Biggings Farm Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Biggings Farm Limited is a private company, limited by shares, incorporated in Scotland, registered number SC589270 . The registered office is Biggings, Stenness, Orkney, KW16 3EY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Entitlements to Single Farm Payments. It is amortised to the profit and loss account over its estimated economic life of 4 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

15% on reduging balance

2.5. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

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Biggings Farm Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Stocks and Work in Progress

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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.8. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors re initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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Biggings Farm Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2023: 4)

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Biggings Farm Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	40,907

As at 31 December 2024	40,907

Amortisation
As at 1 January 2024	37,983
Provided during the period	925

As at 31 December 2024	38,908

Net Book Value
As at 31 December 2024	1,999

As at 1 January 2024	2,924

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Total
	£	£	£
Cost
As at 1 January 2024	695,632	668,793	1,364,425
Additions	-	28,169	28,169
Disposals	-	(15,000 )	(15,000 )

As at 31 December 2024	695,632	681,962	1,377,594

Depreciation
As at 1 January 2024	-	344,629	344,629
Provided during the period	-	52,996	52,996
Disposals	-	(12,186 )	(12,186 )

As at 31 December 2024	-	385,439	385,439

Net Book Value
As at 31 December 2024	695,632	296,523	992,155

As at 1 January 2024	695,632	324,164	1,019,796

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Biggings Farm Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Investment Property

	2024
	£
Fair Value
As at 1 January 2024 and 31 December 2024	238,078

7. Stocks

	2024	2023
	£	£
Stock	474,006	458,965

8. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	5,187	-
Other debtors	46,292	74,914

	51,479	74,914

9. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	21,300	41,167
Trade creditors	15,770	33,515
Bank loans and overdrafts	57,522	167,269
Other creditors	807,396	745,120
Taxation and social security	-	3,081

	901,988	990,152

10. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	642,055	681,066

11. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	21,300	41,167

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Biggings Farm Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1,999		2,924
Tangible Assets	5		992,155		1,019,796
Investment Properties	6		238,078		238,078

			1,232,232		1,260,798
CURRENT ASSETS
Stocks	7	474,006		458,965
Debtors	8	51,479		74,914
Cash at bank and in hand		19,048		-

		544,533		533,879
Creditors: Amounts Falling Due Within One Year	9	(901,988 )		(990,152 )

NET CURRENT ASSETS (LIABILITIES)			(357,455 )		(456,273 )

TOTAL ASSETS LESS CURRENT LIABILITIES			874,777		804,525

Creditors: Amounts Falling Due After More Than One Year	10		(642,055 )		(681,066 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(63,465 )		(37,063 )

NET ASSETS			169,257		86,396

CAPITAL AND RESERVES
Called up share capital	12		100		100
Profit and Loss Account			169,157		86,296

SHAREHOLDERS' FUNDS			169,257		86,396