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REGISTERED NUMBER: SC076615 (Scotland)















Financial Statements for the Year Ended 31 October 2024

for

Gartmore Farms Limited

Gartmore Farms Limited (Registered number: SC076615)






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


Gartmore 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: SC076615 (Scotland)






Gartmore Farms Limited (Registered number: SC076615)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,926,444 9,942,923
Investments 5 2 2
9,926,446 9,942,925

CURRENT ASSETS
Debtors 6 3,073,028 3,149,583
Cash at bank 124 46
3,073,152 3,149,629
CREDITORS
Amounts falling due within one year 7 527,787 484,496
NET CURRENT ASSETS 2,545,365 2,665,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,471,811

12,608,058

CREDITORS
Amounts falling due after more than one
year

8

(4,846,461

)

(5,111,682

)

PROVISIONS FOR LIABILITIES 10 (80,915 ) (73,826 )
NET ASSETS 7,544,435 7,422,550

CAPITAL AND RESERVES
Called up share capital 1,585 1,585
Revaluation reserve 11 5,486,506 5,486,506
Retained earnings 2,056,344 1,934,459
SHAREHOLDERS' FUNDS 7,544,435 7,422,550

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.

Gartmore Farms Limited (Registered number: SC076615)

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


Gartmore Farms Limited (Registered number: SC076615)

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

1. STATUTORY INFORMATION

Gartmore 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Gartmore Farms Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.
Freehold property - not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Gartmore Farms Limited (Registered number: SC076615)

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

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 November 2023 9,300,000 760,081 21,274
Additions - 3,355 -
At 31 October 2024 9,300,000 763,436 21,274
DEPRECIATION
At 1 November 2023 - 118,463 20,408
Charge for year - 19,637 130
At 31 October 2024 - 138,100 20,538
NET BOOK VALUE
At 31 October 2024 9,300,000 625,336 736
At 31 October 2023 9,300,000 641,618 866

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 November 2023 35,300 9,150 10,125,805
Additions - - 3,355
At 31 October 2024 35,300 9,150 10,129,160
DEPRECIATION
At 1 November 2023 34,863 9,148 182,882
Charge for year 66 1 19,834
At 31 October 2024 34,929 9,149 202,716
NET BOOK VALUE
At 31 October 2024 371 1 9,926,444
At 31 October 2023 437 2 9,942,923

Cost or valuation at 31 October 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2013 5,486,506 - -
Cost 3,813,494 763,436 21,274
9,300,000 763,436 21,274

Gartmore Farms Limited (Registered number: SC076615)

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

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2013 - - 5,486,506
Cost 35,300 9,150 4,642,654
35,300 9,150 10,129,160

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,813,494 3,813,494

Freehold property was valued on an open market basis on 13 February 2013 by Edwin Thompson LLP, Chartered Surveyors .

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2023
and 31 October 2024 2
NET BOOK VALUE
At 31 October 2024 2
At 31 October 2023 2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

MacFarlane Farms Ltd
Registered office:
Nature of business: Farming
%
Class of shares: holding
Ordinary Shares of £1 each 100.00
2024 2023
£    £   
Aggregate capital and reserves 451,239 460,420
Loss for the year (9,181 ) (56,022 )

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 5,289
Amounts owed by group undertakings 3,065,033 3,136,695
Other debtors 7,995 7,599
3,073,028 3,149,583

Gartmore Farms Limited (Registered number: SC076615)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 356,284 307,933
Trade creditors - 1,207
Taxation and social security 40,545 50,651
Other creditors 130,958 124,705
527,787 484,496

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 4,844,964 5,110,185
Other creditors 1,497 1,497
4,846,461 5,111,682

Amounts falling due in more than five years:

Repayable by instalments
Bank loan over 5 years 3,653,413 3,991,468

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 93,009 51,245
Bank loans 5,108,239 5,366,873
5,201,248 5,418,118

The company has granted to its bankers a standard security over its heritable property supported by a floating charge over the assets of the Company and for all monies due.

The company's bankers also hold an unlimited cross-guarantee from the company relating to it's subsidiary company MacFarlane Farms Limited.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Deferred tax 81,852 74,763
Capital tax losses (937 ) (937 )
80,915 73,826

Gartmore Farms Limited (Registered number: SC076615)

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

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2023 73,826
Accelerated capital allowance 7,089
Balance at 31 October 2024 80,915

11. RESERVES
Revaluation
reserve
£   
At 1 November 2023
and 31 October 2024 5,486,506

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed £87,665 to J&I MacFarlane. J&I MacFarlane is a partnership which is operated by the directors, Mr J MacFarlane and Mr IT MacFarlane.

13. RELATED PARTY DISCLOSURES

The company received grazing rents of £95,000 in the year under review from its subsidiary company, MacFarlane Farms Limited. The balance due from MacFarlane Farms Limited as at the balance sheet date was £3,065,033.

14. 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 company.