Company No:
Contents
Note | 2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 4 |
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22,409 | ||
Current assets | ||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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129,483 | ||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (11,272) | |
Total assets less current liabilities | 11,137 | |
Creditors: amounts falling due after more than one year | 8 | (
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Net liabilities | (
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Capital and reserves | ||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of E Corbett Farming Ltd (registered number:
Mr Ewan Corbett
Director |
Called-up share capital | Profit and loss account | Total | |||
£ | £ | £ | |||
At 01 February 2023 |
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Loss for the financial year |
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(
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Total comprehensive loss |
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(
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Issue of share capital |
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At 31 January 2024 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year, unless otherwise stated.
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 £.
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.
Plant and machinery etc. |
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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.
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
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.
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.
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.
2024 | |
Number | |
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2023 |
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Additions |
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At 31 January 2024 |
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Accumulated depreciation | |||
At 01 February 2023 |
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Charge for the financial year |
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At 31 January 2024 |
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Net book value | |||
At 31 January 2024 |
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2024 | |
£ | |
Livestock |
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Crops |
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2024 | |
£ | |
Trade debtors |
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VAT recoverable |
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Other debtors |
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2024 | |
£ | |
Bank loans |
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Trade creditors |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2024 | |
£ | |
Bank loans |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2024 | |
£ | |
Allotted, called-up and fully-paid | |
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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.