John Scott & Son (Farmers) ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC295518 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

for

John Scott & Son (Farmers) ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J W H Scott

E J Scott

R W Scott

REGISTERED OFFICE:

Caldale

St Ola

Orkney

KW15 1TR

REGISTERED NUMBER:

SC295518 (Scotland)

ACCOUNTANTS:

Orcadia

Chartered Accountants

1 - 3 East Road

Kirkwall

Orkney

KW15 1HZ

BANKERS:

The Royal Bank of Scotland

1 Victoria Street

Kirkwall

Orkney

KW15 1DP

FIXED ASSETS

-

Intangible assets

2

-

441,583

Tangible assets

3

436,592

441,583

436,592

CURRENT ASSETS

287,840

Stocks

346,288

94,212

Debtors

79,917

2,631

Investments

2,631

384,683

428,836

CREDITORS

337,594

Amounts falling due within one year

4

418,760

47,089

NET CURRENT ASSETS

10,076

488,672

TOTAL ASSETS LESS CURRENT LIABILITIES

446,668

CREDITORS

(370,136

)

Amounts falling due after more than one year

4

(332,283

)

-

PROVISIONS FOR LIABILITIES

(44,000

)

118,536

NET ASSETS

70,385

CAPITAL AND RESERVES

150

Called up share capital

5

150

118,386

Profit and Loss Account

70,235

118,536

SHAREHOLDERS' FUNDS

70,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10 December 2014 and were signed on its behalf by:

R W Scott - Director

E J Scott - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net sales of milk, livestock and crop, excluding value added tax.

Sfp entitlements

SFP Entitlements, being the amount paid in connection with the transfer of a business in 2009, is

being amortised evenly over its estimated useful life of four years.

Milk quota

Milk Quota, being the amount paid in connection with the transfer of a business in 2009, is being

amortised evenly over its estimated useful life of four years.

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences

between the recognition of gains and losses in the financial statements and recognition in the tax

computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will

be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the

timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

122,785

AMORTISATION

At 1 April 2013

and 31 March 2014

122,785

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

597,717

Additions

36,113

At 31 March 2014

633,830

DEPRECIATION

At 1 April 2013

156,134

Charge for year

41,104

At 31 March 2014

197,238

NET BOOK VALUE

At 31 March 2014

436,592

At 31 March 2013

441,583

4.

CREDITORS

Creditors include an amount of £ 368,276 (2013 - £ 369,711 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable otherwise than by instalments

63,981

63,981

Repayable by instalments

40,035

88,593

104,016

152,574

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

50

"A" Ordinary

£1

50

50

100

"B" Ordinary

£1

100

100

150

150

6.

CONTROL

The directors control the company.