Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Timothy John Stevenson Medlock 11/03/1992 13 May 2025 The principal activity of the Company during the financial year continued to be that of raising organic chickens and receiving electricity income. SC137074 2024-05-31 SC137074 bus:Director1 2024-05-31 SC137074 2023-05-31 SC137074 core:CurrentFinancialInstruments 2024-05-31 SC137074 core:CurrentFinancialInstruments 2023-05-31 SC137074 core:Non-currentFinancialInstruments 2024-05-31 SC137074 core:Non-currentFinancialInstruments 2023-05-31 SC137074 core:ShareCapital 2024-05-31 SC137074 core:ShareCapital 2023-05-31 SC137074 core:RevaluationReserve 2024-05-31 SC137074 core:RevaluationReserve 2023-05-31 SC137074 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC137074 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC137074 core:LandBuildings 2023-05-31 SC137074 core:OtherPropertyPlantEquipment 2023-05-31 SC137074 core:LandBuildings 2024-05-31 SC137074 core:OtherPropertyPlantEquipment 2024-05-31 SC137074 bus:OrdinaryShareClass1 2024-05-31 SC137074 2023-06-01 2024-05-31 SC137074 bus:FilletedAccounts 2023-06-01 2024-05-31 SC137074 bus:SmallEntities 2023-06-01 2024-05-31 SC137074 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC137074 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC137074 bus:Director1 2023-06-01 2024-05-31 SC137074 core:LandBuildings core:TopRangeValue 2023-06-01 2024-05-31 SC137074 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-06-01 2024-05-31 SC137074 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-06-01 2024-05-31 SC137074 2022-06-01 2023-05-31 SC137074 core:LandBuildings 2023-06-01 2024-05-31 SC137074 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC137074 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC137074 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC137074 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC137074 (Scotland)

MEARNS ORGANIC TRADING LIMITED

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

MEARNS ORGANIC TRADING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

MEARNS ORGANIC TRADING LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
MEARNS ORGANIC TRADING LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 169,369 203,987
169,369 203,987
Current assets
Debtors 4 198,292 181,751
Cash at bank and in hand 11 816
198,303 182,567
Creditors: amounts falling due within one year 5 ( 352,177) ( 393,962)
Net current liabilities (153,874) (211,395)
Total assets less current liabilities 15,495 (7,408)
Creditors: amounts falling due after more than one year 6 ( 30,927) ( 34,895)
Net liabilities ( 15,432) ( 42,303)
Capital and reserves
Called-up share capital 7 94,285 94,285
Revaluation reserve 166,249 166,249
Profit and loss account ( 275,966 ) ( 302,837 )
Total shareholders' deficit ( 15,432) ( 42,303)

For the financial 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.

Director's responsibilities:

The financial statements of Mearns Organic Trading Limited (registered number: SC137074) were approved and authorised for issue by the Director on 13 May 2025. They were signed on its behalf by:

Timothy John Stevenson Medlock
Director
MEARNS ORGANIC TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
MEARNS ORGANIC TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

Mearns Organic Trading 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 Mains Of Haulkerton, Mains Of Haulkerton Farm, Laurencekirk, AB30 1EL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £15,432. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met 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 represents amounts receivable for the sale of organic chickens net of VAT and trade discounts and electricity income.

Revenue is recognised when the company has entitlement to the income in exchange for the goods and provision of electricity.

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.

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:

Land and buildings 20 years straight line
Plant and machinery etc. 5 - 10 years straight line

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 lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are 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.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 June 2023 176,435 616,751 793,186
Disposals 0 ( 4,998) ( 4,998)
At 31 May 2024 176,435 611,753 788,188
Accumulated depreciation
At 01 June 2023 36,425 552,774 589,199
Charge for the financial year 8,750 21,911 30,661
Disposals 0 ( 1,041) ( 1,041)
At 31 May 2024 45,175 573,644 618,819
Net book value
At 31 May 2024 131,260 38,109 169,369
At 31 May 2023 140,010 63,977 203,987

4. Debtors

2024 2023
£ £
Trade debtors 0 3,250
Corporation tax 7,437 2,443
Other debtors 190,855 176,058
198,292 181,751

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,767 5,566
Trade creditors 16,820 3,806
Taxation and social security 7,363 6,338
Other creditors 323,227 378,252
352,177 393,962

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

2024 2023
£ £
Bank loans 30,927 34,895

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
94,285 Ordinary shares of £ 1.00 each 94,285 94,285

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed by director 12,607 0

In this period, advances totalling £12,745 have been made to directors and £138 has been repaid. Interest of £160 has been charged on the advances at a rate of 2.25%. This loan is unsecured and has no fixed terms of repayment.

Other related party transactions

2024 2023
£ £
Amounts due from an entity in which the director has a participating interest 178,248 176,058
Amounts due to an entity in which the director has a participating interest 144,094 176,005