Silverfin false false 28/02/2025 01/04/2024 28/02/2025 John Steel 08/07/2009 21 March 2025 The principal activity of the Company during the financial year was to be that of a partner in the farming partnership of Messrs A & J Steel and that of contracting. The Company ceased trading at 28 February 2025. SC362316 2025-02-28 SC362316 bus:Director1 2025-02-28 SC362316 2024-03-31 SC362316 core:CurrentFinancialInstruments 2025-02-28 SC362316 core:CurrentFinancialInstruments 2024-03-31 SC362316 core:ShareCapital 2025-02-28 SC362316 core:ShareCapital 2024-03-31 SC362316 core:RetainedEarningsAccumulatedLosses 2025-02-28 SC362316 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC362316 core:PlantMachinery 2024-03-31 SC362316 core:PlantMachinery 2025-02-28 SC362316 core:CostValuation 2024-03-31 SC362316 core:DisposalsRepaymentsInvestments 2025-02-28 SC362316 core:CostValuation 2025-02-28 SC362316 2023-03-31 SC362316 bus:OrdinaryShareClass1 2025-02-28 SC362316 bus:OrdinaryShareClass2 2025-02-28 SC362316 bus:OrdinaryShareClass3 2025-02-28 SC362316 bus:OrdinaryShareClass4 2025-02-28 SC362316 2024-04-01 2025-02-28 SC362316 bus:FilletedAccounts 2024-04-01 2025-02-28 SC362316 bus:SmallEntities 2024-04-01 2025-02-28 SC362316 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-02-28 SC362316 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-02-28 SC362316 bus:Director1 2024-04-01 2025-02-28 SC362316 core:PlantMachinery 2024-04-01 2025-02-28 SC362316 2023-04-01 2024-03-31 SC362316 bus:OrdinaryShareClass1 2024-04-01 2025-02-28 SC362316 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC362316 bus:OrdinaryShareClass2 2024-04-01 2025-02-28 SC362316 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC362316 bus:OrdinaryShareClass3 2024-04-01 2025-02-28 SC362316 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC362316 bus:OrdinaryShareClass4 2024-04-01 2025-02-28 SC362316 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC362316 (Scotland)

TURIN HOME FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 APRIL 2024 TO 28 FEBRUARY 2025
PAGES FOR FILING WITH THE REGISTRAR

TURIN HOME FARM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 APRIL 2024 TO 28 FEBRUARY 2025

Contents

TURIN HOME FARM LIMITED

BALANCE SHEET

AS AT 28 FEBRUARY 2025
TURIN HOME FARM LIMITED

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2025
Note 28.02.2025 31.03.2024
£ £
Fixed assets
Tangible assets 3 0 90,636
Investments 4 0 551,906
0 642,542
Current assets
Debtors 5 0 327,236
Cash at bank and in hand 6 941,874 69,908
941,874 397,144
Creditors: amounts falling due within one year 7 ( 47,210) ( 191,284)
Net current assets 894,664 205,860
Total assets less current liabilities 894,664 848,402
Provision for liabilities 8, 9 0 ( 22,659)
Net assets 894,664 825,743
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 894,564 825,643
Total shareholders' funds 894,664 825,743

For the financial period ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Turin Home Farm Limited (registered number: SC362316) were approved and authorised for issue by the Director on 21 March 2025. They were signed on its behalf by:

John Steel
Director
TURIN HOME FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 APRIL 2024 TO 28 FEBRUARY 2025
TURIN HOME FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 APRIL 2024 TO 28 FEBRUARY 2025
1. Accounting policies

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

General information and basis of accounting

Turin Home Farm 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, 227 West George Street, Glasgow, G2 2ND, United Kingdom. The principal place of business is 131 Dunnichen Avenue, Forfar, DD8 2EJ.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

In February 2025 the directors made the decision that the Company would cease trading. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.

Reporting period length

The financial statements cover the 11 months to 28 February 2025. The comparative financial statements cover a 12 month period from 6 April 2023 to 5 April 2024 and as such, the comparatives are not directly comparable.

Turnover

Turnover represents amounts receivable for contracting and share of profits from the Partnership net of VAT and trade discounts. Turnover is recognised on accrual basis.

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.

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:

Plant and machinery 20 % reducing balance

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
01.04.2024 to
28.02.2025
Year ended
31.03.2024
Number Number
Monthly average number of persons employed by the Company during the period, including the director 1 1

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 April 2024 295,980 295,980
Disposals ( 295,980) ( 295,980)
At 28 February 2025 0 0
Accumulated depreciation
At 01 April 2024 205,344 205,344
Charge for the financial period 8,627 8,627
Disposals ( 213,971) ( 213,971)
At 28 February 2025 0 0
Net book value
At 28 February 2025 0 0
At 31 March 2024 90,636 90,636

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2024 551,906 551,906
Disposals ( 551,906) ( 551,906)
At 28 February 2025 0 0
Carrying value at 28 February 2025 0 0
Carrying value at 31 March 2024 551,906 551,906

The unlisted investment represents the company's interest in the farming partnership of Messrs A & J Steel.

5. Debtors

28.02.2025 31.03.2024
£ £
Trade debtors 0 324,574
Other debtors 0 2,662
0 327,236

6. Cash and cash equivalents

28.02.2025 31.03.2024
£ £
Cash at bank and in hand 941,874 69,908

7. Creditors: amounts falling due within one year

28.02.2025 31.03.2024
£ £
Taxation and social security 44,723 136,878
Other creditors 2,487 54,406
47,210 191,284

8. Provision for liabilities

28.02.2025 31.03.2024
£ £
Deferred tax 0 22,659

9. Deferred tax

28.02.2025 31.03.2024
£ £
At the beginning of financial period/year ( 22,659) ( 76,435)
Credited to the Statement of Income and Retained Earnings 22,659 53,776
At the end of financial period/year 0 ( 22,659)

10. Called-up share capital

28.02.2025 31.03.2024
£ £
Allotted, called-up and fully-paid
33 A ordinary shares of £ 1.00 each 33 33
33 B ordinary shares of £ 1.00 each 33 33
33 C ordinary shares of £ 1.00 each 33 33
1 D ordinary share of £ 1.00 1 1
100 100