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REGISTRAR OF COMPANIES

Registration number: SC339290

T W & T B Edgar Limited

Unaudited Financial Statements

30 September 2024

image-name

 

T W & T B Edgar Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
T W & T B Edgar Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of T W & T B Edgar Limited for the year ended 30 September 2024 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of T W & T B Edgar Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2025. Our work has been undertaken solely to prepare for your approval the accounts of T W & T B Edgar Limited and state those matters that we have agreed to state to the Board of Directors of T W & T B Edgar Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T W & T B Edgar Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that T W & T B Edgar Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of T W & T B Edgar Limited. You consider that T W & T B Edgar Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of T W & T B Edgar Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

3 March 2025

 

T W & T B Edgar Limited

(Registration number: SC339290)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,344,257

2,309,044

Investment property

6

204,160

204,160

 

2,548,417

2,513,204

Current assets

 

Stocks

849,464

870,214

Debtors

7

91,785

207,752

Cash at bank and in hand

 

81

85

 

941,330

1,078,051

Creditors: Amounts falling due within one year

8

(955,597)

(1,136,799)

Net current liabilities

 

(14,267)

(58,748)

Total assets less current liabilities

 

2,534,150

2,454,456

Creditors: Amounts falling due after more than one year

8

(842,531)

(878,055)

Provisions for liabilities

(220,515)

(200,828)

Net assets

 

1,471,104

1,375,573

Capital and reserves

 

Allotted, called up and fully paid share capital

200

200

Profit and loss account

1,470,904

1,375,373

Total equity

 

1,471,104

1,375,573

 

T W & T B Edgar Limited

(Registration number: SC339290)
Balance Sheet as at 30 September 2024 (continued)

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 March 2025
 

.........................................

T B Edgar

Director

 

T W & T B Edgar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Whitton Farm
Morebattle
Kelso
Roxburghshire
TD5 8QX
Scotland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 30 September 2024 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

 

T W & T B Edgar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

T W & T B Edgar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Land not depreciated, buildings 5% straight line

Plant and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 year straight line

Land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 5% straight line over their useful economic life, and not the duration of the lease.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Herd stock is included in the balance sheet at the original cost of the herd adjusted annually for additions to, or disposals from the herd.

Additions to the herd are included at cost except where there is a reinstatement of disposals to the herd from the prior year. In this case they are reinstated at the prior year disposal value.

Disposals to the herd are disposed of at an average cost except where there have been additions to the herd in the prior year. In this case they are disposed of on a last in first out basis.

Flock stock is included in the balance sheet at the original cost of the flock. The directors consider this to be appropriate because the individual components of the flock are constantly being replaced, without material variation in the composition or value of the flock.

 

T W & T B Edgar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

T W & T B Edgar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

T W & T B Edgar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 October 2023

16,376

16,376

At 30 September 2024

16,376

16,376

Amortisation

At 1 October 2023

16,376

16,376

At 30 September 2024

16,376

16,376

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 October 2023

1,508,869

1,580,470

78,971

4,814

3,173,124

Additions

-

175,087

-

1,165

176,252

Disposals

-

(104,600)

-

-

(104,600)

At 30 September 2024

1,508,869

1,650,957

78,971

5,979

3,244,776

Depreciation

At 1 October 2023

43,540

760,480

56,696

3,364

864,080

Charge for the year

6,226

85,503

5,570

1,315

98,614

Eliminated on disposal

-

(62,175)

-

-

(62,175)

At 30 September 2024

49,766

783,808

62,266

4,679

900,519

Carrying amount

At 30 September 2024

1,459,103

867,149

16,705

1,300

2,344,257

At 30 September 2023

1,465,329

819,990

22,275

1,450

2,309,044

 

T W & T B Edgar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Investment properties

£

At 1 October 2023

204,160

At 30 September 2024

204,160

There has been no valuation of investment property by an independent valuer.

The directors have considered the fair value of the investment property at 30 September 2024 and consider the original cost is a fair valuation of the property.

7

Debtors

2024
£

2023
£

Trade debtors

66,491

121,440

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10,800

-

Other debtors

14,494

86,312

91,785

207,752

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

828,477

755,123

Trade creditors

 

72,981

138,472

Corporation tax liability

 

43,164

16,296

Other creditors

 

10,975

226,908

 

955,597

1,136,799

Due after one year

 

Loans and borrowings

9

842,531

878,055

2024
£

2023
£

After more than five years by instalments

572,359

643,164

572,359

643,164

 

T W & T B Edgar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

40,677

34,210

Bank overdrafts

729,842

643,500

Finance lease liabilities

57,958

77,413

828,477

755,123

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

40,677

34,210

Bank overdrafts

729,842

643,500

Finance lease liabilities

57,958

77,413

828,477

755,123

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

T W & T B Edgar Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

770,545

811,305

Finance lease liabilities

71,986

66,750

842,531

878,055

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

770,545

811,305

Finance lease liabilities

71,986

66,750

842,531

878,055

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

10

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 September 2024
£

T B Edgar

Loan

48,428

241,508

(234,931)

-

(50,000)

660

5,665

               
         

 

2023

At 1 October 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 September 2023
£

T B Edgar

Loan

81,096

293,023

(86,992)

-

(240,000)

1,301

48,428

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% to March 2023 and 2.25% thereafter on advances to directors.