Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mr Alistair J Fisher 05/05/2011 Mr John M Fisher 03/05/2011 Mrs Rosemary Fisher 05/05/2011 15 November 2024 The principal activity of the company continued to be that of mixed farming. SC398609 2024-02-29 SC398609 bus:Director1 2024-02-29 SC398609 bus:Director2 2024-02-29 SC398609 bus:Director3 2024-02-29 SC398609 2023-02-28 SC398609 core:CurrentFinancialInstruments 2024-02-29 SC398609 core:CurrentFinancialInstruments 2023-02-28 SC398609 core:Non-currentFinancialInstruments 2024-02-29 SC398609 core:Non-currentFinancialInstruments 2023-02-28 SC398609 core:ShareCapital 2024-02-29 SC398609 core:ShareCapital 2023-02-28 SC398609 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC398609 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC398609 core:OtherResidualIntangibleAssets 2023-02-28 SC398609 core:OtherResidualIntangibleAssets 2024-02-29 SC398609 core:LandBuildings 2023-02-28 SC398609 core:PlantMachinery 2023-02-28 SC398609 core:Vehicles 2023-02-28 SC398609 core:LandBuildings 2024-02-29 SC398609 core:PlantMachinery 2024-02-29 SC398609 core:Vehicles 2024-02-29 SC398609 2023-03-01 2024-02-29 SC398609 bus:FilletedAccounts 2023-03-01 2024-02-29 SC398609 bus:SmallEntities 2023-03-01 2024-02-29 SC398609 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC398609 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC398609 bus:Director1 2023-03-01 2024-02-29 SC398609 bus:Director2 2023-03-01 2024-02-29 SC398609 bus:Director3 2023-03-01 2024-02-29 SC398609 core:LandBuildings core:TopRangeValue 2023-03-01 2024-02-29 SC398609 core:PlantMachinery core:BottomRangeValue 2023-03-01 2024-02-29 SC398609 core:PlantMachinery core:TopRangeValue 2023-03-01 2024-02-29 SC398609 core:Vehicles 2023-03-01 2024-02-29 SC398609 2022-03-01 2023-02-28 SC398609 core:OtherResidualIntangibleAssets 1 2023-03-01 2024-02-29 SC398609 1 2023-03-01 2024-02-29 SC398609 core:LandBuildings 2023-03-01 2024-02-29 SC398609 core:PlantMachinery 2023-03-01 2024-02-29 SC398609 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 SC398609 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: SC398609 (Scotland)

JOHN M FISHER LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

JOHN M FISHER LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

JOHN M FISHER LTD

BALANCE SHEET

As at 29 February 2024
JOHN M FISHER LTD

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 825 825
Tangible assets 4 532,246 471,825
533,071 472,650
Current assets
Stocks 363,115 357,485
Debtors 5 62,925 107,740
Cash at bank and in hand 46,615 27,924
472,655 493,149
Creditors: amounts falling due within one year 6 ( 431,836) ( 477,688)
Net current assets 40,819 15,461
Total assets less current liabilities 573,890 488,111
Creditors: amounts falling due after more than one year 7 0 ( 16,333)
Provision for liabilities ( 114,586) ( 89,522)
Net assets 459,304 382,256
Capital and reserves
Called-up share capital 99 99
Profit and loss account 459,205 382,157
Total shareholders' funds 459,304 382,256

For the financial year ending 29 February 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 M Fisher Ltd (registered number: SC398609) were approved and authorised for issue by the Board of Directors on 15 November 2024. They were signed on its behalf by:

Mr John M Fisher
Director
JOHN M FISHER LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
JOHN M FISHER LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 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 M Fisher Ltd (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 Meikle Larbrax Farm, Leswalt, Stranraer, DG9 0RR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover and RHI income 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 to taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Subsidies are recognised once all conditions in relation to the grants have been met.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually when movement has been recorded with BCMS), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 10 years straight line
Plant and machinery 6 - 16 years straight line
Vehicles 20 % reducing balance

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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

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

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, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are 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.

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
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.

Entitlements

Entitlements are rights that a farmer must hold to claim direct payments under the Basic Payment Scheme.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 March 2023 825 825
At 29 February 2024 825 825
Accumulated amortisation
At 01 March 2023 0 0
0 0
At 29 February 2024 0 0
Net book value
At 29 February 2024 825 825
At 28 February 2023 825 825

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 March 2023 69,500 717,251 361,144 1,147,895
Additions 0 80,623 90,700 171,323
Disposals 0 ( 3,035) ( 61,200) ( 64,235)
At 29 February 2024 69,500 794,839 390,644 1,254,983
Accumulated depreciation
At 01 March 2023 29,655 531,874 114,541 676,070
Charge for the financial year 5,800 37,030 46,590 89,420
Disposals 0 ( 948) ( 41,805) ( 42,753)
At 29 February 2024 35,455 567,956 119,326 722,737
Net book value
At 29 February 2024 34,045 226,883 271,318 532,246
At 28 February 2023 39,845 185,377 246,603 471,825

5. Debtors

2024 2023
£ £
Trade debtors 1,560 48,309
Other debtors 61,365 59,431
62,925 107,740

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 103,056 54,935
Taxation and social security 9,959 18,514
Obligations under finance leases and hire purchase contracts 75,493 16,334
Other creditors 243,328 387,905
431,836 477,688

Obligations under finance leases and hire purchase contracts of £16,333 are secured over the assets concerned.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 16,333

Obligations under finance leases and hire purchase contracts are secured over the assets concerned.

8. Related party transactions

Other Creditors includes the amount of 211,466 due by the company to its directors (2023 - £355,023). This loan does not bear interest and is not repayable on demand.