Registered number
SC546020
Merkland Farms Ltd
Unaudited Filleted Accounts
30 May 2024
Merkland Farms Ltd
Registered number: SC546020
Balance Sheet
as at 30 May 2024
Notes 2024 2023
£ £
Current assets
Stocks 88,820 62,540
Debtors 3 33,587 35,112
Cash at bank and in hand 4,097 759
126,504 98,411
Creditors: amounts falling due within one year 4 (125,819) (97,532)
Net current assets 685 879
Net assets 685 879
Capital and reserves
Called up share capital 1 1
Profit and loss account 684 878
Shareholder's funds 685 879
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr John James Hall
Director
Approved by the board on 26 January 2025
Merkland Farms Ltd
Notes to the Accounts
for the year ended 30 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Livestock are measured at their fair value less estimated point-of-sale costs, fair value being determined upon the age and size of the animals and relevant markey prices expected for the following period. Market price is determined on the basis that the animal is either to be sold or slaughtered or realised through sale to customers at fair market value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Trade debtors 15,748 13,062
Other debtors 17,839 22,050
33,587 35,112
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,735 4,246
Taxation and social security costs 72 495
Other creditors 122,012 92,791
125,819 97,532
5 Related party transactions
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
2024 2023
£ £
Mr J J Hall 120,502 91,280
The maximum balance outstanding during the year amounted to £120502
The director's current account is payable on demand.
6 Other information
Merkland Farms Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Merkland Farm
Knockvennie
Castle Douglas
DG7 3PA
Merkland Farms Ltd SC546020 false 2023-05-31 2024-05-30 2024-05-30 VT Final Accounts July 2024 Mr John James Hall No description of principal activity SC546020 2022-05-31 2023-05-30 SC546020 core:WithinOneYear 2023-05-30 SC546020 core:ShareCapital 2023-05-30 SC546020 core:RetainedEarningsAccumulatedLosses 2023-05-30 SC546020 2023-05-31 2024-05-30 SC546020 bus:PrivateLimitedCompanyLtd 2023-05-31 2024-05-30 SC546020 bus:AuditExemptWithAccountantsReport 2023-05-31 2024-05-30 SC546020 bus:Director40 2023-05-31 2024-05-30 SC546020 1 2023-05-31 2024-05-30 SC546020 2 2023-05-31 2024-05-30 SC546020 countries:England 2023-05-31 2024-05-30 SC546020 bus:FRS102 2023-05-31 2024-05-30 SC546020 bus:FilletedAccounts 2023-05-31 2024-05-30 SC546020 2024-05-30 SC546020 core:WithinOneYear 2024-05-30 SC546020 core:ShareCapital 2024-05-30 SC546020 core:RetainedEarningsAccumulatedLosses 2024-05-30 SC546020 2023-05-30 iso4217:GBP xbrli:pure