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Company No: 04197311 (England and Wales)

WELBECK SCOTTISH FARMS LIMITED

Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WELBECK SCOTTISH FARMS LIMITED

Financial Statements

For the financial year ended 31 March 2024

Contents

WELBECK SCOTTISH FARMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
WELBECK SCOTTISH FARMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS W H M Parente
A Macauslan
N Porter
SECRETARY I Goodwin
REGISTERED OFFICE Portland Estate Office Cavendish House
Welbeck
Worksop
S80 3LL
United Kingdom
COMPANY NUMBER 04197311 (England and Wales)
AUDITOR Dixon Wilson Audit Services LLP
22 Chancery Lane
London
WC2A 1LS
WELBECK SCOTTISH FARMS LIMITED

BALANCE SHEET

As at 31 March 2024
WELBECK SCOTTISH FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 22,444 24,720
Tangible assets 4 488,236 489,068
Investments 5 25 25
510,705 513,813
Current assets
Stocks 320,396 302,231
Debtors 6 202,806 469,025
Cash at bank and in hand 134,419 57,991
657,621 829,247
Creditors: amounts falling due within one year 7 ( 155,727) ( 158,006)
Net current assets 501,894 671,241
Total assets less current liabilities 1,012,599 1,185,054
Creditors: amounts falling due after more than one year 8 ( 302,291) ( 333,054)
Net assets 710,308 852,000
Capital and reserves
Called-up share capital 400,000 400,000
Profit and loss account 310,308 452,000
Total shareholder's funds 710,308 852,000

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Welbeck Scottish Farms Limited (registered number: 04197311) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

W H M Parente
Director
WELBECK SCOTTISH FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WELBECK SCOTTISH FARMS 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

Welbeck Scottish Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Portland Estate Office Cavendish House, Welbeck, Worksop, S80 3LL, 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 financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts receivable, net of value added tax, in respect of the sale of livestock to customers and government subsidies. The sale of livestock is recognised when ownership is transferred. Income from government grants is recognised as set out below.

Taxation

Current tax
Under an agreement between companies within the group, a company that surrenders tax losses for group relief is entitled to receive compensation from the claimant company equal to the amount of relief in terms of tax saving generated from the loss relief claim. The compensation is recognised in the year to which the loss relief claim relates and is recorded as a tax credit (in the case of the surrendering company) and a tax expense (in the case of the claimant company).

Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but are not reversed by the balance sheet date, except as required by FRS 102, or as stated in the Accounting Policies.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 15 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 10 - 50 years straight line
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Office equipment 5 years straight line

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
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease
term.

Stocks

Stock comprises livestock and other stocks required for their upkeep. Stock is stated at the lower of cost and net realisable value. The cost of livestock is estimated at 60% of open market value for cattle and 75% of open market value for sheep. Net realisable value is based on selling price less anticipated costs to bring livestock to maturity and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Government grants

Farming grants are recognised as turnover when the material conditions attached to the grant have been met.

Grants received in respect of specific capital expenditure are recognised as turnover over the useful economic life of the
corresponding fixed asset.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 24,720 24,720
At 31 March 2024 24,047 24,047
Accumulated amortisation
At 01 April 2023 0 0
Charge for the financial year 1,648 1,648
At 31 March 2024 1,603 1,603
Net book value
At 31 March 2024 22,444 22,444
At 31 March 2023 24,720 24,720

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 590,171 291,321 37,512 1,256 920,260
Additions 0 145,785 0 0 145,785
Disposals 0 ( 60,585) ( 3,250) 0 ( 63,835)
At 31 March 2024 590,171 376,521 34,262 1,256 1,002,210
Accumulated depreciation
At 01 April 2023 298,703 119,517 12,428 544 431,192
Charge for the financial year 38,686 62,604 7,394 251 108,935
Disposals 0 ( 24,203) ( 1,950) 0 ( 26,153)
At 31 March 2024 337,389 157,918 17,872 795 513,974
Net book value
At 31 March 2024 252,782 218,603 16,390 461 488,236
At 31 March 2023 291,468 171,804 25,084 712 489,068

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 25 25
At 31 March 2024 25 25
Carrying value at 31 March 2024 25 25
Carrying value at 31 March 2023 25 25

6. Debtors

2024 2023
£ £
Trade debtors 15,889 39,861
Amounts owed by group undertakings 0 373,466
Deferred tax asset 52,555 6,595
Other debtors 134,362 49,103
202,806 469,025

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 75,849 82,001
Obligations under finance leases and hire purchase contracts 15,652 23,658
Other creditors 64,226 52,347
155,727 158,006

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 17,069 18,421
Other creditors 285,222 314,633
302,291 333,054

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Other creditors 141,616 160,196

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 6,595 ( 1,854)
Credited to the Profit and Loss Account 45,960 8,449
At the end of financial year 52,555 6,595

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2024 was unqualified.

The audit report was signed by Gregory Smye-Rumsby on behalf of Dixon Wilson Audit Services LLP.

11. Ultimate controlling party

Parent Company:

The Welbeck Estates Company Limited
Portland Estate Office
Cavendish House
Welbeck
Worksop
Nottinghamshire
S80 3LL