Registration number: SC581034

Corsewall Castle Farm Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Corsewall Castle Farm Limited

(Registration number: SC581034)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	1,759,341	1,879,659
Current assets
Stocks	5	236,940	236,835
Debtors	6	575	27,096
Cash at bank and in hand		5,240	6,337
		242,755	270,268
Creditors: Amounts falling due within one year	7	(219,183)	(211,381)
Net current assets		23,572	58,887
Total assets less current liabilities		1,782,913	1,938,546
Creditors: Amounts falling due after more than one year	7	(1,714,695)	(1,841,672)
Provisions for liabilities		(17,960)	(19,915)
Net assets		50,258	76,959
Capital and reserves
Called up share capital	8	100	100
Retained earnings		50,158	76,859
Shareholders' funds		50,258	76,959

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Corsewall Castle Farm Limited

(Registration number: SC581034)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 23 September 2025 and signed on its behalf by:
 

......................................... Mrs Marie A Turtle Director

......................................... Mr Iain Turtle Director

Corsewall Castle Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Corsewall Castle Farm
Kirkcolm
Stranraer
DG9 0QG

These financial statements were authorised for issue by the Board on 23 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Corsewall Castle Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	5% straight line basis
Other tangible assets	25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Corsewall Castle Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

Corsewall Castle Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Land and buildings £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	2,250,000	160,166	2,410,166
Additions	-	18,129	18,129
Disposals	-	(2,000)	(2,000)
At 31 December 2024	2,250,000	176,295	2,426,295
Depreciation
At 1 January 2024	450,000	80,507	530,507
Charge for the year	112,500	23,947	136,447
At 31 December 2024	562,500	104,454	666,954
Carrying amount
At 31 December 2024	1,687,500	71,841	1,759,341
At 31 December 2023	1,800,000	79,659	1,879,659

5

Stocks

	2024 £	2023 £
Other inventories	236,940	236,835

6

Debtors

Current	2024 £	2023 £
Trade debtors	-	22,750
Other debtors	575	4,346
	575	27,096

Corsewall Castle Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Bank loans and overdrafts	9	134,967	134,160
Trade creditors		22,366	37,218
Accruals and deferred income		985	925
Other creditors		60,865	39,078
		219,183	211,381

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	1,714,695	1,841,672

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Corsewall Castle Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9	Loans and borrowings

	2024 £	2023 £
Non-current loans and borrowings
Bank borrowings	1,686,797	1,795,213
Hire purchase contracts	27,898	46,459
	1,714,695	1,841,672

	2024 £	2023 £
Current loans and borrowings
Bank borrowings	114,000	108,860
Hire purchase contracts	20,967	25,300
	134,967	134,160

Bank borrowings

The carrying amount at year end is £1,785,797 (2023 - £1,879,073). The bank loan is secured by: A floating charge from Corsewall Castle Farm Limited; A guarantee from Mr I Turtle and Mrs M A Turtle.

10	Related party transactions

Expenditure with and payables to related parties

2024	Key management £
Amounts payable to related party	32,559

2023	Key management £
Amounts payable to related party	26,559

11	Parent and ultimate parent undertaking

The company is controlled by the directors.