Company registration number SC596676 (Scotland)
Harestone Moss Farms Limited
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with registrar
Harestone Moss Farms Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Harestone Moss Farms Limited
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 Harestone Moss Farms Limited for the year ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of Harestone Moss Farms Limited, as a body, in accordance with the terms of our engagement letter dated 30 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Harestone Moss Farms Limited and state those matters that we have agreed to state to the board of directors of Harestone Moss Farms Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harestone Moss Farms Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Harestone Moss Farms 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 Harestone Moss Farms Limited. You consider that Harestone Moss Farms 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 Harestone Moss Farms 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.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
21 February 2025
Harestone Moss Farms Limited
Balance sheet
as at 31 May 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
394,469
406,509
Current assets
Stocks
4,350
5,525
Debtors
3,824
2,451
Investments
50
50
Cash at bank and in hand
380
1,003
8,604
9,029
Creditors: amounts falling due within one year
(414,654)
(418,096)
Net current liabilities
(406,050)
(409,067)
Net liabilities
(11,581)
(2,558)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(11,582)
(2,559)
Total equity
(11,581)
(2,558)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
Harestone Moss Farms Limited
Balance sheet (continued)
as at 31 May 2024
3
The financial statements were approved and signed by the director and authorised for issue on 14 February 2025
Gavin Drummond
Director
Company registration number SC596676 (Scotland)
Harestone Moss Farms Limited
Notes to the financial statements
for the year ended 31 May 2024
4
1
Accounting policies
Company information
Harestone Moss Farms Limited is a private company limited by shares incorporated in Scotland. The registered office is Parkseat, Whitecairns, Aberdeen, AB23 8XQ.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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:
Freehold land and buildings
No depreciation
Plant and equipment
10% and 33% straight line
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Harestone Moss Farms Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
5
2
Tangible fixed assets
Total
£
Cost
At 1 June 2023
431,982
Additions
9,599
Disposals
(9,808)
At 31 May 2024
431,773
Depreciation and impairment
At 1 June 2023
25,473
Depreciation charged in the year
13,049
Eliminated in respect of disposals
(1,218)
At 31 May 2024
37,304
Carrying amount
At 31 May 2024
394,469
At 31 May 2023
406,509
3
Going concern
The company has net liabilities of £11,581, but included within creditors is the sum of £363,746 owed to the director. The director has confirmed that he will not call in this amount for as long as is necessary to ensure the ongoing viability of the company. The director therefore considers it to be appropriate for the accounts to be prepared on the going concern basis.