Silverfin false false 31/03/2024 01/06/2023 31/03/2024 Alan Donald 03/10/2007 David Donald 03/10/2007 09 April 2025 The principal activity of the Company during the financial year was the growing and selling of potatoes. The company also owns a wind turbine. SC331783 2024-03-31 SC331783 bus:Director1 2024-03-31 SC331783 bus:Director2 2024-03-31 SC331783 2023-05-31 SC331783 core:CurrentFinancialInstruments 2024-03-31 SC331783 core:CurrentFinancialInstruments 2023-05-31 SC331783 core:Non-currentFinancialInstruments 2024-03-31 SC331783 core:Non-currentFinancialInstruments 2023-05-31 SC331783 core:ShareCapital 2024-03-31 SC331783 core:ShareCapital 2023-05-31 SC331783 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC331783 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC331783 core:PlantMachinery 2023-05-31 SC331783 core:Vehicles 2023-05-31 SC331783 core:OtherPropertyPlantEquipment 2023-05-31 SC331783 core:PlantMachinery 2024-03-31 SC331783 core:Vehicles 2024-03-31 SC331783 core:OtherPropertyPlantEquipment 2024-03-31 SC331783 core:CostValuation 2023-05-31 SC331783 core:AdditionsToInvestments 2024-03-31 SC331783 core:DisposalsRepaymentsInvestments 2024-03-31 SC331783 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2024-03-31 SC331783 core:CostValuation 2024-03-31 SC331783 bus:OrdinaryShareClass1 2024-03-31 SC331783 2023-06-01 2024-03-31 SC331783 bus:FilletedAccounts 2023-06-01 2024-03-31 SC331783 bus:SmallEntities 2023-06-01 2024-03-31 SC331783 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-03-31 SC331783 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-03-31 SC331783 bus:Director1 2023-06-01 2024-03-31 SC331783 bus:Director2 2023-06-01 2024-03-31 SC331783 core:PlantMachinery 2023-06-01 2024-03-31 SC331783 core:Vehicles 2023-06-01 2024-03-31 SC331783 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-06-01 2024-03-31 SC331783 2022-06-01 2023-05-31 SC331783 core:OtherPropertyPlantEquipment 2023-06-01 2024-03-31 SC331783 core:CurrentFinancialInstruments 2023-06-01 2024-03-31 SC331783 core:Non-currentFinancialInstruments 2023-06-01 2024-03-31 SC331783 bus:OrdinaryShareClass1 2023-06-01 2024-03-31 SC331783 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC331783 (Scotland)

IAN G DONALD (POTATOES) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

IAN G DONALD (POTATOES) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024

Contents

IAN G DONALD (POTATOES) LTD

BALANCE SHEET

AS AT 31 MARCH 2024
IAN G DONALD (POTATOES) LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.05.2023
£ £
Fixed assets
Tangible assets 3 620,387 463,329
Investments 4 1,179,509 1,000,841
1,799,896 1,464,170
Current assets
Stocks 237,356 253,539
Debtors 5 492,124 438,689
Cash at bank and in hand 312,774 168,789
1,042,254 861,017
Creditors: amounts falling due within one year 6 ( 351,697) ( 383,169)
Net current assets 690,557 477,848
Total assets less current liabilities 2,490,453 1,942,018
Creditors: amounts falling due after more than one year 7 ( 51,809) ( 70,119)
Provision for liabilities ( 152,118) ( 110,351)
Net assets 2,286,526 1,761,548
Capital and reserves
Called-up share capital 8 200 200
Profit and loss account 2,286,326 1,761,348
Total shareholders' funds 2,286,526 1,761,548

For the financial period ending 31 March 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 Ian G Donald (Potatoes) Ltd (registered number: SC331783) were approved and authorised for issue by the Board of Directors on 09 April 2025. They were signed on its behalf by:

David Donald
Director
IAN G DONALD (POTATOES) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024
IAN G DONALD (POTATOES) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 31 MARCH 2024
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

Ian G Donald (Potatoes) Ltd (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 Hungryhills, Longmanhill, Banff, AB45 3RR, United Kingdom.

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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements are prepared for a period of 10 months to 31 March 2024 whilst the comparatives are for the 12 month period to 30 June 2023.

Turnover

Turnover represents amounts receivable for agricultural goods and services net of VAT. Turnover comprises income received from the following sources:

Potato sales are recognised at the point of invoice.

Contracting income is recognised on an accrual basis as work is performed.

Electricity income is recognised on an accrual basis.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Vehicles 25 % reducing balance
Other property, plant and equipment 10 years straight line

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

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss .

Fixed asset investments

Interests in unincorporated partnership are held under the equity method of accounting, an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the associate. 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Stocks

Stocks are stated at the lower of cost and net realisable value .

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate 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.

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
01.06.2023 to
31.03.2024
Year ended
31.05.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 5 5

3. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 June 2023 977,149 122,750 80,728 1,180,627
Additions 137,144 124,000 0 261,144
At 31 March 2024 1,114,293 246,750 80,728 1,441,771
Accumulated depreciation
At 01 June 2023 567,154 69,416 80,728 717,298
Charge for the financial period 74,891 29,195 0 104,086
At 31 March 2024 642,045 98,611 80,728 821,384
Net book value
At 31 March 2024 472,248 148,139 0 620,387
At 31 May 2023 409,995 53,334 0 463,329

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 June 2023 1,000,841 1,000,841
Additions 264,614 264,614
Disposals ( 150,000) ( 150,000)
Drawings 0 0
Share of Interest on Capital 64,054 64,054
At 31 March 2024 1,179,509 1,179,509
Carrying value at 31 March 2024 1,179,509 1,179,509
Carrying value at 31 May 2023 1,000,841 1,000,841

5. Debtors

31.03.2024 31.05.2023
£ £
Trade debtors 394,403 305,750
Corporation tax 0 213
Other debtors 97,721 132,726
492,124 438,689

6. Creditors: amounts falling due within one year

31.03.2024 31.05.2023
£ £
Trade creditors 94,565 90,388
Taxation and social security 154,690 55,792
Obligations under finance leases and hire purchase contracts 79,494 74,450
Other creditors 22,948 162,539
351,697 383,169

Included within obligations under finance leases is amounts relating to hire purchase of £79,494 (2023 - £74,450)

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

31.03.2024 31.05.2023
£ £
Obligations under finance leases and hire purchase contracts 51,809 70,119

Included within obligations under finance leases is amounts relating to hire purchase of £51,809 (2023 - £70.119)

8. Called-up share capital

31.03.2024 31.05.2023
£ £
Allotted, called-up and fully-paid
200 A ordinary shares of £ 1.00 each 200 200

9. Related party transactions

Transactions with the entity's directors

31.03.2024 31.05.2023
£ £
Loan to directors' 4,107 2,958

The loan is interest free and has no set repayment terms.