Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Alan Milne 27/02/2007 04 November 2024 The principal activity of the Company during the financial year was that of being a partner in the farming partnership of The Firm of D M Milne and the provision of agricultural services. SC317362 2024-03-31 SC317362 bus:Director1 2024-03-31 SC317362 2023-03-31 SC317362 core:CurrentFinancialInstruments 2024-03-31 SC317362 core:CurrentFinancialInstruments 2023-03-31 SC317362 core:Non-currentFinancialInstruments 2024-03-31 SC317362 core:Non-currentFinancialInstruments 2023-03-31 SC317362 core:ShareCapital 2024-03-31 SC317362 core:ShareCapital 2023-03-31 SC317362 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC317362 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC317362 core:OtherPropertyPlantEquipment 2023-03-31 SC317362 core:OtherPropertyPlantEquipment 2024-03-31 SC317362 core:CostValuation 2023-03-31 SC317362 core:AdditionsToInvestments 2024-03-31 SC317362 core:CostValuation 2024-03-31 SC317362 2022-03-31 SC317362 bus:OrdinaryShareClass1 2024-03-31 SC317362 bus:OrdinaryShareClass2 2024-03-31 SC317362 bus:OrdinaryShareClass3 2024-03-31 SC317362 2023-04-01 2024-03-31 SC317362 bus:FilletedAccounts 2023-04-01 2024-03-31 SC317362 bus:SmallEntities 2023-04-01 2024-03-31 SC317362 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC317362 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC317362 bus:Director1 2023-04-01 2024-03-31 SC317362 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC317362 2022-04-01 2023-03-31 SC317362 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC317362 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC317362 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC317362 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC317362 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC317362 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC317362 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC317362 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC317362 (Scotland)

D M MILNE LIMITED

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

D M MILNE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

D M MILNE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
D M MILNE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,174,902 837,425
Investments 4 1,013,560 935,536
2,188,462 1,772,961
Current assets
Debtors 5 365,566 303,064
Cash at bank and in hand 20,287 26,643
385,853 329,707
Creditors: amounts falling due within one year 6 ( 265,522) ( 144,068)
Net current assets 120,331 185,639
Total assets less current liabilities 2,308,793 1,958,600
Creditors: amounts falling due after more than one year 7 ( 128,456) ( 41,349)
Provision for liabilities 8 ( 275,128) ( 209,356)
Net assets 1,905,209 1,707,895
Capital and reserves
Called-up share capital 9 24 24
Profit and loss account 1,905,185 1,707,871
Total shareholders' funds 1,905,209 1,707,895

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of D M Milne Limited (registered number: SC317362) were approved and authorised for issue by the Director on 04 November 2024. They were signed on its behalf by:

Alan Milne
Director
D M MILNE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
D M MILNE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

D M Milne 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 North Mains Of Turin, Turin, Forfar, DD8 2UZ, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the company's share of profits from the partnership of The Firm of D M Milne and agricultural services net of VAT and trade discounts. Turnover is recognised on an accrual basis.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Plant and machinery etc. 15 % reducing balance

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.

Leases

The Company as lessee
Assets held under hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 Profit and Loss Account as described below.

Fixed asset investments

The company's interest in the farming partnership of The Firm of D M Milne is dealt with in the financial statements by the equity method of accounting. That is the profit and loss account includes the company's share of the partnership profits (based on the partnership accounts) and the company's share of profit less any drawings are added to the cost of the investment in the Balance Sheet.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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.

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 the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 1,655,129 1,655,129
Additions 620,000 620,000
Disposals ( 273,000) ( 273,000)
At 31 March 2024 2,002,129 2,002,129
Accumulated depreciation
At 01 April 2023 817,704 817,704
Charge for the financial year 154,989 154,989
Disposals ( 145,466) ( 145,466)
At 31 March 2024 827,227 827,227
Net book value
At 31 March 2024 1,174,902 1,174,902
At 31 March 2023 837,425 837,425

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 935,536 935,536
Additions 78,024 78,024
At 31 March 2024 1,013,560 1,013,560
Carrying value at 31 March 2024 1,013,560 1,013,560
Carrying value at 31 March 2023 935,536 935,536

5. Debtors

2024 2023
£ £
Trade debtors 316,146 270,779
Other debtors 49,420 32,285
365,566 303,064

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 0 38,333
Obligations under finance leases and hire purchase contracts 141,624 97,836
Other creditors 123,898 7,899
265,522 144,068

Obligations under finance leases and hire purchase contracts are secured over the assets they relate to.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 128,456 41,349

Obligations under finance leases and hire purchase contracts are secured over the assets they relate to.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 209,356) ( 212,984)
(Charged)/credited to the Profit and Loss Account ( 65,772) 3,628
At the end of financial year ( 275,128) ( 209,356)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
20 A ordinary shares of £ 1.00 each 20 20
1 B ordinary share of £ 1.00 1 1
3 C ordinary shares of £ 1.00 each 3 3
24 24

10. Related party transactions

Other related party transactions

2024 2023
£ £
The Firm of D M Milne 118,800 0

Included in other creditors is a balance due to The Firm of D M Milne. This loan is unsecured, interest free and has no fixed terms of repayment.