January 2023 689,183

City Farm Scotland Limited (Registered number: SC716438)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 February 2023 414,024 50,000 - 464,024
Additions - 8,865 1,687 10,552
Reclassification/transfer (414,024 ) - - (414,024 )
At 31 January 2024 - 58,865 1,687 60,552
DEPRECIATION
At 1 February 2023 - 12,295 - 12,295
Charge for year - 9,314 337 9,651
At 31 January 2024 - 21,609 337 21,946
NET BOOK VALUE
At 31 January 2024 - 37,256 1,350 38,606
At 31 January 2023 414,024 37,705 - 451,729

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Reclassification/transfer 414,024
At 31 January 2024 414,024
NET BOOK VALUE
At 31 January 2024 414,024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Amounts owed by group undertakings 11,880 11,580
Other debtors 6,853 -
18,733 11,580

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Amounts owed to group undertakings 1,233,997 1,233,922
Taxation and social security 11,044 -
Other creditors 2,322 22,023
1,247,363 1,255,945

City Farm Scotland Limited (Registered number: SC716438)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

9. RELATED PARTY DISCLOSURES

At 31/01/2024, G&C Maintenance and servicing Ltd was owed £11,880 (2023 - £11,580) by City Farm Scotland Ltd. These companies share directors.

At 31/01/2024, City Farm Scotland Ltd owes a balance of £9,078 (2023 - £7740) to George Ritchie Son Ltd. These companies share directors.

At 31/01/2024, City Farm Scotland Ltd owes a balance of £1,224,920 (2023 - £1,226,183) to George Ritchie & Son Holdings Ltd. These companies share directors.

These loans are interest free and have no repayment terms.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
City Farm Scotland Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of City Farm Scotland Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of City Farm Scotland Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of City Farm Scotland Limited and state those matters that we have agreed to state to the Board of Directors of City Farm Scotland Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

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






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


8 October 2024