Company registration number SC158055 (Scotland)
FORTRIE FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FORTRIE FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FORTRIE FARMS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 November 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
375
Tangible assets
4
1,451,499
1,177,587
Investments
5
200
200
1,451,699
1,178,162
Current assets
Stocks
558,724
793,869
Debtors
6
1,881,339
1,469,170
Cash at bank and in hand
26,204
2
2,466,267
2,263,041
Creditors: amounts falling due within one year
7
(235,465)
(348,598)
Net current assets
2,230,802
1,914,443
Total assets less current liabilities
3,682,501
3,092,605
Creditors: amounts falling due after more than one year
8
(126,347)
(65,294)
Provisions for liabilities
(224,958)
(139,647)
Net assets
3,331,196
2,887,664
Capital and reserves
Called up share capital
10
10
10
Profit and loss reserves
3,331,186
2,887,654
Total equity
3,331,196
2,887,664

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

FORTRIE FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
Mr I Bartlet
Director
Company Registration No. SC158055
FORTRIE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Fortrie Farms Limited is a private company limited by shares incorporated in Scotland. The registered office is Mains of Fortrie, Auchnagatt, Ellon, Aberdeenshire, United Kingdom, AB41 8UY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Reporting period

These financial statements are presented for a period longer than one year. This is due to aligning the year end date alongside the year end date of a related party partnership entity.This, therefore, results in the fact that comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts, apart from the income received through participation in the farming partnership of David Bartlet and Son. This income comprises the company's share in the partnership profit and loss for each year. The book value of its interest in the partnership comprises the balance outstanding to its debit/credit in the current account in the books of that business.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Basic Payment Entitlement
50% on cost
1.5
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.

FORTRIE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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% on cost and 4% on cost
Plant and machinery
12.5% on cost
Computer equipment
25% on cost
Motor vehicles
25% on cost

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.

1.6
Stock

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

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

FORTRIE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.10

EU Basic Payment Scheme

Payment received under the EU Basic Payment Scheme is recognised as income only when the business has met all the criteria which entitle it to the payment. This follows the end of the calendar year in which the claim was made.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
9
11
3
Intangible fixed assets
Basic Payment Entitlement
£
Cost
At 1 December 2022 and 31 March 2024
3,000
Amortisation and impairment
At 1 December 2022
2,625
Amortisation charged for the period
375
At 31 March 2024
3,000
Carrying amount
At 31 March 2024
-
0
At 30 November 2022
375
FORTRIE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
659,617
4,022,148
-
0
46,729
4,728,494
Additions
-
0
830,140
1,551
-
0
831,691
Disposals
-
0
(315,920)
-
0
-
0
(315,920)
At 31 March 2024
659,617
4,536,368
1,551
46,729
5,244,265
Depreciation and impairment
At 1 December 2022
386,522
3,140,005
-
0
24,380
3,550,907
Depreciation charged in the period
45,933
398,680
226
7,788
452,627
Eliminated in respect of disposals
-
0
(210,768)
-
0
-
0
(210,768)
At 31 March 2024
432,455
3,327,917
226
32,168
3,792,766
Carrying amount
At 31 March 2024
227,162
1,208,451
1,325
14,561
1,451,499
At 30 November 2022
273,095
882,143
-
0
22,349
1,177,587
5
Fixed asset investments
2024
2022
£
£
Other investments other than loans
200
200
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
301,743
589,185
Other debtors
1,579,596
879,985
1,881,339
1,469,170

 

FORTRIE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
10,000
42,567
Trade creditors
88,796
19,382
Corporation tax
27,488
101,966
Other taxation and social security
7,999
4,226
Other creditors
101,182
180,457
235,465
348,598
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
12,500
25,833
Other creditors
113,847
39,461
126,347
65,294
9
Finance lease obligations
2024
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
88,333
83,689
In two to five years
88,333
11,032
176,666
94,721

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The hire purchase debt is secured over the plant and machinery for which it was provided.

10
Called up share capital
2024
2022
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary of £1 each
10
10
10
10
FORTRIE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
11
Related party transactions

The directors, Ian, Constance and Craig Bartlet, have a material interest in the arrangements specified in the principal accounting policies as a consequence of their interests as partners in the farming partnership of David Bartlet and Son. All transactions took place in the normal course of business and were at arms length.

 

12
Controlling party

The ultimate controlling party is Mr C Bartlet.

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