Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-3029truefalse2023-07-01No description of principal activity25trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC021624 2023-07-01 2024-06-30 SC021624 2022-07-01 2023-06-30 SC021624 2024-06-30 SC021624 2023-06-30 SC021624 c:CompanySecretary1 2023-07-01 2024-06-30 SC021624 c:Director1 2023-07-01 2024-06-30 SC021624 c:Director2 2023-07-01 2024-06-30 SC021624 c:Director3 2023-07-01 2024-06-30 SC021624 c:RegisteredOffice 2023-07-01 2024-06-30 SC021624 d:Buildings 2023-07-01 2024-06-30 SC021624 d:Buildings 2024-06-30 SC021624 d:Buildings 2023-06-30 SC021624 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC021624 d:PlantMachinery 2023-07-01 2024-06-30 SC021624 d:PlantMachinery 2024-06-30 SC021624 d:PlantMachinery 2023-06-30 SC021624 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC021624 d:MotorVehicles 2023-07-01 2024-06-30 SC021624 d:MotorVehicles 2024-06-30 SC021624 d:MotorVehicles 2023-06-30 SC021624 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC021624 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC021624 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC021624 d:CurrentFinancialInstruments 2024-06-30 SC021624 d:CurrentFinancialInstruments 2023-06-30 SC021624 d:Non-currentFinancialInstruments 2024-06-30 SC021624 d:Non-currentFinancialInstruments 2023-06-30 SC021624 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 SC021624 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 SC021624 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 SC021624 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 SC021624 d:ShareCapital 2024-06-30 SC021624 d:ShareCapital 2023-06-30 SC021624 d:RetainedEarningsAccumulatedLosses 2024-06-30 SC021624 d:RetainedEarningsAccumulatedLosses 2023-06-30 SC021624 c:OrdinaryShareClass1 2023-07-01 2024-06-30 SC021624 c:OrdinaryShareClass1 2024-06-30 SC021624 c:OrdinaryShareClass1 2023-06-30 SC021624 c:FRS102 2023-07-01 2024-06-30 SC021624 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 SC021624 c:FullAccounts 2023-07-01 2024-06-30 SC021624 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC021624 4 2024-06-30 SC021624 4 2023-06-30 SC021624 f:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC021624










CLOVA FARMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
CLOVA FARMS LIMITED
 

COMPANY INFORMATION


DIRECTORS
H B Niven 
Mrs J P Niven 
M W G Niven 




COMPANY SECRETARY
Mrs J P Niven



REGISTERED NUMBER
SC021624



REGISTERED OFFICE
Westby
64 West High Street

Forfar

Angus

DD8 1BJ




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
CLOVA FARMS LIMITED
REGISTERED NUMBER: SC021624

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
£
£

FIXED ASSETS
  

Tangible assets
 4 
28,028,783
27,633,154

Investments
 5 
38,347
38,841

  
28,067,130
27,671,995

CURRENT ASSETS
  

Stocks
  
1,946,769
1,893,156

Debtors: amounts falling due within one year
 6 
1,585,879
1,401,317

Cash at bank and in hand
  
630,920
4,233

  
4,163,568
3,298,706

Creditors: amounts falling due within one year
 7 
(5,576,682)
(4,181,934)

NET CURRENT LIABILITIES
  
 
 
(1,413,114)
 
 
(883,228)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
26,654,016
26,788,767

Creditors: amounts falling due after more than one year
 8 
(2,610,428)
(4,301,647)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(811,314)
(751,738)

  
 
 
(811,314)
 
 
(751,738)

NET ASSETS
  
23,232,274
21,735,382


CAPITAL AND RESERVES
  

Called up share capital 
 9 
3,000
3,000

Profit and loss account
  
23,229,274
21,732,382

  
23,232,274
21,735,382


Page 1

 
CLOVA FARMS LIMITED
REGISTERED NUMBER: SC021624

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2024.




H B Niven
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CLOVA FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

Clova Farms Limited is a limited company incorporated in Scotland. The company number is SC021624.  The registered office is Westby, 64 West High Street, Forfar, Angus, DD8 1BJ. The principle place of business is Pitlivie Farm, Carnoustie, Angus, DD7 6LU.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
CLOVA FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
CLOVA FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis.

Depreciation is provided on the following basis:

Heritable property
-
nil and 4% straight line
Motor vehicles
-
25% reducing balance
Plant & machinery
-
12.5% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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 Statement of financial position 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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 29 (2023 - 25).

Page 5

 
CLOVA FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


TANGIBLE FIXED ASSETS





Heritable property
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 July 2023
24,741,256
4,417,606
71,019
29,229,881


Additions
174,504
1,368,108
8,850
1,551,462


Disposals
-
(802,935)
(30,240)
(833,175)



At 30 June 2024

24,915,760
4,982,779
49,629
29,948,168



DEPRECIATION


At 1 July 2023
117,713
1,442,392
36,622
1,596,727


Charge for the year on owned assets
17,019
622,841
6,559
646,419


Disposals
-
(310,531)
(13,230)
(323,761)



At 30 June 2024

134,732
1,754,702
29,951
1,919,385



NET BOOK VALUE



At 30 June 2024
24,781,028
3,228,077
19,678
28,028,783



At 30 June 2023
24,623,543
2,975,214
34,397
27,633,154


5.


FIXED ASSET INVESTMENTS





Trade investments

£





At 1 July 2023
38,841


Movement in holdings
(494)






NET BOOK VALUE



At 30 June 2024
38,347



At 30 June 2023
38,841

Page 6

 
CLOVA FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


DEBTORS

2024
2023
£
£


Trade debtors
1,350,304
1,286,013

Amounts owed by group undertakings
79,496
11,518

Other debtors
137,682
82,555

Prepayments and accrued income
18,397
21,231

1,585,879
1,401,317



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
-
1,620,984

Bank loans
179,943
177,697

Trade creditors
1,924,219
710,898

Amounts owed to group undertakings
50,000
173,399

Other taxation and social security
213,885
12,355

Obligations under finance lease and hire purchase contracts
87,899
133,525

Other creditors
2,998,888
1,186,875

Accruals and deferred income
121,848
166,201

5,576,682
4,181,934



8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
2,536,708
4,268,897

Net obligations under finance leases and hire purchase contracts
73,720
32,750

2,610,428
4,301,647


The bank loans are secured over the assets of the company.
Included in the bank loan figure of £2,536,708, is £1,816,936 (2023 - £3,558,110) of loans which are due in greater than 5 years from the year end. 

Page 7

 
CLOVA FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



3,000 (2023 - 3,000) Ordinary shares of £1.00 each
3,000
3,000



Page 8