Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Andrew Rennie 22/08/1996 Annabel Rennie 01/12/2023 Annette Rennie 18/03/2020 Monica Rennie Monica Rennie 31 October 2024 The principal activity of the Company during the financial year was farming in all its aspects, the production of electricity in an anaerobic digester and the operation of two wind turbines for the generation of electricity. SC053703 2024-01-31 SC053703 bus:Director1 2024-01-31 SC053703 bus:Director2 2024-01-31 SC053703 bus:Director3 2024-01-31 SC053703 2023-01-31 SC053703 core:CurrentFinancialInstruments 2024-01-31 SC053703 core:CurrentFinancialInstruments 2023-01-31 SC053703 core:ShareCapital 2024-01-31 SC053703 core:ShareCapital 2023-01-31 SC053703 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC053703 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC053703 core:OtherResidualIntangibleAssets 2023-01-31 SC053703 core:OtherResidualIntangibleAssets 2024-01-31 SC053703 core:LandBuildings 2023-01-31 SC053703 core:PlantMachinery 2023-01-31 SC053703 core:Vehicles 2023-01-31 SC053703 core:OtherPropertyPlantEquipment 2023-01-31 SC053703 core:LandBuildings 2024-01-31 SC053703 core:PlantMachinery 2024-01-31 SC053703 core:Vehicles 2024-01-31 SC053703 core:OtherPropertyPlantEquipment 2024-01-31 SC053703 core:CurrentFinancialInstruments core:Secured 2024-01-31 SC053703 bus:OrdinaryShareClass1 2024-01-31 SC053703 2023-02-01 2024-01-31 SC053703 bus:FilletedAccounts 2023-02-01 2024-01-31 SC053703 bus:SmallEntities 2023-02-01 2024-01-31 SC053703 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC053703 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC053703 bus:Director1 2023-02-01 2024-01-31 SC053703 bus:Director2 2023-02-01 2024-01-31 SC053703 bus:Director3 2023-02-01 2024-01-31 SC053703 bus:Director4 2023-02-01 2024-01-31 SC053703 bus:CompanySecretary1 2023-02-01 2024-01-31 SC053703 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-02-01 2024-01-31 SC053703 core:LandBuildings core:BottomRangeValue 2023-02-01 2024-01-31 SC053703 core:LandBuildings core:TopRangeValue 2023-02-01 2024-01-31 SC053703 core:PlantMachinery 2023-02-01 2024-01-31 SC053703 core:Vehicles 2023-02-01 2024-01-31 SC053703 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-02-01 2024-01-31 SC053703 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 SC053703 2022-02-01 2023-01-31 SC053703 core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 SC053703 core:LandBuildings 2023-02-01 2024-01-31 SC053703 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC053703 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 SC053703 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC053703 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC053703 (Scotland)

JOHN RENNIE & SONS (FARMERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

JOHN RENNIE & SONS (FARMERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

JOHN RENNIE & SONS (FARMERS) LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
JOHN RENNIE & SONS (FARMERS) LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 45,000 85,000
Tangible assets 4 6,394,563 5,844,609
Investments 5 619 619
6,440,182 5,930,228
Current assets
Stocks 372,045 641,576
Debtors 6 612,455 816,910
Cash at bank and in hand 1,299,078 614,239
2,283,578 2,072,725
Creditors: amounts falling due within one year 7 ( 446,915) ( 602,662)
Net current assets 1,836,663 1,470,063
Total assets less current liabilities 8,276,845 7,400,291
Provision for liabilities 8 ( 804,758) ( 590,627)
Net assets 7,472,087 6,809,664
Capital and reserves
Called-up share capital 9 15,000 15,000
Profit and loss account 7,457,087 6,794,664
Total shareholders' funds 7,472,087 6,809,664

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.

Directors' responsibilities:

The financial statements of John Rennie & Sons (Farmers) Limited (registered number: SC053703) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

Monica Rennie
Director
Andrew Rennie
Director
JOHN RENNIE & SONS (FARMERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
JOHN RENNIE & SONS (FARMERS) LIMITED

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 and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

John Rennie & Sons (Farmers) Limited (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 Gask House, Gask, Turriff, AB53 8BP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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 and other sales related taxes. Normal course of business includes Farming Income, Wind Turbine and Biomass Electricity Generation.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Farming income comprises subsidy income and income from sale of produce. Subsidy is recognised as it is received when all criteria for eligibility have been met and income from sale of produce is recognised at point of supply.

Wind turbine and biomass electricity generation income are recognised on a generation basis.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
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:

Land and buildings 13 - 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Other property, plant and equipment 13 - 25 years straight line

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 Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Agricultural produce harvested from the entity's biological assets are measured at the point of harvest at fair value less costs to sell.

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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 February 2023 200,000 200,000
At 31 January 2024 200,000 200,000
Accumulated amortisation
At 01 February 2023 115,000 115,000
Charge for the financial year 40,000 40,000
At 31 January 2024 155,000 155,000
Net book value
At 31 January 2024 45,000 45,000
At 31 January 2023 85,000 85,000

4. Tangible assets

Land and buildings Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 February 2023 4,649,363 1,990,271 2,120,857 3,260,143 12,020,634
Additions 194,930 275,329 934,537 33,340 1,438,136
Disposals ( 102,220) ( 97,821) ( 367,093) 0 ( 567,134)
At 31 January 2024 4,742,073 2,167,779 2,688,301 3,293,483 12,891,636
Accumulated depreciation
At 01 February 2023 1,499,379 1,311,204 1,428,932 1,936,510 6,176,025
Charge for the financial year 215,694 176,341 280,904 98,397 771,336
Disposals ( 18,442) ( 86,428) ( 345,418) 0 ( 450,288)
At 31 January 2024 1,696,631 1,401,117 1,364,418 2,034,907 6,497,073
Net book value
At 31 January 2024 3,045,442 766,662 1,323,883 1,258,576 6,394,563
At 31 January 2023 3,149,984 679,067 691,925 1,323,633 5,844,609

5. Fixed asset investments

2024 2023
£ £
Other investments and loans 619 619

6. Debtors

2024 2023
£ £
Trade debtors 260,872 512,438
Other debtors 351,583 304,472
612,455 816,910

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 0 200,000
Trade creditors 186,289 42,299
Amounts owed to directors 11,467 9,194
Accruals 11,027 13,106
Corporation tax 83,437 216,524
Other taxation and social security 154,231 121,127
Other creditors 464 412
446,915 602,662

The bank loans are secured by a standard security over certain land and buildings and by a floating charge over the assets and undertakings of the company.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 804,758 590,627

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
15,000 Ordinary shares of £ 1.00 each 15,000 15,000