Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr Ewan Corbett 30/01/2023 22 October 2024 The principal activity of the Company during the financial year was dairy farming. SC757005 2024-01-31 SC757005 bus:Director1 2024-01-31 SC757005 core:CurrentFinancialInstruments 2024-01-31 SC757005 core:Non-currentFinancialInstruments 2024-01-31 SC757005 core:ShareCapital 2024-01-31 SC757005 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC757005 core:ShareCapital 2023-01-31 SC757005 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC757005 2023-01-31 SC757005 core:OtherPropertyPlantEquipment 2023-01-31 SC757005 core:OtherPropertyPlantEquipment 2024-01-31 SC757005 5 2024-01-31 SC757005 6 2024-01-31 SC757005 bus:OrdinaryShareClass1 2024-01-31 SC757005 2023-02-01 2024-01-31 SC757005 bus:FilletedAccounts 2023-02-01 2024-01-31 SC757005 bus:SmallEntities 2023-02-01 2024-01-31 SC757005 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC757005 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC757005 bus:Director1 2023-02-01 2024-01-31 SC757005 core:ShareCapital 2023-02-01 2024-01-31 SC757005 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 SC757005 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC757005 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 SC757005 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 SC757005 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC757005 (Scotland)

E CORBETT FARMING LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

E CORBETT FARMING LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

E CORBETT FARMING LTD

BALANCE SHEET

As at 31 January 2024
E CORBETT FARMING LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024
£
Fixed assets
Tangible assets 4 22,409
22,409
Current assets
Stocks 5 64,370
Debtors 6 14,861
Cash at bank and in hand 50,252
129,483
Creditors: amounts falling due within one year 7 ( 140,755)
Net current liabilities (11,272)
Total assets less current liabilities 11,137
Creditors: amounts falling due after more than one year 8 ( 21,263)
Net liabilities ( 10,126)
Capital and reserves
Called-up share capital 9 100
Profit and loss account ( 10,226 )
Total shareholder's deficit ( 10,126)

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.

Director's responsibilities:

The financial statements of E Corbett Farming Ltd (registered number: SC757005) were approved and authorised for issue by the Director on 22 October 2024. They were signed on its behalf by:

Mr Ewan Corbett
Director
E CORBETT FARMING LTD

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 January 2024
E CORBETT FARMING LTD

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 January 2024
Called-up share capital Profit and loss account Total
£ £ £
At 01 February 2023 0 0 0
Loss for the financial year 0 ( 10,226) ( 10,226)
Total comprehensive loss 0 ( 10,226) ( 10,226)
Issue of share capital 100 0 100
At 31 January 2024 100 ( 10,226) ( 10,126)
E CORBETT FARMING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
E CORBETT FARMING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year, unless otherwise stated.

General information and basis of accounting

E Corbett Farming Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Drumachloy Farm, Rothesay, PA20 0QX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Subsidies are recognised once all conditions relating to the payments have been met. Specifically, for the Greening Payment applied for each May, the Company is unable to meet the conditions until the 31st December of that year has passed.

Revenue from the sale of produce and livestock is recognised when the significant risks and rewards of ownership of the produce have passed to the buyer (usually when the movement of livestock has been recorded with Scot EID, or on the collection of milk), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024
Number
Monthly average number of persons employed by the Company during the year, including the director 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 0 0
Additions 24,775 24,775
At 31 January 2024 24,775 24,775
Accumulated depreciation
At 01 February 2023 0 0
Charge for the financial year 2,366 2,366
At 31 January 2024 2,366 2,366
Net book value
At 31 January 2024 22,409 22,409

5. Stocks

2024
£
Livestock 62,870
Crops 1,500
64,370

6. Debtors

2024
£
Trade debtors 3,005
VAT recoverable 8,969
Other debtors 2,887
14,861

7. Creditors: amounts falling due within one year

2024
£
Bank loans 2,584
Trade creditors 57,931
Obligations under finance leases and hire purchase contracts (secured) 3,470
Other creditors 76,770
140,755

The hire purchase liability of £3,470 is secured over the asset to which it relates.

8. Creditors: amounts falling due after more than one year

2024
£
Bank loans 4,475
Obligations under finance leases and hire purchase contracts (secured) 12,205
Other creditors 4,583
21,263

The hire purchase liability of £12,205 is secured over the asset to which it relates.

9. Called-up share capital

2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

10. Related party transactions

Transactions with the entity's director

2024
£
Mr Ewan Corbett 25,422

The above balance, which is included in 'Other creditors' due within one year is repayable on demand and does not bear interest.

Other related party transactions

2024
£
Mr & Mrs Corbett 40,000

The above balance, which is included in 'Other creditors' due within one year is repayable on demand and does not bear interest.