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Company No: SC082767 (Scotland)

GRANGE FARM (PETERHEAD) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

GRANGE FARM (PETERHEAD) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Contents

GRANGE FARM (PETERHEAD) LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024
GRANGE FARM (PETERHEAD) LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,462,773 1,469,697
Investments 4 112 112
1,462,885 1,469,809
Current assets
Stocks 145,132 137,834
Debtors
- due within one year 5 39,079 46,447
- due after more than one year 5 46,810 54,625
Cash at bank and in hand 6 186,851 143,661
417,872 382,567
Creditors: amounts falling due within one year 7 ( 1,246,383) ( 1,236,454)
Net current liabilities (828,511) (853,887)
Total assets less current liabilities 634,374 615,922
Provision for liabilities 8 ( 23,555) ( 32,707)
Net assets 610,819 583,215
Capital and reserves
Called-up share capital 9 150,000 150,000
Profit and loss account 460,819 433,215
Total shareholder's funds 610,819 583,215

For the financial year ending 31 December 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 Grange Farm (Peterhead) Limited (registered number: SC082767) were approved and authorised for issue by the Board of Directors on 16 April 2025. They were signed on its behalf by:

Martin Alexander Willox
Director
GRANGE FARM (PETERHEAD) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
GRANGE FARM (PETERHEAD) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
1. Accounting policies

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

General information and basis of accounting

Grange Farm (Peterhead) 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 Anderson House, 9-11 Frithside Street, Fraserburgh, AB43 9AB, United Kingdom.

The financial statements have been prepared under the historical cost convention 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.

Turnover

Turnover is recognised at the fair value of the consideration received for the sale of crops, rental of land and buildings, and farming subsidies received.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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:

Leasehold improvements not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 15 % 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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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 Profit and Loss Account 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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 bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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 at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2024 1,518,018 127,305 38,741 925 1,684,989
Additions 0 3,716 0 0 3,716
Disposals 0 ( 5,700) 0 0 ( 5,700)
At 31 December 2024 1,518,018 125,321 38,741 925 1,683,005
Accumulated depreciation
At 01 January 2024 102,500 106,724 5,811 257 215,292
Charge for the financial year 0 3,252 6,586 308 10,146
Disposals 0 ( 5,206) 0 0 ( 5,206)
At 31 December 2024 102,500 104,770 12,397 565 220,232
Net book value
At 31 December 2024 1,415,518 20,551 26,344 360 1,462,773
At 31 December 2023 1,415,518 20,581 32,930 668 1,469,697

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2024 112 112
At 31 December 2024 112 112
Carrying value at 31 December 2024 112 112
Carrying value at 31 December 2023 112 112

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 29,936 26,864
Corporation tax 0 10,712
Other debtors 9,143 8,871
39,079 46,447
Debtors: amounts falling due after more than one year
Other debtors 46,810 54,625

Other debtors falling due after more than one year relates to deferred property consideration, that is being paid over a period of 10 years.

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 186,851 143,661

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 188 180
Amounts owed to Group undertakings 1,180,673 1,180,673
Taxation and social security 6,609 538
Other creditors 58,913 55,063
1,246,383 1,236,454

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 32,707) ( 31,599)
Credited/(charged) to the Profit and Loss Account 9,152 ( 1,108)
At the end of financial year ( 23,555) ( 32,707)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
150,000 Ordinary shares of £ 1.00 each 150,000 150,000

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to directors of the company 44,453 44,606

This amount is interest free and repayable on demand.

Other related party transactions

2024 2023
£ £
Amounts due to Grange Holdings Peterhead Limited 1,180,673 1,180,673

The company has taken advantage of FRS 102 Section 33 which allows exemption from disclosure of related party transactions with other group companies.

11. Ultimate controlling party

Parent Company:

Grange Holdings Peterhead Limited
Anderson House, 9/11 Frithside Street, Fraserburgh, AB43 9AB, United Kingdom