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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2019 |
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MARGRIE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2019 |
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FOR |
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MARGRIE LIMITED |
MARGRIE LIMITED (REGISTERED NUMBER: SC137063) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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MARGRIE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Clydesdale Bank Buildings |
36 King Street |
CASTLE DOUGLAS |
KIRKCUDBRIGHTSHIRE |
DG7 1AF |
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BANKERS: |
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192 King Street |
CASTLE DOUGLAS |
DG7 1DB |
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SOLICITORS: |
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Solicitors and Asset Managers |
Princes Exchange |
1 Earl Grey Street |
EDINBURGH |
EH3 9EE |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MARGRIE LIMITED |
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The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar |
of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Margrie Limited for the year ended 30 April 2019 which comprise the Income |
Statement, Balance Sheet and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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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. |
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This report is made solely to the director of Margrie Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Margrie Limited and state those matters that we have agreed to state to the director of Margrie Limited 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 director for our work or for this report. |
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It is your duty to ensure that Margrie 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 loss of Margrie Limited. You consider that Margrie Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Margrie 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. |
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Chartered Accountants |
Clydesdale Bank Buildings |
36 King Street |
CASTLE DOUGLAS |
KIRKCUDBRIGHTSHIRE |
DG7 1AF |
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MARGRIE LIMITED (REGISTERED NUMBER: SC137063) |
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BALANCE SHEET |
30 APRIL 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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MARGRIE LIMITED (REGISTERED NUMBER: SC137063) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
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1. | STATUTORY INFORMATION |
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Margrie Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Changes in accounting policies |
The company transitioned from FRSSE 2015 to FRS 102 on 1 May 2016. Closing stocks were |
previously valued at the lower of cost and proportion of net realisable value as set out in IR BEN 19, |
with the exception of the mature animals in the livestock herd which were valued on the Herd Basis. |
Closing stock is now valued in line with FRS 102 at the lower of cost and net realisable value. |
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Turnover |
Turnover is made up of Cattle and Sheep Sales, Contracting income, Basic Payment Scheme and |
other subsidies received. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful economic life or, if held under a finance lease, over the lease term, whichever is the shorter. |
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Land and buildings - 10% per annum on cost |
Plant and machinery etc - 10% to 25% on reducing balance |
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The Director is of the opinion that leasehold land and buildings, which comprise tenants improvements |
to agricultural property, should be depreciated over 10 years on a straight line basis in line with |
Agricultural Tenancy legislation. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Stock, including biological assets are included at the lower of cost and estimated selling prices less |
costs to sell. For tax purposes the mature animals in the livestock herd are valued on the herd basis. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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MARGRIE LIMITED (REGISTERED NUMBER: SC137063) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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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. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant |
period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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MARGRIE LIMITED (REGISTERED NUMBER: SC137063) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2018 |
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Additions |
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At 30 April 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for year |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 May 2018 |
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Additions |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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The investment relates to funds held in the farming co-operative Tarff Valley Ltd. |
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6. | STOCKS |
2019 | 2018 |
£ | £ |
Herd stock |
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Trading stock |
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MARGRIE LIMITED (REGISTERED NUMBER: SC137063) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Included in Other Debtors is £65,754 (2018: £73,625) being amounts due from group companies. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Hire purchase creditors are secured over the asset to which they relate. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Share Capital | £1 |
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11. | CONTINGENT LIABILITIES |
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The Company is a participant in a group banking arrangement, covering Ardwall Farms Limited, |
Lochside Limited and Margrie Limited, under which all surplus cash balances are held as collateral for |
bank facilities advanced to group members. In addition, the Company has issued an unlimited |
guarantee to the bank to support these group facilities. |
MARGRIE LIMITED (REGISTERED NUMBER: SC137063) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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12. | RELATED PARTY DISCLOSURES |
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The Company's immediate parent undertaking is Ardwall Farms Limited a company registered in |
Scotland, which owns 999 of the 1,000 Ordinary shares in issue. Ardwall Farms Limited has its |
registered office at Princes Exchange, 1 Earl Gray Street, Edinburgh and is engaged in farming. The |
Company is also related to Lochside Limited which is another subsidiary of Ardwall Farms Limited. |
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Ardwall Farms Limited re-charged wages and salaries and pension costs to Margrie Limited |
amounting to £27,051 in the year. |
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At the Balance Sheet date the amounts due (to)/from these related parties were as follows: |
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2019 | 2018 |
£ | £ |
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Ardwall Farms Limited | 14,111 | 23,486 |
Lochside Limited | 51,643 | 50,139 |
Interest is charged at 3% on average balance in year. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company is under the day to day control of the director Mr A McCulloch. The company is owned |
and controlled by the Butterfield Trust (Bermuda) Limited, which holds the shares on behalf of the A J |
McCulloch Bermuda Settlement Trust. |