Gartnagrenach Farm Limited - Accounts to registrar (filleted) - small 18.2
Gartnagrenach Farm Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2020 |
| for |
| Gartnagrenach Farm Limited |
| Gartnagrenach Farm Limited (Registered number: 09913715) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 10 |
| Gartnagrenach Farm Limited |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 60 Wellington Street |
| Glasgow |
| G2 6HJ |
| Gartnagrenach Farm Limited (Registered number: 09913715) |
| Balance Sheet |
| 31 March 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Gartnagrenach Farm Limited (Registered number: 09913715) |
| Balance Sheet - continued |
| 31 March 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Gartnagrenach Farm Limited (Registered number: 09913715) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Gartnagrenach Farm Limited is a private company, limited by shares, registered in Scotland. The company's registered office address is 55 Park Walk, London, SW10 0AZ. The registered number is 09913715. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
| Turnover also includes rental income and outlays receivable from tenants of the investment properties and is recognised on a straight line basis over the period of the lease, net of VAT. |
| Turnover is recognised when the company has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received and can be measured reliably.. |
| Intangible assets |
| Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if fair value can be measured reliably. |
| Amortisation is recognised to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: |
| Government grant | 20% straight line |
| 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 to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: |
| Freehold land and buildings | 0-5% straight line |
| Plant and equipment | 25% straight line |
| Fixtures and fittings | 25% straight line |
| Motor vehicles | 25% straight line |
| Wind turbines | 5% straight line |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Gartnagrenach Farm Limited (Registered number: 09913715) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Government grants are recognised at their fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grant will be received. |
| Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants related to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount. |
| Investment property |
| Investment properties, which are properties held to earn rentals and/or for capital appreciation are accounted for as follows; |
| (a) Initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. |
| (b) Revalued annually at each balance sheet date at their fair value where this can be measured reliably. The surplus or deficit arising on revaluation in the financial year is recognised in the Statement of Income and Retained Earnings for that year. Revaluation gains and losses are accumulated in the Retained Earnings Equity Reserve in the Balance Sheet. |
| (c) No depreciation is provided in respect of investment properties |
| (d) Deferred tax is provided on any gains at the rate expected to apply when a property is sold. |
| (e) Properties are accounted for when there is a binding contract for purchase or sale. |
| Stocks |
| Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors. |
| Cash and cash equivalents comprise cash in hand and deposits held with banks. |
| Trade and other debtors are initially recognised at the transaction price, including any transaction costs, less any provision for impairment. At the end of each reporting year, the Company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all the amounts due according to the original terms of the financial assets. The amount of the provision is recognised immediately in the statement of income and retained earnings. |
| Trade and other creditors are initially measured at the transaction price, including any transaction costs. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Gartnagrenach Farm Limited (Registered number: 09913715) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
| Fixed asset investments |
| Fixed asset investments, being the company's investments as a member in trading Limited Liability Partnerships, are recognised at cost. The company's share of the partnerships' results are recognised annually in the Statement of Income and Retained Earnings. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Government |
| Grants |
| £ |
| COST |
| At 1 April 2019 |
| and 31 March 2020 |
| AMORTISATION |
| At 1 April 2019 |
| Amortisation for year |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| The Basic Payment Scheme units were valued at transfer in 2016 at £166,089. The scheme will run until December 2020 therefore the useful life from date of award is 5 years. The units will be amortised over this time. |
| Gartnagrenach Farm Limited (Registered number: 09913715) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Land and | Plant and | Wind |
| Building | machinery | Turbine | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 6. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2019 |
| Additions |
| Revaluations | 3,062 |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Gartnagrenach Farm Limited (Registered number: 09913715) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 7. | INVESTMENT PROPERTY - continued |
| Investment property comprises residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The original cost of the properties was £487,834 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Other creditors |
| Quantum Partnership Losses | - | 54,660 |
| Directors' current accounts | 441 | - |
| Accruals and deferred income |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other creditors |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2019 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 March 2020 |
| Gartnagrenach Farm Limited (Registered number: 09913715) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 12. | RELATED PARTY DISCLOSURES |
| The following amounts were outstanding at the reporting end date: |
| 2020 | 2019 |
| £ | £ |
| Amounts owed to related parties |
| Other related parties | 27,070 | 103,416 |
| 2020 | 2019 |
| £ | £ |
| Amounts owed by related parties |
| Other related parties | 146,486 | - |
| These related parties are two companies in which the directors have a shareholding interest. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Donald Maxwell Macdonald LiferentTrust. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Gartnagrenach Farm Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gartnagrenach Farm Limited for the year ended 31 March 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the 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 Gartnagrenach Farm Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gartnagrenach Farm Limited and state those matters that we have agreed to state to the Board of Directors of Gartnagrenach Farm 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 the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Gartnagrenach Farm 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 profit of Gartnagrenach Farm Limited. You consider that Gartnagrenach Farm 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 Gartnagrenach Farm 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. |
| Chartered Accountants |
| 60 Wellington Street |
| Glasgow |
| G2 6HJ |