Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrue4false2023-06-01No description of principal activity5true SC023396 2023-06-01 2024-05-31 SC023396 2022-06-01 2023-05-31 SC023396 2024-05-31 SC023396 2023-05-31 SC023396 c:CompanySecretary1 2023-06-01 2024-05-31 SC023396 c:Director1 2023-06-01 2024-05-31 SC023396 c:Director1 2024-05-31 SC023396 c:Director2 2023-06-01 2024-05-31 SC023396 c:Director3 2023-06-01 2024-05-31 SC023396 c:Director3 2024-05-31 SC023396 c:RegisteredOffice 2023-06-01 2024-05-31 SC023396 d:Buildings 2023-06-01 2024-05-31 SC023396 d:Buildings 2024-05-31 SC023396 d:Buildings 2023-05-31 SC023396 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC023396 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 SC023396 d:PlantMachinery 2023-06-01 2024-05-31 SC023396 d:PlantMachinery 2024-05-31 SC023396 d:PlantMachinery 2023-05-31 SC023396 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC023396 d:MotorVehicles 2023-06-01 2024-05-31 SC023396 d:MotorVehicles 2024-05-31 SC023396 d:MotorVehicles 2023-05-31 SC023396 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC023396 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC023396 d:CurrentFinancialInstruments 2024-05-31 SC023396 d:CurrentFinancialInstruments 2023-05-31 SC023396 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 SC023396 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 SC023396 d:ShareCapital 2024-05-31 SC023396 d:ShareCapital 2023-05-31 SC023396 d:RevaluationReserve 2024-05-31 SC023396 d:RevaluationReserve 2023-05-31 SC023396 d:RetainedEarningsAccumulatedLosses 2024-05-31 SC023396 d:RetainedEarningsAccumulatedLosses 2023-05-31 SC023396 c:OrdinaryShareClass1 2023-06-01 2024-05-31 SC023396 c:OrdinaryShareClass1 2024-05-31 SC023396 c:OrdinaryShareClass1 2023-05-31 SC023396 c:FRS102 2023-06-01 2024-05-31 SC023396 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC023396 c:FullAccounts 2023-06-01 2024-05-31 SC023396 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC023396 5 2023-06-01 2024-05-31 SC023396 6 2023-06-01 2024-05-31 SC023396 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC023396










INVERARITY FARMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 
INVERARITY FARMS LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mr J A Inverarity (resigned 25 July 2023)
Miss C M Inverarity 
Mr G A Inverarity (resigned 28 August 2024)




COMPANY SECRETARY
Ms A J Inverarity



REGISTERED NUMBER
SC023396



REGISTERED OFFICE
Cransley
Fowlis

Dundee

DD2 5NP




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
INVERARITY FARMS LIMITED
REGISTERED NUMBER: SC023396

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
£
£

FIXED ASSETS
  

Tangible assets
 4 
4,749,007
4,813,194

Investments
 5 
1,225
1,225

  
4,750,232
4,814,419

CURRENT ASSETS
  

Stocks
  
437,709
422,906

Debtors: amounts falling due within one year
 6 
210,419
244,581

Cash at bank and in hand
  
1,658,621
1,738,675

  
2,306,749
2,406,162

Creditors: amounts falling due within one year
 7 
(68,263)
(78,752)

NET CURRENT ASSETS
  
 
 
2,238,486
 
 
2,327,410

TOTAL ASSETS LESS CURRENT LIABILITIES
  
6,988,718
7,141,829

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(200,619)
(222,543)

  
 
 
(200,619)
 
 
(222,543)

NET ASSETS
  
6,788,099
6,919,286


CAPITAL AND RESERVES
  

Called up share capital 
 8 
20,000
20,000

Revaluation reserve
  
851,093
851,093

Profit and loss account
  
5,917,006
6,048,193

  
6,788,099
6,919,286


Page 1

 
INVERARITY FARMS LIMITED
REGISTERED NUMBER: SC023396

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 February 2025.



Miss C M Inverarity
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


GENERAL INFORMATION

Inverarity Farms Limited is a private company, limited by shares, domiciled in Scotland, registration number SC023396. The registered office is Cransley, Fowlis, Dundee, DD2 5NP.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Heritable property
-
Not depreciated
Poultry buildings
-
6.66% straight line
Plant and machinery
-
10% - 33.3% straight line
Motor vehicles
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

REVALUATION OF TANGIBLE FIXED ASSETS

As permitted by the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective January 2015) the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 2 December 1987 and will not update that valuation.

 
2.7

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

DIVIDENDS

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2023 - 5).

Page 5

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 June 2023
4,837,489
1,085,772
99,335
6,022,596


Additions
73,518
100,550
-
174,068


Disposals
-
(95,800)
-
(95,800)



At 31 May 2024

4,911,007
1,090,522
99,335
6,100,864



DEPRECIATION


At 1 June 2023
475,089
637,832
96,481
1,209,402


Charge for the year on owned assets
23,490
125,427
2,854
151,771


Disposals
-
(9,316)
-
(9,316)



At 31 May 2024

498,579
753,943
99,335
1,351,857



NET BOOK VALUE



At 31 May 2024
4,412,428
336,579
-
4,749,007



At 31 May 2023
4,362,400
447,940
2,854
4,813,194

Page 6

 
INVERARITY FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


FIXED ASSET INVESTMENTS





Unlisted Investments

£



COST OR VALUATION


At 1 June 2023
1,225



At 31 May 2024
1,225





6.


DEBTORS

2024
2023
£
£


Trade debtors
166,223
176,319

Other debtors
31,221
45,384

Prepayments and accrued income
12,975
22,878

210,419
244,581



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
67,989
62,918

Other creditors
274
15,834

68,263
78,752



8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



20,000 (2023 - 20,000) Ordinary shares of £1.00 each
20,000
20,000



Page 7