Orkney Livestock Association Ltd.

	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—5

Registered number: SC218319

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		238		279

			238		279
CURRENT ASSETS
Debtors		2,916		3,482
Cash at bank and in hand		7,496		6,513

		10,412		9,995
Creditors: Amounts Falling Due Within One Year		(736 )		(485 )

NET CURRENT ASSETS (LIABILITIES)			9,676		9,510

TOTAL ASSETS LESS CURRENT LIABILITIES			9,914		9,789

NET ASSETS			9,914		9,789

Income and Expenditure Account			9,914		9,789

MEMBERS' FUNDS			9,914		9,789

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Orkney Livestock Association Ltd.

Abridged Balance Sheet (continued)

As At 31 January 2025

For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.

All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 January 2025 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Mr D Scarth

Director

23 October 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Orkney Livestock Association Ltd. is a private company, limited by guarantee, incorporated in Scotland, registered number SC218319 . The registered office is Unit 7, Orkney Auction Mart, Grainshore Road, Kirkwall, Orkney, KW15 1FL.

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.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the income and expenditure account over its estimated economic life of one year.

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% Reducing Balance

2.5. 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

...CONTINUED

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Orkney Livestock Association Ltd.

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 January 2025

2.5. Financial Instruments - continued

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

4. Intangible Assets

	Total
	£
Cost
As at 1 February 2024	(2,737 )

As at 31 January 2025	(2,737 )

Amortisation
As at 1 February 2024	(2,737 )

As at 31 January 2025	(2,737 )

Net Book Value
As at 31 January 2025	-

As at 1 February 2024	-

5. Tangible Assets

	Total
	£
Cost
As at 1 February 2024	1,356

As at 31 January 2025	1,356

Depreciation
As at 1 February 2024	1,077
Provided during the period	41

As at 31 January 2025	1,118

Net Book Value
As at 31 January 2025	238

As at 1 February 2024	279

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Orkney Livestock Association Ltd.

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 January 2025

6. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

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