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REGISTERED NUMBER: SC465221 (Scotland)















Unaudited Financial Statements for the Year Ended 30th April 2024

for

Kirkpatrick Farming Limited

Kirkpatrick Farming Limited (Registered number: SC465221)






Contents of the Financial Statements
for the Year Ended 30th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


Kirkpatrick Farming Limited

Company Information
for the Year Ended 30th April 2024







DIRECTORS: D C Kirkpatrick
Mrs J W Kirkpatrick





REGISTERED OFFICE: c/o Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ





REGISTERED NUMBER: SC465221 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

Kirkpatrick Farming Limited (Registered number: SC465221)

Balance Sheet
30th April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 52,140 57,335
Investment property 5 294,362 294,362
346,502 351,697

CURRENT ASSETS
Stocks 142,870 175,045
Debtors 6 9,818 10,955
Cash at bank 29,514 38,465
182,202 224,465
CREDITORS
Amounts falling due within one year 7 (438,410 ) (464,007 )
NET CURRENT LIABILITIES (256,208 ) (239,542 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

90,294

112,155

CREDITORS
Amounts falling due after more than one year 8 (31,019 ) (36,574 )

PROVISIONS FOR LIABILITIES (9,907 ) (10,894 )
NET ASSETS 49,368 64,687

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Retained earnings 48,268 63,587
SHAREHOLDERS' FUNDS 49,368 64,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th January 2025 and were signed on its behalf by:



D C Kirkpatrick - Director


Kirkpatrick Farming Limited (Registered number: SC465221)

Notes to the Financial Statements
for the Year Ended 30th April 2024

1. STATUTORY INFORMATION

Kirkpatrick Farming Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The trading address of the company is Auchenbainzie, Penpont, Thornhill, DG3 4ND.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of livestock and associated by-products during the year, excluding value added tax, together with any related subsidies

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Pension costs and other post-retirement benefits
The company makes contributions into a recognised UK defined contribution pension scheme. Contributions payable to this scheme are charged to the income statement in the period to which they relate.

Kirkpatrick Farming Limited (Registered number: SC465221)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st May 2023 167,571
Additions 5,999
At 30th April 2024 173,570
DEPRECIATION
At 1st May 2023 110,236
Charge for year 11,194
At 30th April 2024 121,430
NET BOOK VALUE
At 30th April 2024 52,140
At 30th April 2023 57,335

Kirkpatrick Farming Limited (Registered number: SC465221)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st May 2023
and 30th April 2024 294,362
NET BOOK VALUE
At 30th April 2024 294,362
At 30th April 2023 294,362

Investment property is included at cost price . The directors do not believe the market value at 30th April 2024 will be materially different.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,255 7,856
Other debtors 1,563 3,099
9,818 10,955

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,556 5,556
Trade creditors 14,217 10,824
Taxation and social security 12,442 5,531
Other creditors 406,195 442,096
438,410 464,007

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 31,019 36,574

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £16,500 (2023 - £37,500) were paid to the directors .

The company operates a directors' current account. As at 30th April 2024, the company owed the sum of £387,064 (2023 - £333,722). This sum is interest free and repayable on demand.