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REGISTERED NUMBER: SC622463 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Faughhill Farming Ltd

Faughhill Farming Ltd (Registered number: SC622463)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Faughhill Farming Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: G A Maxwell
D A Maxwell
Mrs A J B Maxwell





REGISTERED OFFICE: 47-49 The Square
Kelso
United Kingdom
Roxburghshire
TD5 7HW





REGISTERED NUMBER: SC622463 (Scotland)





ACCOUNTANTS: EQ Accountants Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Faughhill Farming Ltd (Registered number: SC622463)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 17,020 24,040
Tangible assets 5 1,748,745 887,056
Investments 6 5,760 5,760
1,771,525 916,856

CURRENT ASSETS
Stocks 1,204,125 1,103,740
Debtors 7 93,613 160,464
1,297,738 1,264,204
CREDITORS
Amounts falling due within one year 8 822,710 660,803
NET CURRENT ASSETS 475,028 603,401
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,246,553

1,520,257

CREDITORS
Amounts falling due after more than one
year

9

(1,692,858

)

(1,017,707

)

PROVISIONS FOR LIABILITIES (197,000 ) (167,500 )
NET ASSETS 356,695 335,050

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 355,695 334,050
356,695 335,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Faughhill Farming Ltd (Registered number: SC622463)

Statement of Financial Position - continued
29 February 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 20 October 2024 and were signed on its behalf by:





G A Maxwell - Director


Faughhill Farming Ltd (Registered number: SC622463)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Faughhill Farming Ltd 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.

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 0, is being amortised evenly over its estimated useful life of nil 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.

Basic payment entitlement are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance and 15% on reducing balance
Tractors - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Faughhill Farming Ltd (Registered number: SC622463)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Basic
payment
Goodwill entitlement Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 35,100 10,000 45,100
AMORTISATION
At 1 March 2023 21,060 - 21,060
Amortisation for year 7,020 - 7,020
At 29 February 2024 28,080 - 28,080
NET BOOK VALUE
At 29 February 2024 7,020 10,000 17,020
At 28 February 2023 14,040 10,000 24,040

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Tractors Totals
£    £    £    £    £   
COST
At 1 March 2023 8,403 689,366 42,120 486,670 1,226,559
Additions 704,033 285,057 3,000 - 992,090
Disposals - (16,950 ) - - (16,950 )
At 29 February 2024 712,436 957,473 45,120 486,670 2,201,699
DEPRECIATION
At 1 March 2023 - 179,876 15,627 144,000 339,503
Charge for year - 65,936 4,915 51,400 122,251
Eliminated on disposal - (8,800 ) - - (8,800 )
At 29 February 2024 - 237,012 20,542 195,400 452,954
NET BOOK VALUE
At 29 February 2024 712,436 720,461 24,578 291,270 1,748,745
At 28 February 2023 8,403 509,490 26,493 342,670 887,056

Faughhill Farming Ltd (Registered number: SC622463)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2023
and 29 February 2024 5,760
NET BOOK VALUE
At 29 February 2024 5,760
At 28 February 2023 5,760

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 49,422 48,280
Deferred expenditure - 65,229
VAT 35,441 38,205
Prepayments 8,750 8,750
93,613 160,464

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 314,158 205,250
Bounce Back Loan 10,000 10,000
Hire purchase contracts 127,868 101,539
Trade creditors 145,660 192,334
Tax - 1,780
Social security and other taxes 2,108 2,404
Other creditors 836 841
Directors' loan accounts 190,405 143,680
Deferred income 23,360 -
Accrued expenses 8,315 2,975
822,710 660,803

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 1,550,940 871,731
Hire purchase contracts 141,918 145,976
1,692,858 1,017,707