Keithhill Cattle Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC239033 (Scotland)

Financial Statements for the Year Ended 31 March 2018

for

KEITHHILL CATTLE COMPANY LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

Fixed assets

Tangible assets

3

245,791

42,098

Investment property

4

254,920

254,920

500,711

297,018

Current assets

Stocks

319,512

234,306

Debtors

5

1,957,656

1,773,201

Cash at bank

444,799

408,961

2,721,967

2,416,468

Creditors

Amounts falling due within one year

6

(124,206

)

(96,685

)

Net current assets

2,597,761

2,319,783

Total assets less current liabilities

3,098,472

2,616,801

Provisions for liabilities

(1,101

)

(1,299

)

Net assets

3,097,371

2,615,502

Capital and reserves

Called up share capital

7

100

100

Retained earnings

3,097,271

2,615,402

Shareholders' funds

3,097,371

2,615,502

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director on 24 December 2018 and were signed by:

A C Hodge - Director

1.	Statutory information

Keithhill Cattle Company Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address are as below:

Registered number:

SC239033

Registered office:

Humbie Mill

Humbie

East Lothian

EH36 5PB

The presentation currency of the financial statements is the Pound Sterling (£).

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 statement have been prepared under the historical cost

modified to include certain items at fair value.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value

added taxes.

Turnover from the sale of livestock and crop is recognised when the significant risks and rewards of ownership of

the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery

of the goods.

Farm subsidies are recognised as turnover at the point of entitlement.

Tangible fixed assets

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

Freehold property

-

2% on cost

Building improvements

-

25 years straight line

Plant and machinery

-

15% on reducing balance

Depreciation is charged on freehold land and buildings at rates calculated to write off the cost less estimated

residual value evenly over its expected life.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating

unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable

amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where

the impairment loss is a revaluation decrease.

Investment property

Investment property for which fair value can be measured reliably without undue cost or effort is measured at fair

value at each reporting date with changes in fair value recognised in profit or loss.

In the opinion of the director the fair value of the investment property at 31 March 2018 was £254,920 (2017 -

£254,920).

Stocks

Stocks of feed and breeding livestock have been valued at the lower of cost price and estimated selling price

less costs to complete and sell.

Growing crops and immature livestock have been valued at the direct cost of production.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the

profit and loss account.

Taxation

Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss)

for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the

taxation rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation represents the future taxation consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing differences, with

certain exceptions. Timing differences are differences between taxable profits and total comprehensive income

as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in

periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses

and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered

against the reversal of deferred taxation liabilities or other future taxable profits.

Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively

enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight

line basis over the period of the lease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Bank and cash

Cash at bank and in hand includes cash and short term highly liquid investments with a short

maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3.	Tangible fixed assets

Freehold

Building

Plant and

property

improvements

machinery

Totals

£

£

£

£

Cost

At 1 April 2017

-

68,466

9,770

78,236

Additions

207,130

-

325

207,455

At 31 March 2018

207,130

68,466

10,095

285,691

Depreciation

At 1 April 2017

-

32,863

3,275

36,138

Charge for year

-

2,739

1,023

3,762

At 31 March 2018

-

35,602

4,298

39,900

Net book value

At 31 March 2018

207,130

32,864

5,797

245,791

At 31 March 2017

-

35,603

6,495

42,098

4.	Investment property

Total

£

Fair value

At 1 April 2017

and 31 March 2018

254,920

Net book value

At 31 March 2018

254,920

At 31 March 2017

254,920

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

306,117

148,952

Other debtors

1,651,539

1,624,249

1,957,656

1,773,201

6.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

8,526

5,592

Taxation and social security

113,791

79,903

Other creditors

1,889

11,190

124,206

96,685

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

8.	Related party disclosures

During the year repayments of £46,552 were received from a company under the common control of director A C

Hodge. The amount due from the related party at the balance sheet date of £1,577,697 (2017 - £1,624,249) is

included within other debtors.

The loan carries no schedule of repayment and is made free of interest.