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REGISTERED NUMBER: SC271800 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Letham Farming Limited

Letham Farming Limited (Registered number: SC271800)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Letham Farming Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: James Letham
John Letham
Alexander John Letham
Graham David Letham
James Duncan Letham
Robert William Letham





SECRETARY: James Letham





REGISTERED OFFICE: Hatchednize Farm
Coldstream
Berwickshire
TD12 4LU





REGISTERED NUMBER: SC271800 (Scotland)





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

Letham Farming Limited (Registered number: SC271800)

Statement of Financial Position
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 1,443,159 1,269,597
1,443,159 1,269,597

CURRENT ASSETS
Debtors 6 362,192 257,650
Cash at bank 642,791 559,302
1,004,983 816,952
CREDITORS
Amounts falling due within one year 7 417,302 366,754
NET CURRENT ASSETS 587,681 450,198
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,030,840

1,719,795

CREDITORS
Amounts falling due after more than one
year

8

(67,333

)

(43,333

)

PROVISIONS FOR LIABILITIES (354,755 ) (255,000 )
NET ASSETS 1,608,752 1,421,462

CAPITAL AND RESERVES
Called up share capital 160 160
Retained earnings 1,608,592 1,421,302
SHAREHOLDERS' FUNDS 1,608,752 1,421,462

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Letham Farming Limited (Registered number: SC271800)

Statement of Financial Position - continued
30 June 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 Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:




James Letham - Director



John Letham - Director


Letham Farming Limited (Registered number: SC271800)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Letham Farming 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 2004, is being amortised evenly over its estimated useful life of 5 and 15 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Implements and equipment - 20% on reducing balance
Tractors and combines - 20% on reducing balance

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Letham Farming Limited (Registered number: SC271800)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 50,000
AMORTISATION
At 1 July 2023
and 30 June 2024 50,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 July 2023 2,325,802
Additions 502,656
Disposals (266,427 )
At 30 June 2024 2,562,031
DEPRECIATION
At 1 July 2023 1,056,410
Charge for year 241,324
Eliminated on disposal (178,862 )
At 30 June 2024 1,118,872
NET BOOK VALUE
At 30 June 2024 1,443,159
At 30 June 2023 1,269,392

Letham Farming Limited (Registered number: SC271800)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2023 1,009,500
Additions 349,000
Transfer to ownership (787,450 )
At 30 June 2024 571,050
DEPRECIATION
At 1 July 2023 260,288
Charge for year 49,401
Transfer to ownership (256,638 )
At 30 June 2024 53,051
NET BOOK VALUE
At 30 June 2024 517,999
At 30 June 2023 749,212

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 326,911 238,467
Other debtors 35,281 19,183
362,192 257,650

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 110,667 194,025
Trade creditors 169,891 28,750
Taxation and social security 124,018 131,832
Other creditors 12,726 12,147
417,302 366,754

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 67,333 43,333

Letham Farming Limited (Registered number: SC271800)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase contracts 178,000 237,358

The hire purchase liability is secured against the asset to which it relates.