Company Registration No. SC341982 (Scotland)
BANDIRRAN FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
James Hair Group Limited
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
BANDIRRAN FARM LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,697,567
2,625,205
Investments
4
70
70
2,697,637
2,625,275
Current assets
Stocks
425,770
441,054
Debtors
6
48,665
31,445
Cash at bank and in hand
364,958
286,607
839,393
759,106
Creditors: amounts falling due within one year
7
(845,112)
(762,740)
Net current liabilities
(5,719)
(3,634)
Total assets less current liabilities
2,691,918
2,621,641
Creditors: amounts falling due after more than one year
8
(926,750)
(976,840)
Provisions for liabilities
9
(107,164)
(65,799)
Net assets
1,658,004
1,579,002
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
1,657,004
1,578,002
Total equity
1,658,004
1,579,002
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
I Robb Jnr
Director
Company Registration No. SC341982
BANDIRRAN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Bandirran Farm Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
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 comprises the invoiced value of milk and livestock sold during the year and agricultural subsidies received by the company, net of Value Added Tax and trade discounts.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Entitlements
33% straight line
1.4
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:
Freehold land and buildings
not depreciated
Tenants improvements
2% straight line
Plant and equipment
10% straightline / 20% reducing balance
Office equipment
25% straight line
Motor vehicles
25% reducing balance
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.
BANDIRRAN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Investments in shares are initially recognised at fair value, which is normally the transaction price less the transaction costs. Subsequent measurement is at fair value, where shares are publicly traded or the fair value can be measured reliably. Where fair value cannot be measured reliably investments are included at cost less impairment.
1.6
Stocks
Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.8
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.
BANDIRRAN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
3
Intangible fixed assets
Entitlements
£
Cost
At 1 January 2024 and 31 December 2024
15,480
Amortisation and impairment
At 1 January 2024 and 31 December 2024
15,480
Carrying amount
At 31 December 2024
At 31 December 2023
BANDIRRAN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
70
70
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2024 & 31 December 2024
70
Carrying amount
At 31 December 2024
70
At 31 December 2023
70
BANDIRRAN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Tangible fixed assets
Freehold land and buildings
Tenants improvements
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,901,260
447,840
1,119,328
4,157
17,690
3,490,275
Additions
181,399
181,399
Disposals
(97,050)
(97,050)
At 31 December 2024
1,901,260
447,840
1,203,677
4,157
17,690
3,574,624
Depreciation and impairment
At 1 January 2024
59,300
785,695
4,156
15,919
865,070
Depreciation charged in the year
8,957
78,247
443
87,647
Eliminated in respect of disposals
(75,660)
(75,660)
At 31 December 2024
68,257
788,282
4,156
16,362
877,057
Carrying amount
At 31 December 2024
1,901,260
379,583
415,395
1
1,328
2,697,567
At 31 December 2023
1,901,260
388,540
333,632
1
1,772
2,625,205
BANDIRRAN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
952
Other debtors
29,295
15,204
Prepayments and accrued income
18,418
16,241
48,665
31,445
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
69,000
88,000
Trade creditors
89,878
47,909
Corporation tax
49,063
23,369
Other taxation and social security
3,308
Other creditors
13
13
Directors current accounts
606,117
562,255
Accruals and deferred income
31,041
37,886
845,112
762,740
Details of the security held over bank loans and overdrafts are shown in note 9.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
926,750
976,840
The Agricultural Mortgage Corporation PLC holds a charge over the property known as Connon House, Cassendilly Farm, Ceres in connection with the company's bank loans.
The Agricultural Mortgage Corporation PLC holds a charge over the property known as Annfield Farm in connection with the company's bank loans.
Amounts included above which fall due after five years are as follows:
Payable by instalments
650,750
678,103
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
107,164
65,799
BANDIRRAN FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000