Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investments | 4 |
|
|
|
1,627,934 | 1,678,477 | |||
Current assets | ||||
Stocks | 5 |
|
|
|
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
1,745,546 | 1,489,127 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
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 | (
|
(
|
|
Provision for liabilities | 9 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 10 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
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:
Michael Proctor
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.
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 £.
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.
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.
Land and buildings | not depreciated |
Leasehold improvements |
|
Plant and machinery |
|
Vehicles |
|
Fixtures and fittings |
|
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.
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.
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.
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.
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 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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Land and buildings | Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 June 2023 |
|
|
|
|
|
|
|||||
At 31 May 2024 |
|
|
|
|
|
|
|||||
Accumulated depreciation | |||||||||||
At 01 June 2023 |
|
|
|
|
|
|
|||||
Charge for the financial year |
|
|
|
|
|
|
|||||
At 31 May 2024 |
|
|
|
|
|
|
|||||
Net book value | |||||||||||
At 31 May 2024 |
|
|
|
|
|
|
|||||
At 31 May 2023 |
|
|
|
|
|
|
Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 June 2023 |
|
|
|
At 31 May 2024 |
|
|
|
Carrying value at 31 May 2024 |
|
|
|
Carrying value at 31 May 2023 |
|
|
2024 | 2023 | ||
£ | £ | ||
Livestock |
|
|
|
Crops |
|
|
|
Other stock |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Amounts owed to director |
|
|
|
Accruals and deferred income |
|
|
|
Corporation tax |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank loans |
|
|
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Bank loans |
|
|
2024 | 2023 | ||
£ | £ | ||
Deferred tax |
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
|
|
|
|
120 | 120 |