Company No: 04197311 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	W H M Parente
	A Macauslan
	N Porter

SECRETARY

I Goodwin

REGISTERED OFFICE	Portland Estate Office Cavendish House
	Welbeck
	Worksop
	S80 3LL
	United Kingdom

COMPANY NUMBER

04197311 (England and Wales)

AUDITOR	Dixon Wilson Audit Services LLP
	22 Chancery Lane
	London
	WC2A 1LS

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	24,720		0
Tangible assets	4	489,068		581,365
Investments	5	25		25
		513,813		581,390
Current assets
Stocks		302,231		296,438
Debtors	6	462,430		614,904
Cash at bank and in hand		57,991		66,869
		822,652		978,211
Creditors: amounts falling due within one year	7	( 158,006)		( 322,148)
Net current assets		664,646		656,063
Total assets less current liabilities		1,178,459		1,237,453
Creditors: amounts falling due after more than one year	8	( 333,054)		( 399,864)
Provision for liabilities	9	6,595		( 1,854)
Net assets		852,000		835,735
Capital and reserves
Called-up share capital		400,000		400,000
Profit and loss account		452,000		435,735
Total shareholder's funds		852,000		835,735

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Welbeck Scottish Farms Limited (registered number: 04197311) were approved and authorised for issue by the Board of Directors on 22 November 2023. They were signed on its behalf by:

W H M Parente Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Welbeck Scottish Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Portland Estate Office Cavendish House, Welbeck, Worksop, S80 3LL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts receivable, net of value added tax, in respect of the sale of livestock to customers and government subsidies. The sale of livestock is recognised when ownership is transferred. Income from government grants is recognised as set out below.

Taxation

Current tax
Under an agreement between companies within the group, a company that surrenders tax losses for group relief is entitled to receive compensation from the claimant company equal to the amount of relief in terms of tax saving generated from the loss relief claim. The compensation is recognised in the year to which the loss relief claim relates and is recorded as a tax credit (in the case of the surrendering company) and a tax expense (in the case of the claimant company).

Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but are not reversed by the balance sheet date, except as required by FRS 102, or as stated in the Accounting Policies.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

15 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements	10 - 50 years straight line
Plant and machinery	5 years straight line
Vehicles	5 years straight line
Office equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease
term.

Stocks

Stock comprises livestock and other stocks required for their upkeep. Stock is stated at the lower of cost and net realisable value. The cost of livestock is estimated at 60% of open market value for cattle and 75% of open market value for sheep. Net realisable value is based on selling price less anticipated costs to bring livestock to maturity and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Government grants

Farming grants are recognised as turnover when the material conditions attached to the grant have been met.

Grants received in respect of specific capital expenditure are recognised as turnover over the useful economic life of the
corresponding fixed asset.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2022	0		0
Additions	24,720		24,720
At 31 March 2023	24,720		24,720
Accumulated amortisation
At 01 April 2022	0		0
At 31 March 2023	0		0
Net book value
At 31 March 2023	24,720		24,720
At 31 March 2022	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2022	590,171		291,764		51,540		1,256		934,731
Additions	0		15,393		9,055		0		24,448
Disposals	0		( 15,836)		( 23,083)		0		( 38,919)
At 31 March 2023	590,171		291,321		37,512		1,256		920,260
Accumulated depreciation
At 01 April 2022	251,667		79,869		21,537		293		353,366
Charge for the financial year	47,036		50,204		11,281		251		108,772
Disposals	0		( 10,556)		( 20,390)		0		( 30,946)
At 31 March 2023	298,703		119,517		12,428		544		431,192
Net book value
At 31 March 2023	291,468		171,804		25,084		712		489,068
At 31 March 2022	338,504		211,895		30,003		963		581,365

5. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 April 2022	25		25
At 31 March 2023	25		25
Provisions for impairment
At 01 April 2022	0		0
At 31 March 2023	0		0
Carrying value at 31 March 2023	25		25
Carrying value at 31 March 2022	25		25

6. Debtors

	2023		2022
	£		£
Trade debtors	39,861		35,911
Amounts owed by Group undertakings	373,466		507,502
Other debtors	49,103		71,491
	462,430		614,904

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	82,001		150,875
Amounts owed in respect to Group relief	0		95,494
Obligations under finance leases and hire purchase contracts	23,658		18,755
Other creditors	52,347		57,024
	158,006		322,148

8. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Obligations under finance leases and hire purchase contracts	18,421		42,086
Other creditors	314,633		357,778
	333,054		399,864

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2023		2022
	£		£
Other creditors	160,196		187,479

9. Provision for liabilities

	Deferred taxation		Total
	£		£
At 01 April 2022	1,854		1,854
Credited to the Profit and Loss Account	( 8,449)		( 8,449)
At 31 March 2023	( 6,595)		( 6,595)

Deferred tax

	2023		2022
	£		£
Other timing differences	( 6,595)		1,854
Provision for deferred tax	( 6,595)		1,854

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2023 was unqualified.

The audit report was signed by Gregory Smye-Rumsby on behalf of Dixon Wilson Audit Services LLP.

11. Ultimate controlling party

Parent Company:

The Welbeck Estates Company Limited

Portland Estate Office Cavendish House Welbeck Worksop Nottinghamshire S80 3LL