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REGISTERED NUMBER: SC180688 (Scotland)















Financial Statements for the Year Ended 31 October 2024

for

MACFARLANE FARMS LIMITED

MACFARLANE FARMS LIMITED (Registered number: SC180688)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MACFARLANE FARMS LIMITED

Company Information
for the Year Ended 31 October 2024







DIRECTORS: J MacFarlane
I T MacFarlane





SECRETARY: C J MacFarlane





REGISTERED OFFICE: QUIXWOOD FARM
DUNS
BERWICKSHIRE
TD11 3RS





REGISTERED NUMBER: SC180688 (Scotland)






MACFARLANE FARMS LIMITED (Registered number: SC180688)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,598,979 2,410,273
Investments 5 5,412 5,412
2,604,391 2,415,685

CURRENT ASSETS
Stocks 6 3,133,225 3,050,633
Debtors 7 334,560 306,321
3,467,785 3,356,954
CREDITORS
Amounts falling due within one year 8 3,997,722 4,734,973
NET CURRENT LIABILITIES (529,937 ) (1,378,019 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,074,454

1,037,666

CREDITORS
Amounts falling due after more than one
year

9

(1,434,029

)

(382,847

)

ACCRUALS AND DEFERRED INCOME (189,186 ) (194,399 )
NET ASSETS 451,239 460,420

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 13 451,237 460,418
SHAREHOLDERS' FUNDS 451,239 460,420

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

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

MACFARLANE FARMS LIMITED (Registered number: SC180688)

Balance Sheet - continued
31 October 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 14 July 2025 and were signed on its behalf by:





I T MacFarlane - Director


MACFARLANE FARMS LIMITED (Registered number: SC180688)

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

1. STATUTORY INFORMATION

MACFARLANE FARMS 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.

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, excluding discounts, rebates, value added tax and other sales taxes.

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.
Leasehold improvements - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Deferred taxation
In accordance with FRS 19 deferred taxation has been provided on all timing differences.


Grant reserve
A capital grant was received in an earlier year in connection with the construction of a new shed. The grant is being released to the profit and loss account in line with the depreciation policy of the asset.

Single farm payment
The single farm payment is recognised evenly on a time apportioned basis over the calender year to which it relates.

MACFARLANE FARMS LIMITED (Registered number: SC180688)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 November 2023 1,505,136 3,581,462 2,706
Additions 128,465 493,866 -
Disposals - (212,250 ) -
At 31 October 2024 1,633,601 3,863,078 2,706
DEPRECIATION
At 1 November 2023 226,030 2,495,096 2,545
Charge for year 30,852 330,181 24
Eliminated on disposal - (149,984 ) -
At 31 October 2024 256,882 2,675,293 2,569
NET BOOK VALUE
At 31 October 2024 1,376,719 1,187,785 137
At 31 October 2023 1,279,106 1,086,366 161

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 59,924 10,356 5,159,584
Additions - 1,002 623,333
Disposals - - (212,250 )
At 31 October 2024 59,924 11,358 5,570,667
DEPRECIATION
At 1 November 2023 15,917 9,723 2,749,311
Charge for year 11,002 302 372,361
Eliminated on disposal - - (149,984 )
At 31 October 2024 26,919 10,025 2,971,688
NET BOOK VALUE
At 31 October 2024 33,005 1,333 2,598,979
At 31 October 2023 44,007 633 2,410,273

MACFARLANE FARMS LIMITED (Registered number: SC180688)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2023 1,402,850 59,924 1,462,774
Additions 434,200 - 434,200
Transfer to ownership (464,550 ) - (464,550 )
At 31 October 2024 1,372,500 59,924 1,432,424
DEPRECIATION
At 1 November 2023 627,917 15,917 643,834
Charge for year 228,003 11,002 239,005
Transfer to ownership (331,254 ) - (331,254 )
At 31 October 2024 524,666 26,919 551,585
NET BOOK VALUE
At 31 October 2024 847,834 33,005 880,839
At 31 October 2023 774,933 44,007 818,940

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2023
and 31 October 2024 5,412
NET BOOK VALUE
At 31 October 2024 5,412
At 31 October 2023 5,412

6. STOCKS
2024 2023
£    £   
Stocks 2,354,309 2,231,211
Herd stock 778,916 819,422
3,133,225 3,050,633

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 1,191
Other debtors 334,560 305,130
334,560 306,321

MACFARLANE FARMS LIMITED (Registered number: SC180688)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 665,071 1,197,931
Hire purchase contracts 205,654 204,866
Trade creditors 56,758 190,914
Amounts owed to group undertakings 3,065,033 3,136,695
Other creditors 5,206 4,567
3,997,722 4,734,973

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,025,464 31,019
Hire purchase contracts 408,565 351,828
1,434,029 382,847

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 1,003,241 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 659,515 1,192,375
Bank loans 1,031,020 36,575
1,690,535 1,228,950

The company's bankers hold a bond and floating charge over the company's assets.

The bank also hold an unlimited cross guarantee from the company relating to it's parent company Gartmore Farms Limited.


11. DEFERRED TAX
£   
Balance at 1 November 2023 (7,227 )
Accelerated capital allowances
Balance at 31 October 2024 (7,227 )

MACFARLANE FARMS LIMITED (Registered number: SC180688)

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

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary shares £1 2 2

13. RESERVES
Retained
earnings
£   

At 1 November 2023 460,418
Deficit for the year (9,181 )
At 31 October 2024 451,237

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company paid management charges of £103,428 in the year under review to J & I MacFarlane, a partnership controlled by John MacFarlane.

The amount due from J & I MacFarlane at the year end was in the amount of £275,197.

15. RELATED PARTY DISCLOSURES

The company paid grazing rents of £95,000 in the year under review to its parent company, Gartmore Farms Limited. The balance due to that company at the balance sheet date was £3,065,033.

16. ULTIMATE CONTROLLING PARTY

The company was under the control of the directors throughout the year under review. The directors are the equity shareholders of the parent company.