Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Michael Proctor 01/12/2004 11 February 2025 The principal activity of the Company during the financial year was farming. SC276733 2024-05-31 SC276733 bus:Director1 2024-05-31 SC276733 2023-05-31 SC276733 core:CurrentFinancialInstruments 2024-05-31 SC276733 core:CurrentFinancialInstruments 2023-05-31 SC276733 core:Non-currentFinancialInstruments 2024-05-31 SC276733 core:Non-currentFinancialInstruments 2023-05-31 SC276733 core:ShareCapital 2024-05-31 SC276733 core:ShareCapital 2023-05-31 SC276733 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC276733 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC276733 core:LandBuildings 2023-05-31 SC276733 core:LeaseholdImprovements 2023-05-31 SC276733 core:PlantMachinery 2023-05-31 SC276733 core:Vehicles 2023-05-31 SC276733 core:FurnitureFittings 2023-05-31 SC276733 core:LandBuildings 2024-05-31 SC276733 core:LeaseholdImprovements 2024-05-31 SC276733 core:PlantMachinery 2024-05-31 SC276733 core:Vehicles 2024-05-31 SC276733 core:FurnitureFittings 2024-05-31 SC276733 core:CostValuation 2023-05-31 SC276733 core:CostValuation 2024-05-31 SC276733 5 2024-05-31 SC276733 5 2023-05-31 SC276733 6 2024-05-31 SC276733 6 2023-05-31 SC276733 core:MoreThanFiveYears 2024-05-31 SC276733 core:MoreThanFiveYears 2023-05-31 SC276733 bus:OrdinaryShareClass1 2024-05-31 SC276733 bus:OrdinaryShareClass2 2024-05-31 SC276733 bus:OrdinaryShareClass3 2024-05-31 SC276733 2023-06-01 2024-05-31 SC276733 bus:FilletedAccounts 2023-06-01 2024-05-31 SC276733 bus:SmallEntities 2023-06-01 2024-05-31 SC276733 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC276733 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC276733 bus:Director1 2023-06-01 2024-05-31 SC276733 core:LeaseholdImprovements core:BottomRangeValue 2023-06-01 2024-05-31 SC276733 core:LeaseholdImprovements core:TopRangeValue 2023-06-01 2024-05-31 SC276733 core:PlantMachinery 2023-06-01 2024-05-31 SC276733 core:Vehicles 2023-06-01 2024-05-31 SC276733 core:FurnitureFittings 2023-06-01 2024-05-31 SC276733 2022-06-01 2023-05-31 SC276733 core:LandBuildings 2023-06-01 2024-05-31 SC276733 core:LeaseholdImprovements 2023-06-01 2024-05-31 SC276733 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 SC276733 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC276733 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC276733 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC276733 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 SC276733 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 SC276733 bus:OrdinaryShareClass3 2023-06-01 2024-05-31 SC276733 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC276733 (Scotland)

M.G. PROCTOR LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

M.G. PROCTOR LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

M.G. PROCTOR LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
M.G. PROCTOR LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,627,831 1,678,374
Investments 4 103 103
1,627,934 1,678,477
Current assets
Stocks 5 1,629,990 1,425,200
Debtors 6 79,387 35,959
Cash at bank and in hand 36,169 27,968
1,745,546 1,489,127
Creditors: amounts falling due within one year 7 ( 612,741) ( 390,273)
Net current assets 1,132,805 1,098,854
Total assets less current liabilities 2,760,739 2,777,331
Creditors: amounts falling due after more than one year 8 ( 1,125,856) ( 1,277,311)
Provision for liabilities 9 ( 43,436) ( 54,592)
Net assets 1,591,447 1,445,428
Capital and reserves
Called-up share capital 10 120 120
Profit and loss account 1,591,327 1,445,308
Total shareholders' funds 1,591,447 1,445,428

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of M.G. Proctor Limited (registered number: SC276733) were approved and authorised for issue by the Director on 11 February 2025. They were signed on its behalf by:

Michael Proctor
Director
M.G. PROCTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
M.G. PROCTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

M.G. Proctor 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 Strathdeveron House, Steven Road, Huntly, AB54 8SX, United Kingdom. The principal place of business is Little Forgue, Forgue, HUNTLY, AB54 6DU.

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 £.

Turnover

Turnover represents amounts receivable from farming, net of VAT. Turnover is recognised on the accruals basis.

Farming income comprises income from subsidy, contracting and the sale of produce. Subsidy income is recognised as it is received when all criteria for eligibility have been been met. Income from contracting and the sale of produce is recognised at the point of supply.

Taxation

Current tax
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.

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 not depreciated
Leasehold improvements 10 - 20 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 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

Where the Company measures 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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings as described below.

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.

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 deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 June 2023 1,422,537 69,137 195,442 396,466 2,219 2,085,801
At 31 May 2024 1,422,537 69,137 195,442 396,466 2,219 2,085,801
Accumulated depreciation
At 01 June 2023 0 34,439 138,959 232,756 1,273 407,427
Charge for the financial year 0 6,314 11,297 32,742 190 50,543
At 31 May 2024 0 40,753 150,256 265,498 1,463 457,970
Net book value
At 31 May 2024 1,422,537 28,384 45,186 130,968 756 1,627,831
At 31 May 2023 1,422,537 34,698 56,483 163,710 946 1,678,374

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 June 2023 103 103
At 31 May 2024 103 103
Carrying value at 31 May 2024 103 103
Carrying value at 31 May 2023 103 103

5. Stocks

2024 2023
£ £
Livestock 1,542,840 1,331,800
Crops 73,250 79,500
Other stock 13,900 13,900
1,629,990 1,425,200

6. Debtors

2024 2023
£ £
Trade debtors 55,946 6,407
Other debtors 23,441 29,552
79,387 35,959

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 150,739 58,585
Trade creditors 143,021 174,255
Amounts owed to director 133,607 110,884
Accruals and deferred income 111,212 9,175
Corporation tax 74,162 37,374
612,741 390,273

Bank loans are secured by fixed charges over the assets to which they relate.

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

2024 2023
£ £
Bank loans 1,125,856 1,277,311

Bank loans are secured by fixed charges over the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 871,352 1,022,149

9. Provision for liabilities

2024 2023
£ £
Deferred tax 43,436 54,592

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
10 Ordinary B shares of £ 1.00 each 10 10
10 Ordinary C shares of £ 1.00 each 10 10
120 120