Company Registration No. SC447909 (Scotland)
Scott Farming Limited
Unaudited financial statements
for the year ended 30 April 2024
Pages for filing with the registrar
Scott Farming Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Scott Farming Limited
Statement of financial position
As at 30 April 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,749
8,815
Investments
4
450
450
4,199
9,265
Current assets
Stocks
5
159,930
143,065
Debtors
6
83,259
37,313
243,189
180,378
Creditors: amounts falling due within one year
7
(146,771)
(113,996)
Net current assets
96,418
66,382
Total assets less current liabilities
100,617
75,647
Provisions for liabilities
(386)
(1,164)
Net assets
100,231
74,483
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
100,229
74,481
Total equity
100,231
74,483
Scott Farming Limited
Statement of financial position (continued)
As at 30 April 2024
2

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These 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 23 January 2025 and are signed on its behalf by:
John Scott
Fiona  Scott
Director
Director
Company Registration No. SC447909
Scott Farming Limited
Notes to the financial statements
For the year ended 30 April 2024
3
1
Accounting policies
Company information

Scott Farming Limited is a private company limited by shares incorporated in Scotland. The registered office is Fearn Farm, Tain, Ross-shire, IV20 1TL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards 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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% per annum reducing balance or straight line basis

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.

1.4
Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

Where the company opts to measure a biological asset under the fair value model on initial recognition it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in profit or loss.

 

Where the company opts to measure agricultural produce harvested from the biological asset it is measured at fair value less costs to sell at the point of harvest. This measurement becomes the cost at the date the company applies Section 13 Inventories to the agricultural produce.

Scott Farming Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
4
1.5
Fixed asset investments

Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Scott Farming Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

A grant relating to an asset is recognised in income systematically over the assets expected useful life.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
-
0
Scott Farming Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 30 April 2024
30,480
Depreciation and impairment
At 1 May 2023
21,665
Depreciation charged in the year
5,066
At 30 April 2024
26,731
Carrying amount
At 30 April 2024
3,749
At 30 April 2023
8,815
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
450
450
5
Biological assets
Cattle
£
Fair value
At 1 May 2023
143,065
Purchases
13,975
Births/deaths
28,050
Decrease attributable to sales
(55,965)
Fair value adjustment
30,805
At 30 April 2024
159,930
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,179
10,000
Other debtors
73,080
27,313
83,259
37,313
Scott Farming Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
7
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,582
11,704
Trade creditors
75,588
81,558
Corporation tax
7,503
5,778
Other creditors
13,098
14,956
146,771
113,996
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