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2024-08-31
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No description of principal activities is disclosed
2023-09-01
Sage Accounts Production 24.0 - FRS102_2023
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Company registration number:
SC293913
Southbrae Farm Limited
Unaudited filleted financial statements
31 August 2024
Southbrae Farm Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Southbrae Farm Limited
Directors and other information
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Directors |
M Steedman |
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L Cross |
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Secretary |
L Cross |
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Company number |
SC293913 |
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Registered office |
20 Barnton Street |
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Stirling |
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FK8 1NE |
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Business address |
South Brae Cottage |
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Back Loan |
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Thornhill |
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Stirling |
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FK8 3QB |
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Accountants |
Dickson Middleton |
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20 Barnton Street |
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Stirling |
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FK8 1NE |
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Bankers |
Bank of Scotland |
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600 Gorgie Road |
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Edinburgh |
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EH11 3XP |
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Southbrae Farm Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Southbrae Farm Limited
Period ended 31 August 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 Southbrae Farm Limited for the year ended 31 August 2024 which comprise the statement of financial position and 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 http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Southbrae Farm Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Southbrae Farm Limited and state those matters that we have agreed to state to the board of directors of Southbrae Farm Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southbrae Farm Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Southbrae Farm 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 profit of Southbrae Farm Limited. You consider that Southbrae Farm 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 Southbrae Farm 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.
Dickson Middleton
Chartered Accountants
20 Barnton Street
Stirling
FK8 1NE
26 May 2025
Southbrae Farm Limited
Statement of financial position
31 August 2024
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31/08/24 |
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31/08/23 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
261,292 |
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268,675 |
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|
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|
_______ |
|
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|
_______ |
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|
|
|
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261,292 |
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268,675 |
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Current assets |
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Stocks |
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500 |
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500 |
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Debtors |
|
6 |
19,296 |
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20,336 |
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Cash at bank and in hand |
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61,967 |
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100,741 |
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_______ |
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_______ |
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81,763 |
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121,577 |
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Creditors: amounts falling due |
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within one year |
|
7 |
(
34,631) |
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|
(
38,098) |
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|
_______ |
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_______ |
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Net current assets |
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47,132 |
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83,479 |
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_______ |
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_______ |
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Total assets less current liabilities |
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308,424 |
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352,154 |
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Provisions for liabilities |
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(
49,473) |
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(
50,838) |
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_______ |
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_______ |
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Net assets |
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258,951 |
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301,316 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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|
100 |
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Profit and loss account |
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258,851 |
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301,216 |
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_______ |
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_______ |
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Shareholders funds |
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258,951 |
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301,316 |
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_______ |
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_______ |
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For the year ending 31 August 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.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
26 May 2025
, and are signed on behalf of the board by:
M Steedman
Director
Company registration number:
SC293913
Southbrae Farm Limited
Notes to the financial statements
Period ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 20 Barnton Street, Stirling, FK8 1NE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
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, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
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Plant & machinery |
- |
10 % |
reducing balance |
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Computer equipment |
- |
33 % |
straight line |
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Fittings fixtures and equipment |
- |
15 % |
reducing balance |
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Motor vehicles |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
5
).
5.
Tangible assets
|
|
Plant & Machinery |
Computer Equipment |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 September 2023 |
553,026 |
8,397 |
99,979 |
24,065 |
685,467 |
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Additions |
14,768 |
- |
- |
15,000 |
29,768 |
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Disposals |
- |
- |
- |
(
12,600) |
(
12,600) |
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|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
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At 31 August 2024 |
567,794 |
8,397 |
99,979 |
26,465 |
702,635 |
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_______ |
_______ |
_______ |
_______ |
_______ |
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Depreciation |
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At 1 September 2023 |
332,091 |
8,397 |
56,519 |
19,785 |
416,792 |
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Charge for the year |
23,570 |
- |
6,519 |
4,072 |
34,161 |
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Disposals |
- |
- |
- |
(
9,610) |
(
9,610) |
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|
|
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_______ |
_______ |
_______ |
_______ |
_______ |
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At 31 August 2024 |
355,661 |
8,397 |
63,038 |
14,247 |
441,343 |
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_______ |
_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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At 31 August 2024 |
212,133 |
- |
36,941 |
12,218 |
261,292 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
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At 31 August 2023 |
220,935 |
- |
43,460 |
4,280 |
268,675 |
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_______ |
_______ |
_______ |
_______ |
_______ |
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6.
Debtors
|
|
|
31/08/24 |
31/08/23 |
|
|
|
£ |
£ |
|
Trade debtors |
|
17,341 |
11,904 |
|
Other debtors |
|
1,955 |
8,432 |
|
|
|
_______ |
_______ |
|
|
|
19,296 |
20,336 |
|
|
|
_______ |
_______ |
|
|
|
|
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7.
Creditors: amounts falling due within one year
|
|
|
31/08/24 |
31/08/23 |
|
|
|
£ |
£ |
|
Social security and other taxes |
|
16,200 |
12,535 |
|
Other creditors |
|
18,431 |
25,563 |
|
|
|
_______ |
_______ |
|
|
|
34,631 |
38,098 |
|
|
|
_______ |
_______ |
|
|
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|
|
8.
Controlling party
The company is controlled by
M Steedman
.