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COMPANY REGISTRATION NUMBER: SC040850
Hugh Blackwood (Farms) Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
30 June 2024
Hugh Blackwood (Farms) Limited
Abridged Financial Statements
Year ended 30 June 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Hugh Blackwood (Farms) Limited
Abridged Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
96,086
109,563
Current assets
Stocks
77,628
69,012
Debtors
18,814
14,893
Cash at bank and in hand
1,789
14,008
--------
--------
98,231
97,913
Creditors: amounts falling due within one year
712,417
653,839
---------
---------
Net current liabilities
614,186
555,926
---------
---------
Total assets less current liabilities
( 518,100)
( 446,363)
---------
---------
Net liabilities
( 518,100)
( 446,363)
---------
---------
Hugh Blackwood (Farms) Limited
Abridged Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
474,334
474,334
Revaluation reserve
42,865
42,865
Other reserves
30,000
30,000
Profit and loss account
( 1,065,299)
( 993,562)
------------
---------
Shareholders deficit
( 518,100)
( 446,363)
------------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
L Tinto
Director
Company registration number: SC040850
Hugh Blackwood (Farms) Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Drumpark Farm, Coatbridge Road, Bargeddie, Glasgow, G69 7TW.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company meets its ongoing working capital requirement through the support of the directors by way of a loan. The directors have confirmed that such support will continue and accordingly the accounts are prepared on the going concern basis.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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:
Improvements
-
5% straight line
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Tractors
-
15% reducing balance
Impairment of fixed assets
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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 4 ).
5. Tangible assets
£
Cost
At 1 July 2023
409,325
Additions
1,412
---------
At 30 June 2024
410,737
---------
Depreciation
At 1 July 2023
299,762
Charge for the year
14,889
---------
At 30 June 2024
314,651
---------
Carrying amount
At 30 June 2024
96,086
---------
At 30 June 2023
109,563
---------
6. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 5 years
16,750
----
--------
7. Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.