Scallywag Farm Ltd

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Scallywag Farm Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12527778 . The registered office is 24 Picton House Hussar Court, Waterlooville, Hampshire, PO7 7SQ.

The presentation currency of the financial statements is the Pound Sterling (£).

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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. 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.

2.3. Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

2.4. Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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Scallywag Farm Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3. Average Number of Employees

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

4. Investments

	Unlisted
	£
Cost or Valuation
As at 1 April 2024	278,980

As at 31 March 2025	278,980

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	278,980

As at 1 April 2024	278,980

5. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	52,566	52,566

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Scallywag Farm Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1	1
Other creditors	81,924	82,402

	81,925	82,403

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1	1

8. Directors Advances, Credits and Guarantees

Included within creditors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Craig Rattray	(54,097 )	1,000	-	-	(53,097 )

The above loan is unsecured, interest free and repayable on demand.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	4		278,980		278,980

			278,980		278,980
CURRENT ASSETS
Debtors	5	52,566		52,566
Cash at bank and in hand		61,615		63,715

		114,181		116,281
Creditors: Amounts Falling Due Within One Year	6	(81,925 )		(82,403 )

NET CURRENT ASSETS (LIABILITIES)			32,256		33,878

TOTAL ASSETS LESS CURRENT LIABILITIES			311,236		312,858

NET ASSETS			311,236		312,858

CAPITAL AND RESERVES
Called up share capital	7		1		1
Profit and Loss Account			311,235		312,857

SHAREHOLDERS' FUNDS			311,236		312,858