Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false2023-07-01No description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC030824 2023-07-01 2024-06-30 SC030824 2022-07-01 2023-06-30 SC030824 2024-06-30 SC030824 2023-06-30 SC030824 c:CompanySecretary1 2023-07-01 2024-06-30 SC030824 c:Director3 2023-07-01 2024-06-30 SC030824 c:Director4 2023-07-01 2024-06-30 SC030824 c:RegisteredOffice 2023-07-01 2024-06-30 SC030824 d:Buildings 2023-07-01 2024-06-30 SC030824 d:Buildings 2024-06-30 SC030824 d:Buildings 2023-06-30 SC030824 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC030824 d:PlantMachinery 2023-07-01 2024-06-30 SC030824 d:PlantMachinery 2024-06-30 SC030824 d:PlantMachinery 2023-06-30 SC030824 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC030824 d:MotorVehicles 2023-07-01 2024-06-30 SC030824 d:MotorVehicles 2024-06-30 SC030824 d:MotorVehicles 2023-06-30 SC030824 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC030824 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 SC030824 d:CurrentFinancialInstruments 2024-06-30 SC030824 d:CurrentFinancialInstruments 2023-06-30 SC030824 d:Non-currentFinancialInstruments 2024-06-30 SC030824 d:Non-currentFinancialInstruments 2023-06-30 SC030824 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 SC030824 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 SC030824 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 SC030824 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 SC030824 d:ShareCapital 2024-06-30 SC030824 d:ShareCapital 2023-06-30 SC030824 d:RetainedEarningsAccumulatedLosses 2024-06-30 SC030824 d:RetainedEarningsAccumulatedLosses 2023-06-30 SC030824 c:OrdinaryShareClass1 2023-07-01 2024-06-30 SC030824 c:OrdinaryShareClass1 2024-06-30 SC030824 c:OrdinaryShareClass1 2023-06-30 SC030824 c:FRS102 2023-07-01 2024-06-30 SC030824 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 SC030824 c:FullAccounts 2023-07-01 2024-06-30 SC030824 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC030824 6 2023-07-01 2024-06-30 SC030824 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC030824










FIMM FARMING COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
FIMM FARMING COMPANY LIMITED
 

COMPANY INFORMATION


DIRECTORS
Michael J McDiarmid 
Katrina J McDiarmid 




COMPANY SECRETARY
Michael J McDiarmid



REGISTERED NUMBER
SC030824



REGISTERED OFFICE
Westby
64 West High Street

Forfar

Angus

DD8 1BJ




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
FIMM FARMING COMPANY LIMITED
REGISTERED NUMBER: SC030824

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
2,380,803
1,778,418

Investments
 5 
1
1

  
2,380,804
1,778,419

CURRENT ASSETS
  

Stocks & work in progress
  
105,961
110,939

Debtors: amounts falling due within one year
 6 
836,472
877,236

  
942,433
988,175

Creditors: amounts falling due within one year
 7 
(676,016)
(578,975)

NET CURRENT ASSETS
  
 
 
266,417
 
 
409,200

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,647,221
2,187,619

Creditors: amounts falling due after more than one year
 8 
(1,281,023)
(816,024)

PROVISIONS FOR LIABILITIES
  

Deferred Tax
  
(174,728)
(175,597)

  
 
 
(174,728)
 
 
(175,597)

NET ASSETS
  
1,191,470
1,195,998


CAPITAL AND RESERVES
  

Called up share capital 
 9 
12,000
12,000

Profit and loss account
  
1,179,470
1,183,998

  
1,191,470
1,195,998


Page 1

 
FIMM FARMING COMPANY LIMITED
REGISTERED NUMBER: SC030824

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




Michael J McDiarmid
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

FIMM Farming Company Limited is a private company, limited by shares, incorporated in Scotland with the registration number SC030824. The registered office is Westby, 64 West High Street, Forfar, Angus, DD8 1BJ.  The principal trading address is Castle Menzies Farm, Aberfeldy, Perthshire, PH15 2JD.

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

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5%
reducing balance
Motor vehicles
-
12.5%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

In accordance with paragraph 35.10 (d) of FRS102, the company has elected to use a previous revaluation as deemed cost for land and buildings.  As assets are sold, as appropriate transfer will be made from the revaluation reserve to the profit and loss reserve.
No depreciation has been charged since transition to FRS102, as the directors are of the opinion that the residual value is not materially lower than the fair value at that date.

 
2.5

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).







4.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 July 2023
1,301,246
908,175
57,860
2,267,281


Additions
-
839,916
-
839,916


Disposals
-
(268,500)
-
(268,500)



At 30 June 2024

1,301,246
1,479,591
57,860
2,838,697



DEPRECIATION


At 1 July 2023
-
472,016
16,847
488,863


Charge for the year on owned assets
-
64,385
5,127
69,512


Disposals
-
(100,481)
-
(100,481)



At 30 June 2024

-
435,920
21,974
457,894



NET BOOK VALUE



At 30 June 2024
1,301,246
1,043,671
35,886
2,380,803



At 30 June 2023
1,301,246
436,159
41,013
1,778,418

Page 5

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


FIXED ASSET INVESTMENTS





Investments in Subsidiary Companies

£



COST OR VALUATION


At 1 July 2023
1



At 30 June 2024
1






NET BOOK VALUE



At 30 June 2024
1



At 30 June 2023
1


6.


DEBTORS

2024
2023
£
£


Trade debtors
289,149
184,978

Amounts owed by group undertakings
461,383
692,258

Other debtors
85,940
-

836,472
877,236



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
417,253
320,498

Bank loans
64,740
67,798

Trade creditors
74,889
78,448

Other taxation and social security
7,626
11,287

Obligations under finance lease and hire purchase contracts
101,380
66,468

Other creditors
10,128
34,476

676,016
578,975


Secured loans
The company has granted security of £583,373 (2023 - £454,764) for the above creditors.

Page 6

 
FIMM FARMING COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
650,782
715,411

Net obligations under finance leases and hire purchase contracts
630,241
100,613

1,281,023
816,024


Secured loans
The company has granted security of £1,281,023 (2023 - £816,024) for the above creditors.


9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



12,000 (2023 - 12,000) Ordinary shares of £1.00 each
12,000
12,000



10.


TRANSACTIONS WITH DIRECTORS

Included in debtors, note 6, are balances due from the directors, Michael and Katrina McDiarmid.  The amounts outstanding are £89,181 each.  The loan balances are repayable on demand.


Page 7