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REGISTRAR OF COMPANIES

Registration number: SC479947

Slagnaw Farming Limited

Unaudited Financial Statements

30 November 2024

image-name

 

Slagnaw Farming Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

5

 

Slagnaw Farming Limited

Company Information

Director

K A Campbell

Registered office

Slagnaw Farm
Kelton
CASTLE DOUGLAS
DG7 1SY
 

Accountants

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

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Slagnaw Farming Limited
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Slagnaw Farming Limited for the year ended 30 November 2024 as set out on pages 3 to 14 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 Slagnaw Farming Limited, as a body, in accordance with the terms of our engagement letter dated 17 January 2023. Our work has been undertaken solely to prepare for your approval the accounts of Slagnaw Farming Limited and state those matters that we have agreed to state to the Board of Directors of Slagnaw Farming 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 Slagnaw Farming Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Slagnaw Farming 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 Slagnaw Farming Limited. You consider that Slagnaw Farming 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 Slagnaw Farming 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

23 April 2025

 

Slagnaw Farming Limited

(Registration number: SC479947)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,382,249

2,442,923

Other financial assets

6

275,237

257,823

 

2,657,486

2,700,746

Current assets

 

Stocks

1,239,742

1,211,587

Debtors

7

1,048,344

329,373

 

2,288,086

1,540,960

Creditors: Amounts falling due within one year

8

(715,277)

(797,984)

Net current assets

 

1,572,809

742,976

Total assets less current liabilities

 

4,230,295

3,443,722

Creditors: Amounts falling due after more than one year

8

(3,098,387)

(2,474,856)

Provisions for liabilities

(258,115)

(142,033)

Net assets

 

873,793

826,833

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

873,693

826,733

Total equity

 

873,793

826,833

 

Slagnaw Farming Limited

(Registration number: SC479947)
Balance Sheet as at 30 November 2024 (continued)

For the financial year ending 30 November 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 April 2025
 

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

K A Campbell

Director

 

Slagnaw Farming Limited

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

1

General information

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

The address of its registered office is:
Slagnaw Farm
Kelton
CASTLE DOUGLAS
DG7 1SY

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.

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.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

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.

 

Slagnaw Farming Limited

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

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.

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

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 tenant's 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.

 

Slagnaw Farming Limited

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

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Investments

Fixed asset investments represent an investment in AMCo Individual Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is refundable and is stated at historical cost less provision for any diminution 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.

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.

 

Slagnaw Farming Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

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.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

 

Slagnaw Farming Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 12).

 

Slagnaw Farming Limited

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

4

Intangible assets

Basic payment scheme
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 December 2023

1,382

97,032

98,414

At 30 November 2024

1,382

97,032

98,414

Amortisation

At 1 December 2023

1,382

97,032

98,414

At 30 November 2024

1,382

97,032

98,414

Carrying amount

At 30 November 2024

-

-

-

At 30 November 2023

-

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 December 2023

655,422

2,387,455

22,466

4,245

3,069,588

Additions

14,303

154,983

-

750

170,036

Disposals

-

(19,319)

-

-

(19,319)

At 30 November 2024

669,725

2,523,119

22,466

4,995

3,220,305

Depreciation

At 1 December 2023

49,032

554,190

19,217

4,226

626,665

Charge for the year

33,568

181,683

812

206

216,269

Eliminated on disposal

-

(4,878)

-

-

(4,878)

At 30 November 2024

82,600

730,995

20,029

4,432

838,056

Carrying amount

At 30 November 2024

587,125

1,792,124

2,437

563

2,382,249

At 30 November 2023

606,390

1,833,265

3,249

19

2,442,923

 

Slagnaw Farming Limited

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

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

275,237

257,823

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2023

257,823

257,823

Additions

17,414

17,414

At 30 November 2024

275,237

275,237

Carrying amount

At 30 November 2024

275,237

275,237

7

Debtors

2024
£

2023
£

Trade debtors

148,747

89,754

Other debtors

899,597

239,619

1,048,344

329,373

 

Slagnaw Farming Limited

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

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

447,007

540,573

Trade creditors

 

178,489

172,993

Other creditors

 

89,781

84,418

 

715,277

797,984

Due after one year

 

Loans and borrowings

9

3,055,683

2,471,405

Other creditors

 

42,704

3,451

 

3,098,387

2,474,856

2024
£

2023
£

After more than five years by instalments

2,446,243

1,950,470

2,446,243

1,950,470

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

148,422

127,107

Bank overdrafts

129,529

216,956

Finance lease liabilities

57,056

86,510

Redeemable preference shares

100,000

100,000

Other borrowings

12,000

10,000

447,007

540,573

 

Slagnaw Farming Limited

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

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

2024
£

2023
£

Bank borrowings

148,422

127,107

Bank overdrafts

129,529

216,956

Finance lease liabilities

57,056

86,510

335,007

430,573

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.
 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

3,029,058

2,439,849

Finance lease liabilities

26,625

31,556

3,055,683

2,471,405

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

2024
£

2023
£

Bank borrowings

3,029,058

2,439,849

Finance lease liabilities

26,625

31,556

3,055,683

2,471,405

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

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £17,329 (2023 - £25,994).

 

Slagnaw Farming Limited

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

11

Related party transactions

Transactions with the director

2024

At 1 December 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 November 2024
£

K A Campbell

Loan

130,888

876,177

(184,569)

-

(10,000)

18,094

830,590

               
         

 

2023

At 1 December 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 November 2023
£

K A Campbell

Loan

121,875

202,165

(185,980)

-

(10,000)

2,828

130,888

               
         

 

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.