Company Registration No. SC598133 (Scotland)
TVAR Farming Company Limited
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with the registrar
TVAR Farming Company Limited
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 7
TVAR Farming Company Limited
Accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of TVAR Farming Company Limited for the year ended 31 May 2024
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TVAR Farming Company Limited for the year ended 31 May 2024 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.

This report is made solely to the Board of Directors of TVAR Farming Company Limited, as a body, in accordance with the terms of our engagement letter dated 13 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of TVAR Farming Company Limited and state those matters that we have agreed to state to the Board of Directors of TVAR Farming Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TVAR Farming Company Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that TVAR Farming Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of TVAR Farming Company Limited. You consider that TVAR Farming Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of TVAR Farming Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
Date:.........................
9 Haymarket Square
Edinburgh
EH3 8RY
TVAR Farming Company Limited
Statement of financial position
As at 31 May 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,707,985
2,472,439
Current assets
Stocks
89,722
86,222
Debtors
5
24,126
12,034
Cash at bank and in hand
2,409
149,633
116,257
247,889
Creditors: amounts falling due within one year
6
(2,870,498)
(2,755,163)
Net current liabilities
(2,754,241)
(2,507,274)
Total assets less current liabilities
(46,256)
(34,835)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(46,257)
(34,836)
Total equity
(46,256)
(34,835)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Tim Wood
Director
Company Registration No. SC598133
TVAR Farming Company Limited
Notes to the financial statements
For the year ended 31 May 2024
3
1
Accounting policies
Company information

TVAR Farming Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Edinburgh Quay, 133 Fountainbridge, Edinburgh, EH3 9BA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is generated through mixed farming.

 

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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Basic payment scheme entitlements that were purchased are valued at cost less accumulated amortisation. Amortisation was calculated to write off the cost in equal instalments until the scheme ended in December 2020. The Basic Payment Scheme entitlements are now fully written off.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
Nil
Plant and equipment
25% reducing balance
Fixtures and fittings
25% straight-line
Motor vehicles
25% reducing balance
TVAR Farming Company Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
4

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.

Classification of financial liabilities

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 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.

TVAR Farming Company Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
5
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
2
2
TVAR Farming Company Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
6
3
Intangible fixed assets
Basic payment scheme
£
Cost
At 1 June 2023 and 31 May 2024
11,154
Amortisation and impairment
At 1 June 2023 and 31 May 2024
11,154
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0
4
Tangible fixed assets
Land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
2,426,822
58,853
9,629
16,170
2,511,474
Additions
245,910
-
0
1,656
-
0
247,566
At 31 May 2024
2,672,732
58,853
11,285
16,170
2,759,040
Depreciation and impairment
At 1 June 2023
-
0
32,401
1,076
5,558
39,035
Depreciation charged in the year
-
0
6,613
2,754
2,653
12,020
At 31 May 2024
-
0
39,014
3,830
8,211
51,055
Carrying amount
At 31 May 2024
2,672,732
19,839
7,455
7,959
2,707,985
At 31 May 2023
2,426,822
26,452
8,553
10,612
2,472,439
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,520
-
0
Other debtors
1,173
10,676
Prepayments and accrued income
2,433
1,358
24,126
12,034
TVAR Farming Company Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,401
18,128
Accruals
22,627
15,600
Deferred income
996
-
0
Directors' loan accounts
2,844,474
2,721,435
2,870,498
2,755,163
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1

 

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