Goose Farming Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC175589 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Goose Farming Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I E Ivory

A F Ivory

C A H Ivory

J M Ivory

D A C Ivory

J A Ivory

SECRETARY:

Turcan Connell Company Secretaries Limited

REGISTERED OFFICE:

c/o Turcan Connell

Princes Exchange

1 Earl Grey Street

Edinburgh

EH3 9EE

REGISTERED NUMBER:

SC175589 (Scotland)

ACCOUNTANTS:

Jeffrey Crawford & Co

Chartered Accountants

25 Castle Terrace

Edinburgh

EH1 2ER

BANKERS:

Hampden & Co

9 Charlotte Square

Edinburgh

EH2 4DR

FIXED ASSETS

Tangible assets

4

1,830,824

1,832,293

Investments

5

515,679

417,798

2,346,503

2,250,091

CURRENT ASSETS

Cash at bank

6,709

5,490

CREDITORS

Amounts falling due within one year

6

58,118

64,720

NET CURRENT LIABILITIES

(51,409

)

(59,230

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,295,094

2,190,861

CAPITAL AND RESERVES

Called up share capital

7

2,188

2,098

Share premium

8

1,429,782

1,307,472

Revaluation reserve

8

113,607

Retained earnings

8

749,517

767,684

SHAREHOLDERS' FUNDS

2,295,094

2,190,861

2,295,094

2,190,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2025 and were signed on its behalf by:

I E Ivory - Director

1.	STATUTORY INFORMATION

Goose Farming Company 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.

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.

Significant judgement and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

During the year the company acquired a 1.5% stake in a related farming partnership which the directors also control. The value, incorporated a significant uplift in their assessment of open market value of the underlying land, property and other assets of the company based on their long experience and knowledge of the industry.

Turnover

Turnover represents the amount derived from ordinary activities during the year, being amounts invoiced, excluding value added tax, except in the case of activities carried out under a partnership agreement where revenue is recognised to the extent of a right to consideration arising under that agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Farm buildings

-

4% on cost

Equipment

-

7.5% on cost

Agricultural land in not depreciated but held at cost and is subject to an annual impairment review by the director's, which if found necessary it charged to the profit and loss.

Financial instruments

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company hold basic financial instruments which comprise cash and cash equivalents, trade and other receivables and trade and other payables. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

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.

Fixed asset investments

Fixed asset investment consists of an investment in a limited partnership in which the company is a partner. This is stated at cost unless in the opinion of the directors there has been an impairment in which case an appropriate adjustment is made.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Agricultural

Farm

land

buildings

Equipment

Totals

£

COST

At 1 April 2024

and 31 March 2025

1,676,219

147,074

19,589

1,842,882

DEPRECIATION

At 1 April 2024

-

10,589

Charge for year

-

1,469

At 31 March 2025

-

12,058

NET BOOK VALUE

At 31 March 2025

1,676,219

147,074

7,531

1,830,824

At 31 March 2024

1,676,219

147,074

9,000

1,832,293

The directors have not provided for depreciation as required to be provided in line with the accounting policies for on the farm buildings and cottages as the net realisable value exceeds the cost value of the assets. Farm Buildings are therefore stated at historic cost.

5.	FIXED ASSET INVESTMENTS

STRATHISLA FARMS

Capital
account

Current
account

Partnership
Interest

Cost

£

At 1 April 2024

300,000

117,798

417,798

Repayments

-

(54,500

)

(54,500

)

Share of profit

-

44,381

300,000

107,679

407,679

NET BOOK VALUE

At 31 March 2025

407,679

At 31 March 2024

417,798

The fixed asset investment represents the investment in Strathisla Farms LP, a limited partnership in which the company is a partner. The farming activities of the company are carried out by Strathisla Farms LP under the partnership agreement. The trading results show a profit for the year amounting to £44,381 (2024: £28,388). Movements in partnership interest are due to repayments from the current account net of any profit share. The valuation of the investment is stated at cost less impairment if considered necessary. The investment represents a 38% stake in the partnership.

Ruthven & Cardean Farms

The company also invested £108,000 in another farming partnership in the year representing a 1.5% share of the business.

Total fixed asset investments at the balance sheet date amounted to £515,679 (2024: £417,798)

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Taxation

2,206

-

VAT

673

480

Other creditors

2,000

Accruals and deferred income

13,239

13,240

Other loans

40,000

49,000

58,118

64,720

Other loans represents funds advanced by a Family Trust in which two of the directors acts as Trustees. The loan is interest free, unsecured and repayable on demand.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

2,188

Ordinary

£1

2,188

2,098

(2024 - 2,098 )

90 Ordinary shares of £1 each were allotted as fully paid at a premium of 1359 per share during the year.

8.

RESERVES

Retained

Share

Revaluation

earnings

premium

reserve

Totals

£

At 1 April 2024

767,684

1,307,472

113,607

2,188,763

Profit for the year

7,009

Dividends

(25,176

)

(25,176

)

Share issue

-

122,310

-

122,310

At 31 March 2025

749,517

1,429,782

113,607

2,292,906

9.	PENSION COMMITMENTS

The company operates a Pension Fund - Goose Retirement Benefit Scheme for the benefit of all the directors. Administration is provided by XPS SSAS and advice taken from Edinburgh Wealth Management Ltd. The investment policy and the allocation of pensions is decided by the pension trustees.

10.	RELATED PARTY DISCLOSURES

During the year the company acquired a 1.5% stake in a farming partnership which is also controlled by the directors of Goose Farming Company for £108,000. The value represents the directors assessment of the market value of the additional 1.5% investment in the partnership.