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Company No: SC060886 (Scotland)

ALAN TWATT (POTATOES) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

ALAN TWATT (POTATOES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

ALAN TWATT (POTATOES) LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
ALAN TWATT (POTATOES) LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 13,200 14,800
Tangible assets 4 5,568,381 5,267,067
Investment property 5 230,000 300,000
Investments 6 355,769 355,769
6,167,350 5,937,636
Current assets
Stocks 934,113 860,488
Debtors 7 317,808 220,034
Cash at bank and in hand 8 1,048,262 186,514
2,300,183 1,267,036
Creditors: amounts falling due within one year 9 ( 1,269,858) ( 272,275)
Net current assets 1,030,325 994,761
Total assets less current liabilities 7,197,675 6,932,397
Creditors: amounts falling due after more than one year 10 ( 288,654) ( 336,155)
Provision for liabilities ( 654,465) ( 743,018)
Net assets 6,254,556 5,853,224
Capital and reserves
Called-up share capital 11 970 970
Share premium account 767,438 767,438
Revaluation reserve 0 46,660
Profit and loss account 5,486,148 5,038,156
Total shareholders' funds 6,254,556 5,853,224

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Alan Twatt (Potatoes) Limited (registered number: SC060886) were approved and authorised for issue by the Board of Directors on 20 March 2025. They were signed on its behalf by:

D Wiseman
Director
ALAN TWATT (POTATOES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
ALAN TWATT (POTATOES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Alan Twatt (Potatoes) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom. The principal place of business is Easter Cushnie, Gamrie, Banff, AB45 3HT.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the sale of crop, electricity sales and contracting and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the ownership of the products has been passed to the buyer and the amount of revenue can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Computer software 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 - 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 - 25 % reducing balance
Other property, plant and equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Stocks include potatoes, growing crops, fuel, chemicals and fertilisers. Stock is assessed for impairment at each reporting date. Any impairment is recognised in the statement of income and retained earnings.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 12

3. Intangible assets

Computer software Total
£ £
Cost
At 01 July 2023 16,000 16,000
At 30 June 2024 16,000 16,000
Accumulated amortisation
At 01 July 2023 1,200 1,200
Charge for the financial year 1,600 1,600
At 30 June 2024 2,800 2,800
Net book value
At 30 June 2024 13,200 13,200
At 30 June 2023 14,800 14,800

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 July 2023 3,328,342 3,994,931 92,412 31,707 419,635 7,867,027
Additions 792,442 369,027 71,363 0 0 1,232,832
Disposals ( 248,000) ( 563,950) ( 33,180) 0 0 ( 845,130)
At 30 June 2024 3,872,784 3,800,008 130,595 31,707 419,635 8,254,729
Accumulated depreciation
At 01 July 2023 421,133 1,940,089 55,306 24,140 159,292 2,599,960
Charge for the financial year 19,484 413,510 17,817 1,892 21,161 473,864
Disposals 0 ( 360,909) ( 26,567) 0 0 ( 387,476)
At 30 June 2024 440,617 1,992,690 46,556 26,032 180,453 2,686,348
Net book value
At 30 June 2024 3,432,167 1,807,318 84,039 5,675 239,182 5,568,381
At 30 June 2023 2,907,209 2,054,842 37,106 7,567 260,343 5,267,067

5. Investment property

Investment property
£
Valuation
As at 01 July 2023 300,000
Fair value movement (70,000)
As at 30 June 2024 230,000

Valuation

The fair value of the investment property has been arrived at on the basis of an assessment carried out by the director's of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 350,000 350,000
Other investments and loans 5,769 5,769
355,769 355,769

7. Debtors

2024 2023
£ £
Trade debtors 174,624 28,383
Amounts owed by related parties 0 62,592
Other debtors 143,184 129,059
317,808 220,034

8. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,048,262 186,514

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 47,441 47,860
Trade creditors 160,023 168,328
Amounts owed to own subsidiaries 441,833 16,305
Amounts owed to related parties 300,000 0
Taxation and social security 282,998 7,814
Other creditors 37,563 31,968
1,269,858 272,275

Bank loans are secured by a fixed charge over Mains of Baulmaud and a floating charge over the rest of the company assets.

10. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 288,654 336,155

Bank loans are secured by a fixed charge over Mains of Baulmaud and a floating charge over the rest of the company assets.

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
570 Ordinary shares of £ 1.00 each 570 570
400 A Ordinary shares of £ 1.00 each 400 400
970 970

12. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Tangible fixed assets 565,700 0

In October 2023, the company ordered equipment totaling £767,000, of which, payments were made during the year of £201,300 with the balance of £565,700 payable on delivery post year end.

13. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed from other related parties 0 62,592
Amounts owed to other related parties 741,833 16,305
Amounts due to directors 18,680 9,554

Transactions with the entity's directors

Advances

At 1 July 2023, J G Twatt, director had an overdrawn balance of £14,727. During the year £44,739 was advanced, with £55,728 repaid. At the year end £3,743 was outstanding. This includes interest of £5, which was charged at 2.25% on the overdrawn balance.

During the year £30,872 was advanced to D Wiseman, director and £26,897 was repaid. At the year end £3,975 was outstanding. Interest was charged at 2.25% on the overdrawn balance.

14. Events after the Balance Sheet date

On 22 July 2024, a dividend totaling £57,570 was declared to the shareholders of the company.