Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-3172023-06-01falseNo description of principal activity7truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC213927 2023-06-01 2024-05-31 SC213927 2022-06-01 2023-05-31 SC213927 2024-05-31 SC213927 2023-05-31 SC213927 c:CompanySecretary1 2023-06-01 2024-05-31 SC213927 c:Director1 2023-06-01 2024-05-31 SC213927 c:Director2 2023-06-01 2024-05-31 SC213927 c:RegisteredOffice 2023-06-01 2024-05-31 SC213927 d:Buildings 2023-06-01 2024-05-31 SC213927 d:Buildings 2024-05-31 SC213927 d:Buildings 2023-05-31 SC213927 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC213927 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 SC213927 d:Buildings d:LongLeaseholdAssets 2024-05-31 SC213927 d:Buildings d:LongLeaseholdAssets 2023-05-31 SC213927 d:PlantMachinery 2023-06-01 2024-05-31 SC213927 d:PlantMachinery 2024-05-31 SC213927 d:PlantMachinery 2023-05-31 SC213927 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC213927 d:MotorVehicles 2023-06-01 2024-05-31 SC213927 d:MotorVehicles 2024-05-31 SC213927 d:MotorVehicles 2023-05-31 SC213927 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC213927 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 SC213927 d:CurrentFinancialInstruments 2024-05-31 SC213927 d:CurrentFinancialInstruments 2023-05-31 SC213927 d:Non-currentFinancialInstruments 2024-05-31 SC213927 d:Non-currentFinancialInstruments 2023-05-31 SC213927 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 SC213927 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 SC213927 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 SC213927 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 SC213927 d:ShareCapital 2024-05-31 SC213927 d:ShareCapital 2023-05-31 SC213927 d:RetainedEarningsAccumulatedLosses 2024-05-31 SC213927 d:RetainedEarningsAccumulatedLosses 2023-05-31 SC213927 c:OrdinaryShareClass1 2023-06-01 2024-05-31 SC213927 c:OrdinaryShareClass1 2024-05-31 SC213927 c:OrdinaryShareClass1 2023-05-31 SC213927 c:FRS102 2023-06-01 2024-05-31 SC213927 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC213927 c:FullAccounts 2023-06-01 2024-05-31 SC213927 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC213927 4 2023-06-01 2024-05-31 SC213927 4 2024-05-31 SC213927 4 2023-05-31 SC213927 f:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC213927










THOW FARMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 
THOW FARMS LIMITED
 

COMPANY INFORMATION


DIRECTORS
N G Thow 
A R Thow 




COMPANY SECRETARY
Mrs A Thow



REGISTERED NUMBER
SC213927



REGISTERED OFFICE
Westby
64 West High Street

Forfar

Angus

DD8 1BJ




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
THOW FARMS LIMITED
REGISTERED NUMBER:SC213927

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
£
£

FIXED ASSETS
  

Tangible assets
 4 
4,219,725
4,305,270

Trade investments
  
4,698
9,326

  
4,224,423
4,314,596

CURRENT ASSETS
  

Stocks
  
2,423,576
3,110,572

Debtors
 6 
229,639
292,356

Cash at bank and in hand
  
(221,147)
4,670

  
2,432,068
3,407,598

Creditors: amounts falling due within one year
 7 
(1,242,975)
(2,302,533)

NET CURRENT ASSETS
  
 
 
1,189,093
 
 
1,105,065

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,413,516
5,419,661

Creditors: amounts falling due after more than one year
 8 
(3,062,779)
(3,102,844)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(188,243)
(170,013)

  
 
 
(188,243)
 
 
(170,013)

NET ASSETS
  
2,162,494
2,146,804


CAPITAL AND RESERVES
  

Called up share capital 
 9 
100
100

Profit and loss account
  
2,162,394
2,146,704

  
2,162,494
2,146,804


Page 1

 
THOW FARMS LIMITED
REGISTERED NUMBER:SC213927

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 January 2025.




N G Thow
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
THOW FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


GENERAL INFORMATION

Thow Farms Limited is a private limited company limited by shares incorporated in Scotland with registration number SC213927.  The registered office is Westby, 64 West High Street, Forfar, DD8 1BJ. The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

AGRICULTURAL SUPPORT SCHEME

Income from the Basic Payment Scheme is not recognised until 31 December of the relevant scheme year, when all conditions of the scheme have been complied with.
Income received under livestock support schemes is recognised as income when the business receives the payment, and not when the business has met all the criteria which entitles it to the income.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
THOW FARMS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

CURRENT AND DEFERRED TAXATION

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Depreciation is provided on the following basis:

Property improvements
-
4.0%
Reducing balance
Plant and equipment
-
12.5%
Reducing balance
Motor vehicles
-
25.0%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
THOW FARMS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (continued)

 
2.7

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 5

 
THOW FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


TANGIBLE FIXED ASSETS





Heritable property
Property improvements
Plant & machinery
Motor vehicles
Total

£
£
£
£
£



COST OR VALUATION


At 1 June 2023
3,074,439
364,251
1,292,813
159,708
4,891,211


Additions
2,841
-
47,826
67,930
118,597


Disposals
-
-
(13,578)
(73,595)
(87,173)



At 31 May 2024

3,077,280
364,251
1,327,061
154,043
4,922,635



DEPRECIATION


At 1 June 2023
-
67,253
447,482
71,206
585,941


Charge for the year on owned assets
-
11,881
110,788
27,310
149,979


Disposals
-
-
(6,615)
(26,395)
(33,010)



At 31 May 2024

-
79,134
551,655
72,121
702,910



NET BOOK VALUE



At 31 May 2024
3,077,280
285,117
775,406
81,922
4,219,725



At 31 May 2023
3,074,439
296,998
845,331
88,502
4,305,270


5.


FIXED ASSET INVESTMENTS





Trade investments

£





At 1 June 2023
9,326


Disposals
(4,628)






NET BOOK VALUE



At 31 May 2024
4,698



At 31 May 2023
9,326

Page 6

 
THOW FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


DEBTORS


2024
2023
£
£



Trade debtors
47,262
141,785

Other debtors
182,377
150,571

229,639
292,356



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
429,766
524,356

Bank loans
27,378
28,798

Trade creditors
317,694
531,181

Obligations under finance lease and hire purchase contracts
39,816
89,797

Other creditors
428,321
1,128,401

1,242,975
2,302,533


The following liabilities were secured:

2024
2023
£
£



Bank loans
27,378
28,798

Hire purchase contracts
39,816
89,797

67,194
118,595

Details of security provided:

The loans are secured by charges over the farms and land of Blairs, Kinkell, Denside, Motheyholes, Bogburn, Glenfarquhar, Loanhead and Goosecreives. 
The hire purchase creditors are secured against the underlying asset purchased.

Page 7

 
THOW FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
3,033,392
3,059,349

Net obligations under finance leases and hire purchase contracts
29,387
43,495

3,062,779
3,102,844


The following liabilities were secured:

2024
2023
£
£



Bank loans
3,033,392
3,059,349

Hire purchase contracts
29,387
43,495

3,062,779
3,102,844

Details of security provided:

The loans are secured by charges over the farms and land of Blairs, Kinkell, Denside, Motheyholes, Bogburn, Glenfarquhar, Loanhead and Goosecreives. 
The hire purchase creditors are secured against the underlying asset purchased.


9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



Page 8