Silverfin false false 31/05/2024 01/06/2023 31/05/2024 George Alexander Barrie Anderson 04/04/1989 Gillian Fiona Cadzow Anderson 04/04/1989 09 February 2025 The principal activity of the company during the financial year continued to be that of farming. SC038887 2024-05-31 SC038887 bus:Director1 2024-05-31 SC038887 bus:Director2 2024-05-31 SC038887 2023-05-31 SC038887 core:CurrentFinancialInstruments 2024-05-31 SC038887 core:CurrentFinancialInstruments 2023-05-31 SC038887 core:Non-currentFinancialInstruments 2024-05-31 SC038887 core:Non-currentFinancialInstruments 2023-05-31 SC038887 core:ShareCapital 2024-05-31 SC038887 core:ShareCapital 2023-05-31 SC038887 core:OtherCapitalReserve 2024-05-31 SC038887 core:OtherCapitalReserve 2023-05-31 SC038887 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC038887 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC038887 core:LandBuildings 2023-05-31 SC038887 core:OtherPropertyPlantEquipment 2023-05-31 SC038887 core:LandBuildings 2024-05-31 SC038887 core:OtherPropertyPlantEquipment 2024-05-31 SC038887 core:ConsumableBiologicalAssetClass1 2023-05-31 SC038887 core:ConsumableBiologicalAssetClass1 2024-05-31 SC038887 2022-05-31 SC038887 bus:OrdinaryShareClass1 2024-05-31 SC038887 2023-06-01 2024-05-31 SC038887 bus:FilletedAccounts 2023-06-01 2024-05-31 SC038887 bus:SmallEntities 2023-06-01 2024-05-31 SC038887 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC038887 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC038887 bus:Director1 2023-06-01 2024-05-31 SC038887 bus:Director2 2023-06-01 2024-05-31 SC038887 core:LandBuildings 2023-06-01 2024-05-31 SC038887 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC038887 2022-06-01 2023-05-31 SC038887 core:ConsumableBiologicalAssetClass1 2023-06-01 2024-05-31 SC038887 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC038887 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC038887 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC038887 (Scotland)

G.J.C. ANDERSON & CO. LIMITED

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

G.J.C. ANDERSON & CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

G.J.C. ANDERSON & CO. LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
G.J.C. ANDERSON & CO. LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 606,070 626,535
Biological assets 4 7,500 3,000
613,570 629,535
Current assets
Stocks 232,946 331,375
Debtors 5 13,981 24,425
Cash at bank and in hand 168,672 131,693
415,599 487,493
Creditors: amounts falling due within one year 6 ( 291,185) ( 375,273)
Net current assets 124,414 112,220
Total assets less current liabilities 737,984 741,755
Creditors: amounts falling due after more than one year 7 ( 100,000) ( 150,000)
Provision for liabilities 8, 9 ( 34,734) ( 35,321)
Net assets 603,250 556,434
Capital and reserves
Called-up share capital 10 15,300 15,300
Other reserves 24,780 24,780
Profit and loss account 563,170 516,354
Total shareholders' funds 603,250 556,434

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of G.J.C. Anderson & Co. Limited (registered number: SC038887) were approved and authorised for issue by the Board of Directors on 09 February 2025. They were signed on its behalf by:

George Alexander Barrie Anderson
Director
G.J.C. ANDERSON & CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
G.J.C. ANDERSON & CO. 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

G.J.C. Anderson & Co. 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 Mains Of Kair Farm, Fordoun, Laurencekirk, AB30 1NS, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention 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.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of livestock and crops is recognised when the significant risks and rewards of ownership have been passed to the buyer, 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.

Subsidy income is recognised on an accruals basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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

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.

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 2 - 4 % reducing balance
Plant and machinery etc. 15 - 25 % 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

Biological assets are recognised only when the entity has control of the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the entity; and the fair value or cost of the asset can be measured reliably.

The Company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

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 and included within stock.

On the basis that the cull (residual) value of the beef cows is expected to exceed the carrying value of these assets (costs), no depreciation has been recognised in the period.

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.

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).

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.

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.

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 bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, preference shares that are classified as debt, 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.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 June 2023 875,906 190,944 1,066,850
Additions 0 3,761 3,761
At 31 May 2024 875,906 194,705 1,070,611
Accumulated depreciation
At 01 June 2023 289,793 150,522 440,315
Charge for the financial year 17,883 6,343 24,226
At 31 May 2024 307,676 156,865 464,541
Net book value
At 31 May 2024 568,230 37,840 606,070
At 31 May 2023 586,113 40,422 626,535

4. Biological assets

2024
£
Biological assets at cost 7,500

Assets held at cost:

Beef Total
£ £
Cost
At 01 June 2023 3,000 3,000
Increase due to purchases/ transfers in 4,500 4,500
At 31 May 2024 7,500 7,500
Net book value
At 31 May 2024 7,500 7,500
At 31 May 2023 3,000 3,000

5. Debtors

2024 2023
£ £
Trade debtors 8,541 13,818
Other debtors 5,440 10,607
13,981 24,425

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 229,964 336,356
Taxation and social security 19,219 10,883
Other creditors 42,002 28,034
291,185 375,273

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

2024 2023
£ £
Other creditors 100,000 150,000

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 34,734 35,321

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 35,321) ( 30,808)
Credited/(charged) to the Statement of Income and Retained Earnings 587 ( 4,513)
At the end of financial year ( 34,734) ( 35,321)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
15,300 Ordinary shares of £ 1.00 each 15,300 15,300