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REGISTERED NUMBER: SC197709 (Scotland)















Unaudited Financial Statements for the Year Ended 28 May 2024

for

Elliot Farms Limited

Elliot Farms Limited (Registered number: SC197709)






Contents of the Financial Statements
for the Year Ended 28 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Elliot Farms Limited

Company Information
for the Year Ended 28 May 2024







DIRECTOR: A T Elliot





SECRETARY: Mrs E I Elliot





REGISTERED OFFICE: Blackhaugh
Clovenfords
Galashiels
Selkirkshire
TD1 1TW





REGISTERED NUMBER: SC197709 (Scotland)





ACCOUNTANTS: EQ Accountants Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Elliot Farms Limited (Registered number: SC197709)

Balance Sheet
28 May 2024

28/5/24 28/5/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 160,833 170,833
Property, plant and equipment 5 429,547 504,985
Investments 6 1 1
590,381 675,819

CURRENT ASSETS
Inventories 753,092 1,054,125
Debtors 7 603,281 511,551
Cash at bank 171,920 32,184
1,528,293 1,597,860
CREDITORS
Amounts falling due within one year 8 46,856 50,884
NET CURRENT ASSETS 1,481,437 1,546,976
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,071,818

2,222,795

CREDITORS
Amounts falling due after more than one
year

9

(408,458

)

(434,116

)

PROVISIONS FOR LIABILITIES (2,290 ) (2,290 )
NET ASSETS 1,661,070 1,786,389

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,660,970 1,786,289
1,661,070 1,786,389

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

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

The director acknowledges his 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.

Elliot Farms Limited (Registered number: SC197709)

Balance Sheet - continued
28 May 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:





A T Elliot - Director


Elliot Farms Limited (Registered number: SC197709)

Notes to the Financial Statements
for the Year Ended 28 May 2024

1. STATUTORY INFORMATION

Elliot Farms 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10 - 25% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - Straight line over 5 years

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Elliot Farms Limited (Registered number: SC197709)

Notes to the Financial Statements - continued
for the Year Ended 28 May 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 29 May 2023
and 28 May 2024 200,000
AMORTISATION
At 29 May 2023 29,167
Amortisation for year 10,000
At 28 May 2024 39,167
NET BOOK VALUE
At 28 May 2024 160,833
At 28 May 2023 170,833

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 29 May 2023 40,000 914,459 954,459
Additions - 47,379 47,379
Disposals - (9,850 ) (9,850 )
At 28 May 2024 40,000 951,988 991,988
DEPRECIATION
At 29 May 2023 - 449,474 449,474
Charge for year - 113,688 113,688
Eliminated on disposal - (721 ) (721 )
At 28 May 2024 - 562,441 562,441
NET BOOK VALUE
At 28 May 2024 40,000 389,547 429,547
At 28 May 2023 40,000 464,985 504,985

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
28/5/24 28/5/23
£    £   
Other investment 1 1

Elliot Farms Limited (Registered number: SC197709)

Notes to the Financial Statements - continued
for the Year Ended 28 May 2024

7. DEBTORS
28/5/24 28/5/23
£    £   
Amounts falling due within one year:
S455 Tax 21,965 135,116
Directors' current accounts 121,268 180,023
VAT 19,800 40,651
Prepayments 19,671 9,041
182,704 364,831

Amounts falling due after more than one year:
Other debtors 420,577 146,720

Aggregate amounts 603,281 511,551

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/5/24 28/5/23
£    £   
Bank loans and overdrafts 42,051 45,255
Tax - 1,051
Accrued expenses 4,805 4,578
46,856 50,884

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/5/24 28/5/23
£    £   
Loans 408,458 434,116

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 May 2024 and 28 May 2023:

28/5/24 28/5/23
£    £   
A T Elliot
Balance outstanding at start of year 180,024 102,655
Amounts advanced 71,073 77,369
Amounts repaid (129,828 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 121,269 180,024

As at 28 May 2024 the director owed the company £121,269 (2023 - £180,023).