Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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159,211 | 52,000 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand | 6 |
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886,518 | 730,993 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 768,695 | 528,108 | ||
Total assets less current liabilities | 927,906 | 580,108 | ||
Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of EJM Potatoes Limited (registered number:
George Alexander Mackie
Director |
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.
EJM Potatoes 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 Darnabo Farm, Fyvie, Turriff, AB53 8SL, 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 £.
In the current year, the Company transitioned from FRS 105 - micro entities, to FRS 102 Section 1A – small entities, and the following new and revised standards and interpretations have been adopted by the company and will have an effect on future periods.
Due to the Company's transition from FRS 105 - micro entities to FRS 102 Section 1A - small entities, a prior year adjustment has been required to restate comparatives under the new reporting standard. Details can be found at Note 2 to the accounts.
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.
Plant and machinery |
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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.
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.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Due to the Company's transition from FRS 105 - micro entities to FRS 102 Section 1A - small entities, a prior year adjustment has been required to restate comparatives under the new reporting standard. This has resulted in the following prior year adjustments:
As previously reported | Adjustment | As restated | ||||
Year ended 31 May 2023 | £ | £ | £ | |||
Deferred tax liability | 0 | (13,000) | (13,000) | |||
Profit and loss account | (580,008) | 13,000 | (567,008) |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2023 |
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Additions |
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At 31 May 2024 |
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Accumulated depreciation | |||
At 01 June 2023 |
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Charge for the financial year |
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At 31 May 2024 |
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Net book value | |||
At 31 May 2024 |
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At 31 May 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Cash at bank and in hand |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with owners holding a participating interest in the entity
2024 | 2023 | ||
£ | £ | ||
Firm of E & J Mackie - balances due to / (from) | (200,703) | 72,000 |
The loan is subject to interest at 2.25% per annum, and is repayable upon demand.