R G Bain Limited |
Registered number: |
SC032301 |
Balance Sheet |
as at 31 May 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
506,359 |
|
|
537,435 |
Investments |
4 |
|
|
781,142 |
|
|
781,142 |
|
|
|
|
1,287,501 |
|
|
1,318,577 |
|
Current assets |
Stocks |
|
|
144,119 |
|
|
184,768 |
Debtors |
5 |
|
30,209 |
|
|
13,918 |
Cash at bank and in hand |
|
|
263,011 |
|
|
149,747 |
|
|
|
437,339 |
|
|
348,433 |
|
Creditors: amounts falling due within one year |
6 |
|
(102,737) |
|
|
(117,639) |
|
Net current assets |
|
|
|
334,602 |
|
|
230,794 |
|
Total assets less current liabilities |
|
|
|
1,622,103 |
|
|
1,549,371 |
|
|
Provisions for liabilities |
7 |
|
|
(39,062) |
|
|
(28,754) |
|
Accruals and deferred income |
8 |
|
|
(13,416) |
|
|
(17,476) |
|
Net assets |
|
|
|
1,569,625 |
|
|
1,503,141 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
7,900 |
|
|
7,900 |
Capital redemption reserve |
|
|
|
44,268 |
|
|
44,268 |
Fair value reserve |
|
|
|
445,541 |
|
|
445,541 |
Profit and loss account |
|
|
|
1,071,916 |
|
|
1,005,432 |
|
Shareholder's funds |
|
|
|
1,569,625 |
|
|
1,503,141 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
M R Bain |
Director |
Approved by the board on 20 January 2025 |
|
R G Bain Limited |
Notes to the Accounts |
for the year ended 31 May 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
The presentation currency is £ sterling. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Tractors and vehicles |
12.5% to 25% reducing balance |
|
Other equipment |
5% to 15% reducing balance |
|
|
Heritable property is not depreciated as properties are maintained to ensure that their value does not diminish over time. |
|
|
Investments |
|
Investment property, which is property held to earn rental income and/or capital appreciation, is measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are recognised in the profit and loss account. |
|
Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
|
|
Stocks |
|
Stocks (including livestock) are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
Assets held under hire purchase contracts are classified as tangible fixed assets. The assets are depreciated in accordance with the company's policy for tangible fixed assets. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a straight line basis. Rentals payable under an operating lease are recognised as an expense on a straight line basis over the lease term. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. |
|
|
Government Grants |
|
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the related assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
4 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 June 2023 |
312,171 |
|
537,363 |
|
849,534 |
|
Additions |
- |
|
2,250 |
|
2,250 |
|
Disposals |
- |
|
(474) |
|
(474) |
|
At 31 May 2024 |
312,171 |
|
539,139 |
|
851,310 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2023 |
- |
|
312,099 |
|
312,099 |
|
Charge for the year |
- |
|
33,147 |
|
33,147 |
|
On disposals |
- |
|
(295) |
|
(295) |
|
At 31 May 2024 |
- |
|
344,951 |
|
344,951 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2024 |
312,171 |
|
194,188 |
|
506,359 |
|
At 31 May 2023 |
312,171 |
|
225,264 |
|
537,435 |
|
|
4 |
Investments |
|
Investment |
Other |
properties |
investments |
Total |
£ |
£ |
£ |
|
Cost or fair value |
|
At 1 June 2023 |
780,000 |
|
1,142 |
|
781,142 |
|
|
At 31 May 2024 |
780,000 |
|
1,142 |
|
781,142 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 June 2023 |
334,459 |
|
1,142 |
|
At 31 May 2024 |
334,459 |
|
1,142 |
|
|
|
|
|
|
|
|
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. |
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
12,458 |
|
5,637 |
|
Other debtors |
17,751 |
|
8,281 |
|
|
|
|
|
|
30,209 |
|
13,918 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
- |
|
15,508 |
|
Trade creditors |
7,297 |
|
8,883 |
|
Taxation and social security costs |
16,254 |
|
1,039 |
|
Other creditors |
79,186 |
|
92,209 |
|
|
|
|
|
|
102,737 |
|
117,639 |
|
|
|
|
|
|
|
|
|
|
7 |
Provisions for liabilities |
|
|
|
|
2024 |
|
2023 |
£ |
£ |
|
|
Deferred taxation liabilities |
39,062 |
|
28,754 |
|
|
|
|
|
|
|
|
|
|
8 |
Accruals and deferred income |
|
Government grants: |
£ |
|
|
At 1 June |
17,476 |
|
Amortisation in year |
(4,060) |
|
|
At 31 May |
13,416 |
|
|
|
|
|
|
|
|
9 |
Other information |
|
|
R G Bain Limited is a private company limited by shares and incorporated in Scotland. The registered office is Hall of Tankerness, Tankerness, Orkney, KW17 2QS. |