Falkland Rural Enterprises Limited 31/03/2025 iXBRL

Company registration number: SC030053

Falkland Rural Enterprises Limited

Unaudited filleted abridged financial statements

31 March 2025

Falkland Rural Enterprises Limited

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Notes to the financial statements

Falkland Rural Enterprises Limited

Directors and other information


	Directors	N J Crichton Stuart
		G Watt


	Company number	SC030053


	Registered office	Falkland Estate Stables
		Falkland
		Cupar
		Fife
		KY15 7AF


	Accountants	Paterson Boyd & Co
		Chartered Certified Accountants
		18 North Street
		Glenrothes
		Fife
		KY7 5NA




	Bankers	Bank of Scotland
		The Cross
		Cupar
		Fife
		KY15 4BP

Falkland Rural Enterprises Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Falkland Rural Enterprises Limited

Year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Falkland Rural Enterprises Limited for the year ended 31 March 2025 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the board of directors of Falkland Rural Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Falkland Rural Enterprises Limited and state those matters that we have agreed to state to the board of directors of Falkland Rural Enterprises Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Falkland Rural Enterprises Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Falkland Rural Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Falkland Rural Enterprises Limited. You consider that Falkland Rural Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Falkland Rural Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Paterson Boyd & Co

Chartered Certified Accountants

18 North Street

Glenrothes

Fife

KY7 5NA

18 December 2025

Falkland Rural Enterprises Limited

Abridged statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	153,367		170,567
Tangible assets	6	654,020		687,901
		_______		_______
			807,387		858,468

Current assets
Stocks		505,132		442,053
Debtors		16,493		133,184
Cash at bank and in hand		49,841		137,355
		_______		_______
		571,466		712,592
Creditors: amounts falling due
within one year		( 446,440)		( 414,244)
		_______		_______
Net current assets			125,026		298,348
			_______		_______
Total assets less current liabilities			932,413		1,156,816

Creditors: amounts falling due
after more than one year			( 973,994)		( 995,833)
			_______		_______
Net (liabilities)/assets			( 41,581)		160,983
			_______		_______

Capital and reserves
Called up share capital			54,000		54,000
Profit and loss account			( 95,581)		106,983
			_______		_______
Shareholders (deficit)/funds			( 41,581)		160,983
			_______		_______

For the year ending 31 March 2025 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 financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 18 December 2025 , and are signed on behalf of the board by:

N J Crichton Stuart

Director

Company registration number: SC030053

Falkland Rural Enterprises Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Falkland Estate Stables, Falkland, Cupar, Fife, KY15 7AF.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical costs basis.The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the amount of current tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Tenant's improvements	-	4% straight line
Plant and machinery	-	25% reducing balance
Fittings fixtures and equipment	-	4% straight line
Fencing	-	`25% reducing balance`

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

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 accounting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 40 (2024: 2 ).

5. Intangible assets


		£
	Cost
	At 1 April 2024 and 31 March 2025	172,000
		_______
	Amortisation
	At 1 April 2024	1,433
	Charge for the year	17,200
		_______
	At 31 March 2025	18,633
		_______
	Carrying amount
	At 31 March 2025	153,367
		_______
	At 31 March 2024	170,567
		_______

6. Tangible assets


		£
	Cost
	At 1 April 2024	1,172,583
	Additions	10,161
	Disposals	( 11,000)
		_______
	At 31 March 2025	1,171,744
		_______
	Depreciation
	At 1 April 2024	484,682
	Charge for the year	42,207
	Disposals	( 9,165)
		_______
	At 31 March 2025	517,724
		_______
	Carrying amount
	At 31 March 2025	654,020
		_______
	At 31 March 2024	687,901
		_______

7. Related party transactions

At the balance sheet date the company was due £185,702 (2024: £254,726) to Falkland Estate Trust, a private trust in which Ninian Stuart is chairman. During the year the company made sales of £37,355 (2024: £98,839) to and purchases of £120,395 (2024: £37,246) from Falkland Estate Trust.Included within trade debtors are amounts due from Falkland Estate Trust totalling £5,751 (2024: £2,238).Included within trade creditors are amounts totalling £49,324 (2024: £7,135) due to Falkand Estate Trust.