Company registration number SC631478 (Scotland)
STONEFIELD CONTRACT FARMING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
STONEFIELD CONTRACT FARMING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
STONEFIELD CONTRACT FARMING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,312
32,569
Current assets
Debtors
4
31,036
36,317
Cash at bank and in hand
1,269
442
32,305
36,759
Creditors: amounts falling due within one year
5
(28,334)
(28,406)
Net current assets
3,971
8,353
Total assets less current liabilities
33,283
40,922
Creditors: amounts falling due after more than one year
6
(9,545)
(19,899)
Net assets
23,738
21,023
Capital and reserves
Called up share capital
7
103
103
Profit and loss reserves
23,635
20,920
Total equity
23,738
21,023
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 June 2025
Mr A Kyle
Director
Company Registration No. SC631478
STONEFIELD CONTRACT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information
Stonefield Contract Farming Limited is a private company limited by shares incorporated in Scotland. The registered office is Robstone Farm, Girvan, Ayrshire, United Kingdom, KA26 9PZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% Reducing balance basis
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
STONEFIELD CONTRACT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
1
2
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2024 and 31 March 2025
43,914
Depreciation and impairment
At 1 April 2024
11,345
Depreciation charged in the year
3,257
At 31 March 2025
14,602
Carrying amount
At 31 March 2025
29,312
At 31 March 2024
32,569
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
31,036
36,317
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,354
10,098
Taxation and social security
6,417
6,500
Other creditors
10,408
10,408
Accruals and deferred income
1,155
1,400
28,334
28,406
STONEFIELD CONTRACT FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
9,545
19,899
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary A shares of £1 each
1
1
1
1
Ordinary B shares of £1 each
2
2
2
2