Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01falseNo description of principal activity1311truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC151834 2023-03-01 2024-02-29 SC151834 2022-03-01 2023-02-28 SC151834 2024-02-29 SC151834 2023-02-28 SC151834 c:CompanySecretary1 2023-03-01 2024-02-29 SC151834 c:Director1 2023-03-01 2024-02-29 SC151834 c:Director2 2023-03-01 2024-02-29 SC151834 c:Director3 2023-03-01 2024-02-29 SC151834 c:RegisteredOffice 2023-03-01 2024-02-29 SC151834 d:Buildings 2023-03-01 2024-02-29 SC151834 d:Buildings 2024-02-29 SC151834 d:Buildings 2023-02-28 SC151834 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC151834 d:PlantMachinery 2023-03-01 2024-02-29 SC151834 d:PlantMachinery 2024-02-29 SC151834 d:PlantMachinery 2023-02-28 SC151834 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC151834 d:MotorVehicles 2023-03-01 2024-02-29 SC151834 d:MotorVehicles 2024-02-29 SC151834 d:MotorVehicles 2023-02-28 SC151834 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC151834 d:FurnitureFittings 2023-03-01 2024-02-29 SC151834 d:FurnitureFittings 2024-02-29 SC151834 d:FurnitureFittings 2023-02-28 SC151834 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC151834 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 SC151834 d:CurrentFinancialInstruments 2024-02-29 SC151834 d:CurrentFinancialInstruments 2023-02-28 SC151834 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 SC151834 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 SC151834 d:ShareCapital 2024-02-29 SC151834 d:ShareCapital 2023-02-28 SC151834 d:RetainedEarningsAccumulatedLosses 2024-02-29 SC151834 d:RetainedEarningsAccumulatedLosses 2023-02-28 SC151834 c:OrdinaryShareClass1 2023-03-01 2024-02-29 SC151834 c:OrdinaryShareClass1 2024-02-29 SC151834 c:OrdinaryShareClass1 2023-02-28 SC151834 c:FRS102 2023-03-01 2024-02-29 SC151834 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 SC151834 c:FullAccounts 2023-03-01 2024-02-29 SC151834 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC151834 6 2023-03-01 2024-02-29 SC151834 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC151834










MAITLAND FARMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
MAITLAND FARMS LIMITED
 

COMPANY INFORMATION


DIRECTORS
R J Maitland 
Mrs E M Maitland 
R A J Maitland 




COMPANY SECRETARY
Mrs E M Maitland



REGISTERED NUMBER
SC151834



REGISTERED OFFICE
West Balhalgardy

Inverurie

Aberdeenshire

AB51 OHR




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
MAITLAND FARMS LIMITED
REGISTERED NUMBER: SC151834

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

FIXED ASSETS
  

Tangible assets
 4 
3,274,959
2,978,997

Investments
  
34,523
34,588

  
3,309,482
3,013,585

CURRENT ASSETS
  

Stocks
  
1,402,876
1,483,778

Debtors
 5 
78,647
101,151

Cash at bank and in hand
  
1,873,218
1,290,903

  
3,354,741
2,875,832

Creditors: amounts falling due within one year
 6 
(1,546,355)
(1,406,136)

NET CURRENT ASSETS
  
 
 
1,808,386
 
 
1,469,696

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,117,868
4,483,281

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(176,459)
(132,017)

  
 
 
(176,459)
 
 
(132,017)

NET ASSETS
  
4,941,409
4,351,264


CAPITAL AND RESERVES
  

Called up share capital 
 7 
100
100

Profit and loss account
  
4,941,309
4,351,164

  
4,941,409
4,351,264


Page 1

 
MAITLAND FARMS LIMITED
REGISTERED NUMBER: SC151834

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.




R J Maitland
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MAITLAND FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


GENERAL INFORMATION

Maitland Farms Limited is a Private Limited Company incorporated in Scotland with the registration number SC151834. It's registered office is West Balhalgardy, Inverurie, Aberdeenshire, AB51 0HR.  
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
MAITLAND FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Solar panels
-
4% straight line
Motor vehicles
-
25% reducing balance
Plant and machinery
-
12.5% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 
MAITLAND FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 13 (2023 - 11).

Page 5

 
MAITLAND FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


TANGIBLE FIXED ASSETS







Land and property
Plant and machinery
Motor vehicles
Solar panels
Total

£
£
£
£
£



COST OR VALUATION


At 1 March 2023
2,255,000
1,000,123
3
222,912
3,478,038


Additions
293,771
101,300
-
-
395,071


Disposals
-
(243)
-
-
(243)



At 29 February 2024

2,548,771
1,101,180
3
222,912
3,872,866



DEPRECIATION


At 1 March 2023
-
398,724
3
100,314
499,041


Charge for the year on owned assets
-
87,800
-
11,146
98,946


Disposals
-
(80)
-
-
(80)



At 29 February 2024

-
486,444
3
111,460
597,907



NET BOOK VALUE



At 29 February 2024
2,548,771
614,736
-
111,452
3,274,959



At 28 February 2023
2,255,000
601,399
-
122,598
2,978,997


5.


DEBTORS

29 February
28 February
2024
2023
£
£



Trade debtors
31,844
71,364

Other debtors
45,041
28,121

Prepayments and accrued income
1,762
1,666

78,647
101,151


Page 6

 
MAITLAND FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29 February
28 February
2024
2023
£
£

Trade creditors
361,044
241,233

Other taxation and social security
145,385
120,722

Obligations under finance lease and hire purchase contracts
-
52,096

Other creditors
1,032,886
985,965

Accruals and deferred income
7,040
6,120

1,546,355
1,406,136



7.


SHARE CAPITAL

29 February
28 February
2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023 - 100) ordinary shares of £1.00 each
100
100



Page 7