Company Registration No. SC524358 (Scotland)
BLAIRMAINS FARM SHOP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
BLAIRMAINS FARM SHOP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BLAIRMAINS FARM SHOP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,200
15,400
Tangible assets
4
17,209
21,045
30,409
36,445
Current assets
Stocks
41,477
47,521
Debtors
5
1,853
-
Cash at bank and in hand
26,417
53,023
69,747
100,544
Creditors: amounts falling due within one year
6
(49,646)
(78,265)
Net current assets
20,101
22,279
Total assets less current liabilities
50,510
58,724
Provisions for liabilities
Deferred tax liability
949
1,071
(949)
(1,071)
Net assets
49,561
57,653
Capital and reserves
Called up share capital
7
300
300
Profit and loss reserves
49,261
57,353
Total equity
49,561
57,653
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
BLAIRMAINS FARM SHOP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 March 2021 and are signed on its behalf by:
Mrs E M Logan
Mr J Logan
Director
Director
Company Registration No. SC524358
BLAIRMAINS FARM SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Blairmains Farm Shop Limited is a private company limited by shares incorporated in Scotland. The registered office is 66 Tay Street, Perth, PH2 8RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for the sale of goods in the farm shop.
Revenue is recognised on a cash basis.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which the directors estimate to be ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
Office equipment
20% reducing balance
Motor vehicles
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
BLAIRMAINS FARM SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.
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, are recognised at transaction price.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
BLAIRMAINS FARM SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2019 - 9).
BLAIRMAINS FARM SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
22,000
Amortisation and impairment
At 1 April 2019
6,600
Amortisation charged for the year
2,200
At 31 March 2020
8,800
Carrying amount
At 31 March 2020
13,200
At 31 March 2019
15,400
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019 and 31 March 2020
36,045
Depreciation and impairment
At 1 April 2019
15,000
Depreciation charged in the year
3,836
At 31 March 2020
18,836
Carrying amount
At 31 March 2020
17,209
At 31 March 2019
21,045
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,463
-
Corporation tax recoverable
390
-
1,853
-
BLAIRMAINS FARM SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
30,881
45,299
Corporation tax
-
12,731
Other taxation and social security
6,000
7,485
Other creditors
12,765
12,750
49,646
78,265
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100 Ordinary B of £1 each
100
100
50 Ordinary C of £1 each
50
50
50 Ordinary D of £1 each
50
50
300
300
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
18,000
18,000
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Other related parties
486
9,299
The loan is unsecured, interest free and has no fixed terms of repayment.
2020-03-312019-04-01false22 March 2021CCH SoftwareCCH Accounts Production 2020.310No description of principal activityMrs E M LoganMr J LoganSC5243582019-04-012020-03-31SC5243582020-03-31SC524358core:NetGoodwill2020-03-31SC524358core:NetGoodwill2019-03-31SC5243582018-04-012019-03-31SC5243582019-03-31SC524358core:OtherPropertyPlantEquipment2020-03-31SC524358core:OtherPropertyPlantEquipment2019-03-31SC524358core:CurrentFinancialInstrumentscore:WithinOneYear2020-03-31SC524358core:CurrentFinancialInstruments2020-03-31SC524358core:CurrentFinancialInstruments2019-03-31SC524358core:ShareCapital2020-03-31SC524358core:ShareCapital2019-03-31SC524358core:RetainedEarningsAccumulatedLosses2020-03-31SC524358core:RetainedEarningsAccumulatedLosses2019-03-31SC524358core:ShareCapitalOrdinaryShares2020-03-31SC524358core:ShareCapitalOrdinaryShares2019-03-31SC524358bus:Director12019-04-012020-03-31SC524358bus:Director22019-04-012020-03-31SC524358core:Goodwill2019-04-012020-03-31SC524358core:FurnitureFittings2019-04-012020-03-31SC524358core:ComputerEquipment2019-04-012020-03-31SC524358core:MotorVehicles2019-04-012020-03-31SC524358core:NetGoodwill2019-03-31SC524358core:NetGoodwill2019-04-012020-03-31SC524358core:OtherPropertyPlantEquipment2019-03-31SC524358core:OtherPropertyPlantEquipment2019-04-012020-03-31SC524358bus:PrivateLimitedCompanyLtd2019-04-012020-03-31SC524358bus:SmallCompaniesRegimeForAccounts2019-04-012020-03-31SC524358bus:FRS1022019-04-012020-03-31SC524358bus:AuditExemptWithAccountantsReport2019-04-012020-03-31SC524358bus:FullAccounts2019-04-012020-03-31xbrli:purexbrli:sharesiso4217:GBP