5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-06 Sage Accounts Production Advanced 2023 - FRS102_2023 4,906 4,906 4,906 81 81 81 xbrli:pure xbrli:shares iso4217:GBP 00695725 2023-04-06 2024-04-05 00695725 2024-04-05 00695725 2023-04-05 00695725 2022-04-06 2023-04-05 00695725 2023-04-05 00695725 2022-04-05 00695725 core:PlantMachinery 2023-04-06 2024-04-05 00695725 core:FurnitureFittings 2023-04-06 2024-04-05 00695725 core:MotorVehicles 2023-04-06 2024-04-05 00695725 bus:OrdinaryShareClass1 2023-04-06 2024-04-05 00695725 bus:PreferenceShareClass1 2023-04-06 2024-04-05 00695725 bus:Director2 2023-04-06 2024-04-05 00695725 core:WithinOneYear 2024-04-05 00695725 core:WithinOneYear 2023-04-05 00695725 core:LandBuildings 2023-04-05 00695725 core:PlantMachinery 2023-04-05 00695725 core:FurnitureFittings 2023-04-05 00695725 core:MotorVehicles 2023-04-05 00695725 core:LandBuildings 2024-04-05 00695725 core:PlantMachinery 2024-04-05 00695725 core:FurnitureFittings 2024-04-05 00695725 core:MotorVehicles 2024-04-05 00695725 core:AfterOneYear 2024-04-05 00695725 core:AfterOneYear 2023-04-05 00695725 core:ShareCapital 2024-04-05 00695725 core:ShareCapital 2023-04-05 00695725 core:RevaluationReserve 2024-04-05 00695725 core:RevaluationReserve 2023-04-05 00695725 core:RetainedEarningsAccumulatedLosses 2024-04-05 00695725 core:RetainedEarningsAccumulatedLosses 2023-04-05 00695725 1 core:AfterOneYear 2024-04-05 00695725 1 core:AfterOneYear 2023-04-05 00695725 core:CostValuation core:Non-currentFinancialInstruments 2024-04-05 00695725 core:Non-currentFinancialInstruments 2024-04-05 00695725 core:Non-currentFinancialInstruments 2023-04-05 00695725 core:PlantMachinery 2023-04-05 00695725 core:FurnitureFittings 2023-04-05 00695725 core:MotorVehicles 2023-04-05 00695725 bus:SmallEntities 2023-04-06 2024-04-05 00695725 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 00695725 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 00695725 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 00695725 bus:FullAccounts 2023-04-06 2024-04-05 00695725 bus:OrdinaryShareClass1 2024-04-05 00695725 bus:OrdinaryShareClass1 2023-04-05 00695725 bus:PreferenceShareClass1 2024-04-05 00695725 bus:PreferenceShareClass1 2023-04-05 00695725 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-06 2024-04-05 00695725 core:IntangibleAssetsOtherThanGoodwill 2023-04-05 00695725 core:IntangibleAssetsOtherThanGoodwill 2023-04-06 2024-04-05 00695725 core:InvestmentPropertyIncludedWithinPPE 2023-04-05 00695725 core:InvestmentPropertyIncludedWithinPPE 2023-04-06 2024-04-05 00695725 core:InvestmentPropertyIncludedWithinPPE 2024-04-05 00695725 core:AfterOneYear 2023-04-06 2024-04-05
COMPANY REGISTRATION NUMBER: 00695725
Scottow Farms Limited
Unaudited financial statements
5 April 2024
Scottow Farms Limited
Statement of financial position
5 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
4,906
Tangible assets
6
905,740
821,311
Investments
7
81
81
---------
---------
905,821
826,298
Current assets
Stocks
269,578
346,173
Debtors
8
503,522
540,536
---------
---------
773,100
886,709
Creditors: Amounts falling due within one year
9
656,280
687,660
---------
---------
Net current assets
116,820
199,049
-----------
-----------
Total assets less current liabilities
1,022,641
1,025,347
Creditors: Amounts falling due after more than one year
10
264,278
290,610
Provisions
Taxation including deferred tax
136,857
133,742
-----------
-----------
Net assets
621,506
600,995
-----------
-----------
Capital and reserves
Called up share capital
11
15,000
15,000
Revaluation reserve
334,697
342,819
Profit and loss account
271,809
243,176
---------
---------
Shareholders funds
621,506
600,995
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Scottow Farms Limited
Statement of financial position (continued)
5 April 2024
These financial statements were approved by the board of directors and authorised for issue on 4 April 2025 , and are signed on behalf of the board by:
Mr S.D. Shaw
Director
Company registration number: 00695725
Scottow Farms Limited
Notes to the financial statements
Year ended 5 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scottow Hall, Scottow, Norwich, Norfolk, NR10 5DF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Investments are included at cost less provision for diminution in value. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.
Investment income comprises dividends declared during the accounting year and interest receivable on listed and unlisted investments.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings and improvements
-
Depreciated over 10 to 25 years
Plant and machinery
-
15% reducing balance
Office equipment
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Commodity stocks, livestock and cultivations are valued at the lower of cost and net realisable value by the directors, after making due allowance for obsolete and slow moving items. The valuation of crops in store, livestock and cultivations includes an element of depreciation.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charges to the profit and loss account using the sum of digits method.
4. Employee numbers
The average number of employees during the year was 5 (2023: 5 ).
5. Intangible assets
Other intangible assets
£
Cost
At 6 April 2023
4,906
Additions
Revaluations
( 4,906)
------
At 5 April 2024
------
Amortisation
At 6 April 2023 and 5 April 2024
------
Carrying amount
At 5 April 2024
------
At 5 April 2023
4,906
------
6. Tangible assets
Buildings
Plant and machinery
Office equipment
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost or valuation
At 6 Apr 2023
70,172
1,167,245
11,937
74,459
470,098
1,793,911
Additions
235,395
235,395
Disposals
( 160,703)
( 160,703)
Revaluations
( 5,923)
( 5,923)
-------
-----------
-------
-------
---------
-----------
At 5 Apr 2024
70,172
1,241,937
11,937
74,459
464,175
1,862,680
-------
-----------
-------
-------
---------
-----------
Depreciation
At 6 Apr 2023
70,172
819,183
10,140
73,105
972,600
Charge for the year
109,676
208
339
110,223
Disposals
( 125,883)
( 125,883)
-------
-----------
-------
-------
---------
-----------
At 5 Apr 2024
70,172
802,976
10,348
73,444
956,940
-------
-----------
-------
-------
---------
-----------
Carrying amount
At 5 Apr 2024
438,961
1,589
1,015
464,175
905,740
-------
-----------
-------
-------
---------
-----------
At 5 Apr 2023
348,062
1,797
1,354
470,098
821,311
-------
-----------
-------
-------
---------
-----------
7. Investments
Listed and unlisted investments
£
Cost
At 6 April 2023 and 5 April 2024
81
----
Impairment
At 6 April 2023 and 5 April 2024
----
Carrying amount
At 5 April 2024
81
----
At 5 April 2023
81
----
The market value of listed investments was £nil (2023 - £nil). The net book value of investments in unlisted companies was £81 (2023 - £81).
8. Debtors
2024
2023
£
£
Trade debtors
276,047
346,657
Other debtors
227,475
193,879
---------
---------
503,522
540,536
---------
---------
9. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
393,962
403,382
Trade creditors
71,346
100,497
Accruals and deferred income
25,318
35,916
Corporation tax
6,480
11,056
Social security and other taxes
4,928
5,730
Obligations under finance leases and hire purchase contracts
63,696
47,429
Other creditors
90,550
83,650
---------
---------
656,280
687,660
---------
---------
The hire purchase liabilities are secured on the assets concerned. The bank holds a personal guarantee from Mr S D Shaw limited to £400,000.
10. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
65,980
103,085
Shares classed as financial liabilities
95,000
95,000
Obligations under finance leases and hire purchase contracts
37,298
26,525
Aylsham Grain Loan
66,000
66,000
---------
---------
264,278
290,610
---------
---------
The hire purchase liabilities are secured on the assets concerned. The bank holds a personal guarantee from Mr S D Shaw limited to £400,000.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
15,000
15,000
15,000
15,000
-------
-------
-------
-------
Amounts presented in liabilities:
Preference shares shares of £ 1 each
95,000
95,000
95,000
95,000
-------
-------
-------
-------
12. Director's advances, credits and guarantees
Included within debtors is a an amount due from Mr S D Shaw of £157,598 (2023: £130,685). The maximum overdrawn balance for the year was £157,598 (2023 - £133,230). Interest was charged of £768 at the official rate of interest on the overdrawn balance.