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REGISTERED NUMBER: SC157920 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

DUFFIELD MORGAN LIMITED

DUFFIELD MORGAN LIMITED (REGISTERED NUMBER: SC157920)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DUFFIELD MORGAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: N A Campbell
Mrs G L Campbell
G A Campbell



REGISTERED OFFICE: Rowallan Castle
Kilmaurs
KA3 2LP



REGISTERED NUMBER: SC157920 (Scotland)



BANKERS: Bank of Scotland plc

DUFFIELD MORGAN LIMITED (REGISTERED NUMBER: SC157920)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 79,492 86,204

CURRENT ASSETS
Stocks 12,649,850 12,058,693
Debtors 5 115,921 77,253
Cash at bank 278,515 155,969
13,044,286 12,291,915
CREDITORS
Amounts falling due within one year 6 9,924,210 1,545,178
NET CURRENT ASSETS 3,120,076 10,746,737
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,199,568

10,832,941

CREDITORS
Amounts falling due after more than one
year

7

6,667

7,520,044
NET ASSETS 3,192,901 3,312,897

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,192,801 3,312,797
SHAREHOLDERS' FUNDS 3,192,901 3,312,897

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

DUFFIELD MORGAN LIMITED (REGISTERED NUMBER: SC157920)

BALANCE SHEET - continued
30 SEPTEMBER 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 25 June 2025 and were signed on its behalf by:





N A Campbell - Director


DUFFIELD MORGAN LIMITED (REGISTERED NUMBER: SC157920)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Duffield Morgan 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

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.

Turnover
Turnover represents subscriptions, green fees and function income, net of VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on reducing balance and 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is calculated as follows:

Work in progress - development property cost together with attributable overheads.

Net realisable value is based on estimated revenues less further costs to completion and disposal.


Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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.

DUFFIELD MORGAN LIMITED (REGISTERED NUMBER: SC157920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including certain creditors, are initially 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
The directors' are confident of the ongoing financial support of creditors and shareholders and on this basis, consider it appropriate to prepare the financial statements on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 341,966
Additions 2,170
At 30 September 2024 344,136
DEPRECIATION
At 1 October 2023 255,762
Charge for year 8,882
At 30 September 2024 264,644
NET BOOK VALUE
At 30 September 2024 79,492
At 30 September 2023 86,204

DUFFIELD MORGAN LIMITED (REGISTERED NUMBER: SC157920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2023
and 30 September 2024 14,000
DEPRECIATION
At 1 October 2023 2,660
Charge for year 1,134
At 30 September 2024 3,794
NET BOOK VALUE
At 30 September 2024 10,206
At 30 September 2023 11,340

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 57,054 38,300
Other debtors 58,867 38,953
115,921 77,253

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 2,956 5,067
Trade creditors 681,636 750,120
Taxation and social security 321,902 220,277
Other creditors 8,907,716 559,714
9,924,210 1,545,178

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,667 16,667
Hire purchase contracts - 3,377
Other creditors - 7,500,000
6,667 7,520,044

DUFFIELD MORGAN LIMITED (REGISTERED NUMBER: SC157920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Folk2Folk Limited 7,762,400 7,500,000

Folk2Folk Limited holds a standard security over certain subjects at Rowallan Estate, Kilmaurs.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
N A Campbell
Balance outstanding at start of year (12,011 ) 8,162
Amounts advanced 9,034 10,697
Amounts repaid (39,316 ) (30,870 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (42,293 ) (12,011 )