Crailing Tofts Potatoes Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC217999 (Scotland)

Crailing Tofts Potatoes Limited

Financial Statements

for the Year Ended 31st March 2017

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Directors:

M G Dagg

Mrs K I Dagg

G I Dagg

Secretary:

Mrs K I Dagg

Registered office:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Registered number:

SC217999 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

2,417,786

212,157

Investments

5

51

51

2,417,837

212,208

Current assets

Stocks

1,813,730

1,575,749

Debtors

6

710,323

666,929

Cash at bank

1,282

352,447

2,525,335

2,595,125

Creditors

Amounts falling due within one year

7

719,922

366,093

Net current assets

1,805,413

2,229,032

Total assets less current liabilities

4,223,250

2,441,240

Creditors

Amounts falling due after more than one year

8

(1,434,229

)

-

Provisions for liabilities

(32,963

)

(34,340

)

Net assets

2,756,058

2,406,900

Capital and reserves

Called up share capital

100,000

100,000

Retained earnings

2,656,058

2,306,900

Shareholders' funds

2,756,058

2,406,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 21st December 2017 and were signed on its behalf by:

G I Dagg - Director

M G Dagg - Director

1.	Statutory information

Crailing Tofts Potatoes Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information

page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out

below.

The financial statements for the year ended 31st March 2017 are the first financial statements that

comply with FRS102 Section 1A for small entities. The date of transition is 1st April 2015.

There has been no impact to the financial statements on the transition date.

Turnover

Turnover represents the total invoice value, excluding value added tax of sales invoiced during the

year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of

ownership have passed to the buyer. Turnover arising from the provision of services is recognised as

contract activity progresses and the right to consideration is earned.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

4% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses.

Stocks

Stock is valued at lower of cost and net realisable value. Cost includes all direct expenditure and

appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated

selling prices less further costs expected to be incurred in bringing the stock to completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade

creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate

of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the

undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

in the Statement of Income and Retained Earnings.

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.

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.

Investments

Fixed asset investments are stated at cost less provision for permanent diminution in value.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date

of signing these financial statements and have reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future. Accordingly, they continue to

adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was NIL (2016 - NIL).

4.	Tangible fixed assets

Land and

buildings

£

Cost

At 1st April 2016

253,086

Additions

2,215,752

At 31st March 2017

2,468,838

Depreciation

At 1st April 2016

40,929

Charge for year

10,123

At 31st March 2017

51,052

Net book value

At 31st March 2017

2,417,786

At 31st March 2016

212,157

5.	Fixed asset investments

Other

investments

£

Cost

At 1st April 2016

and 31st March 2017

51

Net book value

At 31st March 2017

51

At 31st March 2016

51

6.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

652,210

620,547

Other debtors

58,113

46,382

710,323

666,929

7.

Creditors: amounts falling due within one year

2017

2016

£

£

Bank loans and overdrafts

113,735

-

Trade creditors

433,284

313,660

Taxation and social security

90,417

52,433

Other creditors

82,486

-

719,922

366,093

8.

Creditors: amounts falling due after more than one year

2017

2016

£

£

Other creditors

1,434,229

-