IRIS Accounts Production v24.3.0.553 04030000 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false Defined benefit pension plans iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh040300002023-03-31040300002024-03-31040300002023-04-012024-03-31040300002022-03-31040300002022-04-012023-03-31040300002023-03-3104030000ns15:EnglandWales2023-04-012024-03-3104030000ns14:PoundSterling2023-04-012024-03-3104030000ns10:Director12023-04-012024-03-3104030000ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104030000ns10:SmallEntities2023-04-012024-03-3104030000ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3104030000ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3104030000ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104030000ns10:FullAccounts2023-04-012024-03-310403000012023-04-012024-03-3104030000ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-04-012024-03-3104030000ns10:Director22023-04-012024-03-3104030000ns10:Director32023-04-012024-03-3104030000ns10:Director42023-04-012024-03-3104030000ns10:CompanySecretary12023-04-012024-03-3104030000ns10:RegisteredOffice2023-04-012024-03-3104030000ns5:CurrentFinancialInstruments2024-03-3104030000ns5:CurrentFinancialInstruments2023-03-3104030000ns5:Non-currentFinancialInstruments2024-03-3104030000ns5:Non-currentFinancialInstruments2023-03-3104030000ns5:ShareCapital2024-03-3104030000ns5:ShareCapital2023-03-3104030000ns5:RetainedEarningsAccumulatedLosses2024-03-3104030000ns5:RetainedEarningsAccumulatedLosses2023-03-3104030000ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3104030000ns5:LeaseholdImprovements2023-04-012024-03-3104030000ns5:PlantMachinery2023-04-012024-03-3104030000ns5:MotorVehicles2023-04-012024-03-3104030000ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3104030000ns5:ComputerSoftware2023-03-3104030000ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3104030000ns5:ComputerSoftware2023-04-012024-03-3104030000ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-3104030000ns5:ComputerSoftware2024-03-3104030000ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3104030000ns5:ComputerSoftware2023-03-3104030000ns5:LeaseholdImprovements2023-03-3104030000ns5:PlantMachinery2023-03-3104030000ns5:MotorVehicles2023-03-3104030000ns5:LeaseholdImprovements2024-03-3104030000ns5:PlantMachinery2024-03-3104030000ns5:MotorVehicles2024-03-3104030000ns5:LeaseholdImprovements2023-03-3104030000ns5:PlantMachinery2023-03-3104030000ns5:MotorVehicles2023-03-3104030000ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3104030000ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3104030000ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-03-3104030000ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-03-3104030000ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3104030000ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3104030000ns5:HirePurchaseContracts2024-03-3104030000ns5:HirePurchaseContracts2023-03-3104030000ns5:WithinOneYear2024-03-3104030000ns5:WithinOneYear2023-03-31
REGISTERED NUMBER: 04030000 (England and Wales)











































Mertoun Estate Farms Limited

Unaudited Financial Statements

for the Year Ended 31st March 2024






Mertoun Estate Farms Limited (Registered number: 04030000)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 8


Mertoun Estate Farms Limited

Company Information
for the year ended 31st March 2024







Directors: His Grace The Duke of Sutherland
The Duchess of Sutherland
Marquis of Stafford
Lord H A Egerton





Secretary: The Duchess of Sutherland





Registered office: 66 Lincolns Inn Fields
London
WC2A 3LH





Business address: Estate Office
Mertoun
St Boswells
TD6 0EA





Registered number: 04030000 (England and Wales)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Mertoun Estate Farms Limited (Registered number: 04030000)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 401,200 398,155
Tangible assets 5 3,764,237 3,933,686
4,165,437 4,331,841

Current assets
Stocks 2,452,481 2,668,329
Debtors 6 1,011,946 1,165,717
Investments 7 1,317 1,317
Cash at bank and in hand 1,311,226 1,296,494
4,776,970 5,131,857
Creditors
Amounts falling due within one year 8 836,920 858,884
Net current assets 3,940,050 4,272,973
Total assets less current liabilities 8,105,487 8,604,814

Creditors
Amounts falling due after more than one
year

9

(5,303,323

)

(5,320,250

)

Provisions for liabilities (764,525 ) (643,345 )
Net assets 2,037,639 2,641,219

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings 2,036,639 2,640,219
Shareholders' funds 2,037,639 2,641,219

Mertoun Estate Farms Limited (Registered number: 04030000)

Balance Sheet - continued
31st March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th November 2024 and were signed on its behalf by:





His Grace The Duke of Sutherland - Director


Mertoun Estate Farms Limited (Registered number: 04030000)

Notes to the Financial Statements
for the year ended 31st March 2024

1. Statutory information

Mertoun Estate Farms Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses.

BPS entitlements bought in the year ended 31 March 2016 have been fully amortised over their estimated useful life of five years.

BPS entitlements bought in the current year to be fully amortised over their estimated useful life of two years.

Other intangible assets are being amortised over their estimated useful life of twenty five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on cost and 5% on cost
Plant and machinery - at varying rates on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

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

Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion.

Mertoun Estate Farms Limited (Registered number: 04030000)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. Accounting policies - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, directors loans and hire purchase contracts.

Hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors, accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings.

Investments
Current asset investments are at the lower of cost and net realisable value.

Mertoun Estate Farms Limited (Registered number: 04030000)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. Accounting policies - continued

Going concern
The director has considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing these financial statements

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

3. Employees and directors

The average number of employees during the year was 12 (2023 - 12 ) .

4. Intangible fixed assets
Other
BPS intangible
entitlements assets Totals
£    £    £   
Cost
At 1st April 2023 15,000 523,885 538,885
Additions 24,000 - 24,000
At 31st March 2024 39,000 523,885 562,885
Amortisation
At 1st April 2023 15,000 125,730 140,730
Amortisation for year - 20,955 20,955
At 31st March 2024 15,000 146,685 161,685
Net book value
At 31st March 2024 24,000 377,200 401,200
At 31st March 2023 - 398,155 398,155

Mertoun Estate Farms Limited (Registered number: 04030000)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

5. Tangible fixed assets
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost
At 1st April 2023 2,566,800 4,550,827 89,089 7,206,716
Additions 141,628 273,769 20,100 435,497
Disposals - (133,947 ) (6,250 ) (140,197 )
At 31st March 2024 2,708,428 4,690,649 102,939 7,502,016
Depreciation
At 1st April 2023 1,071,187 2,117,468 84,375 3,273,030
Charge for year 107,561 451,703 8,219 567,483
Eliminated on disposal - (96,484 ) (6,250 ) (102,734 )
At 31st March 2024 1,178,748 2,472,687 86,344 3,737,779
Net book value
At 31st March 2024 1,529,680 2,217,962 16,595 3,764,237
At 31st March 2023 1,495,613 2,433,359 4,714 3,933,686

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 627,601 742,624
Other debtors 384,345 423,093
1,011,946 1,165,717

7. Current asset investments
2024 2023
£    £   
Unlisted investments 1,317 1,317

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts (see note 10) 68,073 79,826
Trade creditors 397,324 638,389
Taxation and social security (339 ) 95,060
Other creditors 371,862 45,609
836,920 858,884

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts (see note 10) 25,573 42,500
Other creditors 5,277,750 5,277,750
5,303,323 5,320,250

Mertoun Estate Farms Limited (Registered number: 04030000)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

10. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 68,073 79,826
Between one and five years 25,573 42,500
93,646 122,326

Non-cancellable operating leases
2024 2023
£    £   
Within one year 20,503 20,478

11. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 93,646 122,326

Hire purchase contracts are secured on the assets concerned.

12. Employee benefit obligations

The company operates a pension scheme providing benefits based on final pensionable pay, which is closed to new members. The assets of the scheme are held separately from those of the company and are invested. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives with the company. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was at 31st March 2022. The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return on investments and the rate of increase in salaries and pensions.

The pension charge for the year was £55,209 (2023 - £49,498).

The most recent triennial review to 31st March 2022 concluded in mid 2023 that the scheme was now in surplus.