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Company No: 01560568 (England and Wales)

GRANDPOND LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

GRANDPOND LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

GRANDPOND LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
GRANDPOND LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,327,814 3,025,532
Biological assets 4 42,100 37,300
3,369,914 3,062,832
Current assets
Stocks 472,868 542,586
Debtors 5 1,391,806 1,113,383
Cash at bank and in hand 1,444 1,481
1,866,118 1,657,450
Creditors: amounts falling due within one year 6 ( 1,234,229) ( 1,339,405)
Net current assets 631,889 318,045
Total assets less current liabilities 4,001,803 3,380,877
Creditors: amounts falling due after more than one year 7 ( 1,279,642) ( 1,236,904)
Provision for liabilities 8, 9 ( 450,984) ( 306,364)
Net assets 2,271,177 1,837,609
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 2,271,077 1,837,509
Total shareholder's funds 2,271,177 1,837,609

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Grandpond Limited (registered number: 01560568) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

Matthew Alexander Lyle
Director
GRANDPOND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
GRANDPOND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 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

Grandpond Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Johnston Carmichael Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom. The principal place of business is Easter Caputh Farm, Murthly, Perthshire, PH1 4LA.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for livestock and arable farming net of VAT and trade discounts.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation


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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 0 - 15 % reducing balance
Plant and machinery etc. 15 - 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.

Biological assets

The Company owned and a beef herd. In accordance with FRS102, these are defined as biological assets.

The Company breeds cattle for it’s own use as well as buying and selling cattle.

In respect of agriculture harvested from a biological assets, this is measured at the point of harvest at either the lower of cost and estimated selling price less costs to complete and sell; or fair value less costs to sell with any gain or loss arising on initial recognition of agriculture produce at fair value less costs to sell being included in profit or loss.

Leases

The Company as lessee
Assets held under hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 May 2023 1,485,582 3,646,710 5,132,292
Additions 7,376 657,377 664,753
Disposals 0 ( 245,482) ( 245,482)
At 30 April 2024 1,492,958 4,058,605 5,551,563
Accumulated depreciation
At 01 May 2023 369,964 1,736,796 2,106,760
Charge for the financial year 47,586 294,398 341,984
Disposals 0 ( 224,995) ( 224,995)
At 30 April 2024 417,550 1,806,199 2,223,749
Net book value
At 30 April 2024 1,075,408 2,252,406 3,327,814
At 30 April 2023 1,115,618 1,909,914 3,025,532

4. Biological assets

2024
£
Biological assets at cost 42,100

Assets held at cost:

Beef Total
£ £
Cost
At 01 May 2023 37,300 37,300
Increase due to purchases/ transfers in 4,800 4,800
At 30 April 2024 42,100 42,100
Net book value
At 30 April 2024 42,100 42,100
At 30 April 2023 37,300 37,300

5. Debtors

2024 2023
£ £
Trade debtors 1,310,138 1,006,020
Corporation tax 2,874 0
Other debtors 78,794 107,363
1,391,806 1,113,383

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 546,464 680,949
Trade creditors 385,986 381,315
Other taxation and social security 10,931 9,679
Obligations under finance leases and hire purchase contracts 249,823 228,031
Other creditors 41,025 39,431
1,234,229 1,339,405

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 629,614 703,615
Obligations under finance leases and hire purchase contracts 650,028 533,289
1,279,642 1,236,904

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 450,984 306,364

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 306,364) ( 263,983)
Charged to the Profit and Loss Account ( 144,620) ( 42,381)
At the end of financial year ( 450,984) ( 306,364)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100