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REGISTERED NUMBER: SC037183 (Scotland)











































Marigold Farming Company Limited

Unaudited Financial Statements

for the Year Ended 28th May 2024






Marigold Farming Company Limited (Registered number: SC037183)






Contents of the Financial Statements
for the year ended 28th May 2024




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


Marigold Farming Company Limited

Company Information
for the year ended 28th May 2024







Directors: Miss D M M Calder
A R J Calder





Registered office: Marigold
Duns
Berwickshire
TD11 3RJ





Registered number: SC037183 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Marigold Farming Company Limited (Registered number: SC037183)

Balance Sheet
28th May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 6,197,415 6,178,324

Current assets
Stocks 233,171 261,087
Debtors 5 46,619 78,707
Cash at bank 28,546 24,698
308,336 364,492
Creditors
Amounts falling due within one year 6 92,858 122,984
Net current assets 215,478 241,508
Total assets less current liabilities 6,412,893 6,419,832

Creditors
Amounts falling due after more than one
year

7

(241,806

)

(266,320

)

Provisions for liabilities (1,416,342 ) (1,416,342 )
Net assets 4,754,745 4,737,170

Capital and reserves
Called up share capital 260,000 260,000
Revaluation reserve 9 4,488,077 4,488,077
Retained earnings 6,668 (10,907 )
4,754,745 4,737,170

Marigold Farming Company Limited (Registered number: SC037183)

Balance Sheet - continued
28th May 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th February 2025 and were signed on its behalf by:





Miss D M M Calder - Director


Marigold Farming Company Limited (Registered number: SC037183)

Notes to the Financial Statements
for the year ended 28th May 2024

1. Statutory information

Marigold Farming Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - not provided
Property improvements - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, hire purchase contracts, bank loans and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the Statement of Income and Retained Earnings.


Marigold Farming Company Limited (Registered number: SC037183)

Notes to the Financial Statements - continued
for the year ended 28th May 2024

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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 so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

Marigold Farming Company Limited (Registered number: SC037183)

Notes to the Financial Statements - continued
for the year ended 28th May 2024

4. Tangible fixed assets
Freehold Property Plant and Motor
property improvements machinery vehicles Totals
£    £    £    £    £   
Cost
At 29th May 2023 6,000,000 168,397 461,650 22,950 6,652,997
Additions - - 78,695 - 78,695
Disposals - - (43,200 ) - (43,200 )
At 28th May 2024 6,000,000 168,397 497,145 22,950 6,688,492
Depreciation
At 29th May 2023 - 156,753 301,892 16,028 474,673
Charge for year - 2,916 54,631 1,732 59,279
Eliminated on disposal - - (42,875 ) - (42,875 )
At 28th May 2024 - 159,669 313,648 17,760 491,077
Net book value
At 28th May 2024 6,000,000 8,728 183,497 5,190 6,197,415
At 28th May 2023 6,000,000 11,644 159,758 6,922 6,178,324

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 24,446 56,187
Other debtors 22,173 22,520
46,619 78,707

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 23,000 23,000
Hire purchase contracts 30,667 16,667
Trade creditors 9,621 9,714
Taxation and social security 3,142 836
Other creditors 26,428 72,767
92,858 122,984

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 227,806 249,653
Hire purchase contracts 14,000 16,667
241,806 266,320

Marigold Farming Company Limited (Registered number: SC037183)

Notes to the Financial Statements - continued
for the year ended 28th May 2024

8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 250,806 -
Hire purchase contracts 44,667 33,334
295,473 33,334

Hire purchase creditors are secured by the assets to which they relate.

Bank of Scotland PLC holds a floating charge over all property and undertaking of the company.

9. Reserves
Revaluatio
reserve
£   
At 29th May 2023
and 28th May 2024 4,488,077