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REGISTERED NUMBER: SC521885 (Scotland)















Financial Statements for the Year Ended 31 December 2024

for

NORTHFIELD FARM (DALKEITH) LIMITED

NORTHFIELD FARM (DALKEITH) LIMITED (REGISTERED NUMBER: SC521885)

Contents of the Financial Statements
for the Year Ended 31 December 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


NORTHFIELD FARM (DALKEITH) LIMITED (REGISTERED NUMBER: SC521885)

Balance Sheet
31 December 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 4 118,598 69,690

Current assets
Stocks 56,469 48,600
Debtors 5 7,747 5,862
Cash at bank 80,121 97,317
144,337 151,779
Creditors
Amounts falling due within one year 6 (65,645 ) (63,735 )
Net current assets 78,692 88,044
Total assets less current liabilities 197,290 157,734

Creditors
Amounts falling due after more than one
year

7

(23,364

)

(13,147

)

Provisions for liabilities (31,428 ) (13,241 )
Net assets 142,498 131,346

Capital and reserves
Called up share capital 9 100 100
Retained earnings 142,398 131,246
Shareholders' funds 142,498 131,346

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2025 and were signed on its behalf by:





M Wright - Director


NORTHFIELD FARM (DALKEITH) LIMITED (REGISTERED NUMBER: SC521885)

Notes to the Financial Statements
for the Year Ended 31 December 2024


1. Statutory information

Northfield Farm (Dalkeith) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC521885

Registered office: 29 Hadfast Road
Cousland
Dalkeith
Midlothian
EH22 2NZ

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


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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover from the sale of livestock and crop is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Contracting income is recognised once the service has been delivered.

Farm subsidies are recognised as turnover at the point of entitlement.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery20% on reducing balance
Motor vehicle25% on reducing balance


Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks of feed and breeding livestock have been valued at the lower of cost price and estimated selling price less costs to complete and sell.

Growing crops and immature livestock have been valued at the direct cost of production.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.


NORTHFIELD FARM (DALKEITH) LIMITED (REGISTERED NUMBER: SC521885)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


2. Accounting policies - continued
Taxation
Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation represents the future taxation consequences of transactions and events recognised in the
financial statements of current and previous periods. It is recognised in respect of all timing differences, with
certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits.

Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Bank and cash
Cash at bank and in hand includes cash and short term highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

4. Tangible fixed assets
Plant and Motor
machinery vehicle Totals
£    £    £   
Cost
At 1 January 2024 102,119 33,000 135,119
Additions 96,635 - 96,635
Disposals (67,800 ) - (67,800 )
At 31 December 2024 130,954 33,000 163,954
Depreciation
At 1 January 2024 56,921 8,508 65,429
Charge for year 19,387 6,123 25,510
Written back on disposals (45,583 ) - (45,583 )
At 31 December 2024 30,725 14,631 45,356
Net book value
At 31 December 2024 100,229 18,369 118,598
At 31 December 2023 45,198 24,492 69,690

NORTHFIELD FARM (DALKEITH) LIMITED (REGISTERED NUMBER: SC521885)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 1,170 1,611
Other debtors 6,577 4,251
7,747 5,862

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 6,389 6,389
Hire purchase contracts 11,336 5,000
Taxation and social security - 3,396
Other creditors 47,920 48,950
65,645 63,735

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loan 2,466 8,564
Hire purchase contracts 20,898 4,583
23,364 13,147

8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 32,234 9,583

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 Ordinary £10 100 100