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COMPANY REGISTRATION NUMBER: SC459356
OVERBRAE FARMS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
OVERBRAE FARMS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
OVERBRAE FARMS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr L. H. Batchelor
Mrs G. M. Batchelor
Mr S. E. Batchelor
Mr C. Batchelor
Registered office
26-30 Marine Place
Buckie
Moray
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
OVERBRAE FARMS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OVERBRAE FARMS LIMITED
YEAR ENDED 31 MAY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Overbrae Farms Limited for the year ended 31 May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Overbrae Farms Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Overbrae Farms Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Overbrae Farms Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Overbrae Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Overbrae Farms Limited. You consider that Overbrae Farms 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 financial statements of Overbrae Farms 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 financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
8 April 2025
OVERBRAE FARMS LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
835,971
923,521
CURRENT ASSETS
Stocks
23,675
35,250
Debtors
6
8,752
10,098
Cash at bank and in hand
4,709
1,151
--------
--------
37,136
46,499
CREDITORS: amounts falling due within one year
7
382,801
398,688
---------
---------
NET CURRENT LIABILITIES
345,665
352,189
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
490,306
571,332
CREDITORS: amounts falling due after more than one year
8
1,136,624
1,113,407
------------
------------
NET LIABILITIES
( 646,318)
( 542,075)
------------
------------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
( 646,320)
( 542,077)
---------
---------
SHAREHOLDERS DEFICIT
( 646,318)
( 542,075)
---------
---------
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 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OVERBRAE FARMS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 8 April 2025 , and are signed on behalf of the board by:
Mr L. H. Batchelor
Director
Company registration number: SC459356
OVERBRAE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, AB56 1UT, Moray.
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.
Going concern
Despite the deficit position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost less depreciation and impairment.
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:
Heritable Property
-
4% straight line
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible assets
Heritable Property
Plant and machinery
Motor vehicles
Office Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
739,856
1,030,504
1,730
5,600
1,777,690
Additions
582
582
---------
------------
-------
-------
------------
At 31 May 2024
739,856
1,031,086
1,730
5,600
1,778,272
---------
------------
-------
-------
------------
Depreciation
At 1 June 2023
205,934
642,511
1,602
4,122
854,169
Charge for the year
29,594
58,286
32
220
88,132
---------
------------
-------
-------
------------
At 31 May 2024
235,528
700,797
1,634
4,342
942,301
---------
------------
-------
-------
------------
Carrying amount
At 31 May 2024
504,328
330,289
96
1,258
835,971
---------
------------
-------
-------
------------
At 31 May 2023
533,922
387,993
128
1,478
923,521
---------
------------
-------
-------
------------
6. Debtors
2024
2023
£
£
Trade debtors
8,650
3,150
Other debtors
102
6,948
-------
--------
8,752
10,098
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
351,025
348,916
Trade creditors
24,978
43,236
Social security and other taxes
998
736
Other creditors
5,800
5,800
---------
---------
382,801
398,688
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
864,518
858,843
Other creditors
272,106
254,564
------------
------------
1,136,624
1,113,407
------------
------------
9. Related party transactions
At 31 May 2024 the company owed the directors £270,239 (2023: £250,831) by way of a director's loan account.