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REGISTERED NUMBER: SC324104 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

T MCF DRUMMOND (BARBETH) LIMITED

T MCF DRUMMOND (BARBETH) LIMITED (REGISTERED NUMBER: SC324104)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


T MCF DRUMMOND (BARBETH) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Thomas McFadzean Drummond
Hugh Douglas Drummond



SECRETARY: Hugh Douglas Drummond



REGISTERED OFFICE: c/o Stewart Gilmour & Co
24 Beresford Terrace
Ayr
Ayrshire
KA7 2EG



REGISTERED NUMBER: SC324104 (Scotland)



ACCOUNTANTS: Stewart Gilmour & Co.
Chartered Accountants
24 Beresford Terrace
Ayr
KA7 2EG



BANKERS: The Royal Bank of Scotland plc
15 Bridge Street
Stranraer
Dumfries & Galloway
DG9 7JA

T MCF DRUMMOND (BARBETH) LIMITED (REGISTERED NUMBER: SC324104)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - 123
Tangible assets 5 3,991,679 2,563,822
Investments 6 100 100
3,991,779 2,564,045

CURRENT ASSETS
Stocks 172,835 166,980
Debtors 7 425,457 419,063
598,292 586,043
CREDITORS
Amounts falling due within one year 8 1,615,016 1,432,018
NET CURRENT LIABILITIES (1,016,724 ) (845,975 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,975,055

1,718,070

CREDITORS
Amounts falling due after more than one
year

9

(2,251,373

)

(964,924

)

PROVISIONS FOR LIABILITIES (27,676 ) (20,251 )
NET ASSETS 696,006 732,895

CAPITAL AND RESERVES
Called up share capital 11 105 105
Retained earnings 695,901 732,790
SHAREHOLDERS' FUNDS 696,006 732,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

T MCF DRUMMOND (BARBETH) LIMITED (REGISTERED NUMBER: SC324104)

BALANCE SHEET - continued
31 MAY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





Thomas McFadzean Drummond - Director


T MCF DRUMMOND (BARBETH) LIMITED (REGISTERED NUMBER: SC324104)

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

1. STATUTORY INFORMATION

T McF Drummond (Barbeth) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about T McF Drummond (Barbeth) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the net invoice value of produce supplied to customers.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Basic Payment Scheme Entitlements are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Capital expenditure on property - 10% on cost and 4% on cost
Plant and equipment - 12.5% on reducing balance
Tractors and farm bikes - 20% on reducing balance
Motor vehicles - 20% on reducing balance

No depreciation has been provided by the directors on the cost of farmland within freehold property.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks have been valued at the lower of direct cost or net realisable value other than mature livestock which have been valued on the "herd basis" at the original capital cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


T MCF DRUMMOND (BARBETH) LIMITED (REGISTERED NUMBER: SC324104)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised under tangible fixed assets in the balance sheet and depreciated over their estimated useful lives. The interest element of the rental obligations is charged to the profit and loss account over the period of the contract and represents a constant proportion of the balance of capital outstanding.

Rentals payable on operating leases are charged to income on a straight line basis over the term of the agreement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 3,135
AMORTISATION
At 1 June 2023 3,012
Charge for year 123
At 31 May 2024 3,135
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 123

T MCF DRUMMOND (BARBETH) LIMITED (REGISTERED NUMBER: SC324104)

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

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023 2,140,245 939,765 3,080,010
Additions 1,394,200 122,831 1,517,031
Disposals - (12,400 ) (12,400 )
At 31 May 2024 3,534,445 1,050,196 4,584,641
DEPRECIATION
At 1 June 2023 24,630 491,558 516,188
Charge for year 5,032 76,873 81,905
Eliminated on disposal - (5,131 ) (5,131 )
At 31 May 2024 29,662 563,300 592,962
NET BOOK VALUE
At 31 May 2024 3,504,783 486,896 3,991,679
At 31 May 2023 2,115,615 448,207 2,563,822

The net book value of the company's fixed assets at 31 May 2024 included £110,849 held under hire purchase contracts (2023 : £122,429).

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 100
NET BOOK VALUE
At 31 May 2024 100
At 31 May 2023 100

The fixed asset investments comprise of 1% of the issued share capital of South West Holiday Lets Limited, a company incorporated in Scotland.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 66,532 59,248
Other debtors 358,925 359,815
425,457 419,063

T MCF DRUMMOND (BARBETH) LIMITED (REGISTERED NUMBER: SC324104)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 175,653 140,075
Hire purchase contracts 22,046 26,475
Trade creditors 217,744 114,704
Taxation and social security 1,337 38,891
Other creditors 1,198,236 1,111,873
1,615,016 1,432,018

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 2,220,000 895,736
Hire purchase contracts 31,373 69,188
2,251,373 964,924

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 1,820,000 531,656

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 75,653 35,075
Bank loans 2,320,000 1,000,736
2,395,653 1,035,811

The bank loans and overdraft facilities are secured by a bond and floating charge over the assets of the company together with standard securities over the freehold property.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
5 Ordinary 'A' £1 5 5
105 105

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Thomas McFadzean Drummond.