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REGISTERED NUMBER: SC457409 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

S & P FARMING LTD.

S & P FARMING LTD. (REGISTERED NUMBER: SC457409)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S & P FARMING LTD.

COMPANY INFORMATION
for the year ended 31 July 2024







DIRECTOR: Mrs P Galloway





REGISTERED OFFICE: 3E Wallace House
Maxwell Place
Stirling
FK8 1JU





REGISTERED NUMBER: SC457409 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

S & P FARMING LTD. (REGISTERED NUMBER: SC457409)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,234 5,548

CURRENT ASSETS
Stocks 5 - 200
Debtors 6 28,595 5,862
Cash at bank 114,730 132,750
143,325 138,812
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR

7

3,228

2,518
NET CURRENT ASSETS 140,097 136,294
TOTAL ASSETS LESS CURRENT
LIABILITIES

144,331

141,842

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 144,231 141,742
SHAREHOLDERS' FUNDS 144,331 141,842

S & P FARMING LTD. (REGISTERED NUMBER: SC457409)

BALANCE SHEET - continued
31 July 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 24 February 2025 and were signed by:





Mrs P Galloway - Director


S & P FARMING LTD. (REGISTERED NUMBER: SC457409)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2024

1. STATUTORY INFORMATION

S & P Farming Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable in relation to farming activities, excluding value added tax where applicable.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% per annum on cost
Plant and machinery - 20% per annum on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

S & P FARMING LTD. (REGISTERED NUMBER: SC457409)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument subsequently at amortised cost.

Financial assets that are measured at cost and 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 is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

S & P FARMING LTD. (REGISTERED NUMBER: SC457409)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 August 2023 4,112 9,110 13,222
Disposals - (360 ) (360 )
At 31 July 2024 4,112 8,750 12,862
DEPRECIATION
At 1 August 2023 492 7,182 7,674
Charge for year 206 820 1,026
Eliminated on disposal - (72 ) (72 )
At 31 July 2024 698 7,930 8,628
NET BOOK VALUE
At 31 July 2024 3,414 820 4,234
At 31 July 2023 3,620 1,928 5,548

5. STOCKS
2024 2023
£    £   
Stocks - 200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,350 3,902
Other debtors 22,245 1,960
28,595 5,862

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 681 -
Other creditors 2,547 2,518
3,228 2,518

8. DEFERRED TAX
£   
Balance at 1 August 2023 (337 )
Credit to Statement of Income and Retained Earnings during year (83 )
Balance at 31 July 2024 (420 )

S & P FARMING LTD. (REGISTERED NUMBER: SC457409)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2024

9. RELATED PARTY DISCLOSURES

Included within "Other creditors" is balance of £416 (2023: £462) due to the director. The loan is interest free and no fixed terms of repayment have been agreed.

Included in "Other debtors" is amount due of £20,000 from a company under common control. This loan is interest free and no fixed payment terms have been agreed.