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Company No: SC036473 (Scotland)

JOHN BELL & SONS (FARMERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

JOHN BELL & SONS (FARMERS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 MAY 2024

Contents

JOHN BELL & SONS (FARMERS) LIMITED

BALANCE SHEET

AS AT 28 MAY 2024
JOHN BELL & SONS (FARMERS) LIMITED

BALANCE SHEET (continued)

AS AT 28 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 116,258 118,333
Investments 4 1,103 1,103
117,361 119,436
Current assets
Stocks 134,722 154,378
Debtors 5 363,265 349,218
Cash at bank and in hand 288,995 301,582
786,982 805,178
Creditors: amounts falling due within one year 6 ( 10,044) ( 11,264)
Net current assets 776,938 793,914
Total assets less current liabilities 894,299 913,350
Provision for liabilities 7 ( 3,287) ( 6,144)
Net assets 891,012 907,206
Capital and reserves
Called-up share capital 8 18,000 18,000
Other reserves 3,033 3,033
Profit and loss account 869,979 886,173
Total shareholders' funds 891,012 907,206

For the financial year ending 28 May 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 Bell & Sons (Farmers) Limited (registered number: SC036473) were approved and authorised for issue by the Board of Directors on 11 January 2025. They were signed on its behalf by:

Aimee Bell
Director
JOHN BELL & SONS (FARMERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 MAY 2024
JOHN BELL & SONS (FARMERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 MAY 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 Bell & Sons (Farmers) Limited (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 Milton Of Philorth, Fraserburgh, Aberdeenshire, AB43 8TX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 represents amounts receivable for agricultural goods net of VAT, comprising of income received from the following sources :

Cattle and barley sales are recognised at the point of sale.

Revenue from the sales of goods is recognised when the significant risks and reward of ownership of the goods have passed to the buyer (usually on dispatch of the goods). 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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements 10 % reducing balance
Plant and machinery 20 % reducing balance

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.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

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

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Total
£ £ £ £
Cost
At 29 May 2023 127,253 19,467 241,958 388,678
Additions 0 0 4,896 4,896
At 28 May 2024 127,253 19,467 246,854 393,574
Accumulated depreciation
At 29 May 2023 38,544 19,178 212,623 270,345
Charge for the financial year 80 29 6,862 6,971
At 28 May 2024 38,624 19,207 219,485 277,316
Net book value
At 28 May 2024 88,629 260 27,369 116,258
At 28 May 2023 88,709 289 29,335 118,333

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 29 May 2023 1,103 1,103
At 28 May 2024 1,103 1,103
Carrying value at 28 May 2024 1,103 1,103
Carrying value at 28 May 2023 1,103 1,103

5. Debtors

2024 2023
£ £
Trade debtors 1,498 0
Corporation tax 93,401 91,817
Other debtors 268,366 257,401
363,265 349,218

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,767 1,359
Taxation and social security 1,583 4,263
Other creditors 5,694 5,642
10,044 11,264

7. Provision for liabilities

2024 2023
£ £
Deferred tax 3,287 6,144

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
18,000 Class 1 ordinary shares of £ 1.00 each 18,000 18,000