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REGISTERED NUMBER: SC317240 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

NORTH TARWATHIE FARM LIMITED

NORTH TARWATHIE FARM LIMITED (REGISTERED NUMBER: SC317240)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Income Statement 2

Balance Sheet 3

Notes to the Financial Statements 4


NORTH TARWATHIE FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr A Meredith
Mrs R Meredith
Mr R Meredith
Mr W Meredith





SECRETARY: Mr R Meredith





REGISTERED OFFICE: 51-53 High Street
Turriff
Aberdeenshire
AB53 4EJ





REGISTERED NUMBER: SC317240 (Scotland)





ACCOUNTANTS: Bain Henry Reid
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY

NORTH TARWATHIE FARM LIMITED (REGISTERED NUMBER: SC317240)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 2,320,468 2,621,930

Cost of sales 868,761 1,218,442
GROSS PROFIT 1,451,707 1,403,488

Administrative expenses 703,451 588,841
748,256 814,647

Other operating income - 6,819
OPERATING PROFIT 4 748,256 821,466


Interest payable and similar expenses 112,024 9,731
PROFIT BEFORE TAXATION 636,232 811,735

Tax on profit 160,371 202,007
PROFIT FOR THE FINANCIAL YEAR 475,861 609,728

NORTH TARWATHIE FARM LIMITED (REGISTERED NUMBER: SC317240)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 8,650 8,650
Tangible assets 6 5,754,921 6,034,600
5,763,571 6,043,250

CURRENT ASSETS
Stocks 1,161,265 891,345
Debtors 7 172,586 218,536
Cash at bank and in hand 396,211 516,592
1,730,062 1,626,473
CREDITORS
Amounts falling due within one year 8 988,591 1,239,972
NET CURRENT ASSETS 741,471 386,501
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,505,042

6,429,751

CREDITORS
Amounts falling due after more than one year 9 (1,217,103 ) (1,521,667 )

PROVISIONS FOR LIABILITIES (151,336 ) (157,342 )
NET ASSETS 5,136,603 4,750,742

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 5,135,603 4,749,742
SHAREHOLDERS' FUNDS 5,136,603 4,750,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by:




Mr A Meredith - Director


NORTH TARWATHIE FARM LIMITED (REGISTERED NUMBER: SC317240)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

North Tarwathie Farm 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of nil years.

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, 15% on reducing balance and 2% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

NORTH TARWATHIE FARM LIMITED (REGISTERED NUMBER: SC317240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 100,948 120,036

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 8,650
NET BOOK VALUE
At 31 March 2024 8,650
At 31 March 2023 8,650

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 5,185,671 1,617,905 6,803,576
Additions - 71,269 71,269
Disposals (250,000 ) - (250,000 )
At 31 March 2024 4,935,671 1,689,174 6,624,845
DEPRECIATION
At 1 April 2023 - 768,976 768,976
Charge for year - 100,948 100,948
At 31 March 2024 - 869,924 869,924
NET BOOK VALUE
At 31 March 2024 4,935,671 819,250 5,754,921
At 31 March 2023 5,185,671 848,929 6,034,600

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 151,600 173,983
VAT 20,986 44,553
172,586 218,536

NORTH TARWATHIE FARM LIMITED (REGISTERED NUMBER: SC317240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 110,000 110,000
Hire purchase contracts 37,800 64,834
Trade creditors 90,588 110,082
Tax 166,377 146,648
Social security and other taxes 9,507 4,800
Other creditors 147,700 384,700
Directors' loan accounts 426,619 418,908
988,591 1,239,972

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans 1,217,103 1,521,667

10. DIRECTOR'S LOANS

The following advances and credits from directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr A Meredith and Mrs R Meredith
Balance outstanding at start of year 57,877 57,877
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 57,877 57,877

Mr R Meredith
Balance outstanding at start of year 118,839 118,839
Amounts advanced 856 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 119,695 118,839

Mr W Meredith
Balance outstanding at start of year 242,193 242,193
Amounts advanced 6,856 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 249,049 242,193

The loans are interest free and there are no fixed terms of repayment.

11. DIVIDENDS PAID TO DIRECTORS

Ordinary dividends paid to directors in their capacity as shareholders during the year included £15,000 to Mr A Meredith
(2023 - £15,000) , £15,000 to Mrs R Meredith (2023- £15,000), £15,000 to Mr R Meredith (2023 - £15,000) and £15,000 to
Mr W Meredith (2023 - £15,000).