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REGISTERED NUMBER: SC409688 (Scotland)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

J & M Dearness Limited

J & M Dearness Limited (Registered number: SC409688)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


J & M Dearness Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J O Dearness
Mrs M Dearness



REGISTERED OFFICE: Knowe
Sanday
Orkney
KW17 2AZ



REGISTERED NUMBER: SC409688 (Scotland)



ACCOUNTANTS: Orcadia
Chartered Accountants
1 - 3 East Road
Kirkwall
Orkney
KW15 1HZ



BANKERS: The Royal Bank of Scotland
1 Victoria Street
Kirkwall
Orkney
KW15 1DP

J & M Dearness Limited (Registered number: SC409688)

Abridged Balance Sheet
31 March 2024

2023 2024
£    £    Notes £    £   
FIXED ASSETS
327,026 Tangible assets 4 384,437

CURRENT ASSETS
259,046 Stocks 242,036
37,431 Debtors 80,249
163,696 Cash at bank 250,528
460,173 572,813
CREDITORS
408,174 Amounts falling due within one year 560,604
51,999 NET CURRENT ASSETS 12,209
379,025 TOTAL ASSETS LESS CURRENT
LIABILITIES

396,646

CREDITORS
(39,638 ) Amounts falling due after more than one year (6,920 )

(56,588 ) PROVISIONS FOR LIABILITIES (56,588 )
282,799 NET ASSETS 333,138

CAPITAL AND RESERVES
100 Called up share capital 100
282,699 Retained earnings 333,038
282,799 SHAREHOLDERS' FUNDS 333,138

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

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

J & M Dearness Limited (Registered number: SC409688)

Abridged Balance Sheet - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 11 November 2024 and were signed on its behalf by:




J O Dearness - Director



Mrs M Dearness - Director


J & M Dearness Limited (Registered number: SC409688)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

J & M Dearness Limited 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 represents net sales of livestock and crop, excluding value added tax.

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 etc - 15% on reducing balance and 10% on cost

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

Livestock and crop are valued at a percentage of market value, with purchased animals valued at cost. Other stocks are valued at the lower of cost or net realisable value.

J & M Dearness Limited (Registered number: SC409688)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 balance sheet 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors re initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.


J & M Dearness Limited (Registered number: SC409688)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 589,182
Additions 154,425
Disposals (83,860 )
At 31 March 2024 659,747
DEPRECIATION
At 1 April 2023 262,156
Charge for year 53,796
Eliminated on disposal (40,642 )
At 31 March 2024 275,310
NET BOOK VALUE
At 31 March 2024 384,437
At 31 March 2023 327,026

J & M Dearness Limited (Registered number: SC409688)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   

The bank loan and overdraft are secured by a Floating Charge, over the whole assets of the company, created in favour of the Royal Bank of Scotland.