GLENFARG ORGANICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. SC520769 (Scotland)
GLENFARG ORGANICS LIMITED
COMPANY INFORMATION
Directors
A MacGregor
J M MacGregor
G A McKenna-Mayes
(Appointed 25 October 2016)
J J Scanlon
(Appointed 25 October 2016)
Company number
SC520769
Registered office
Orchard Bungalow Offices
Binn Farm
Glenfarg
Perth
PH2 9PX
Accountants
Campbell Dallas Limited
5 Whitefriars Crescent
Perth
PH2 0PA
Business address
Orchard Bungalow Offices
Binn Farm
Glenfarg
Perth
PH2 9PX
GLENFARG ORGANICS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
GLENFARG ORGANICS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,750,000
-
Current assets
Debtors
4
34,892
-
Cash at bank and in hand
20,554
50
55,446
50
Creditors: amounts falling due within one year
5
(55,283)
-
Net current assets
163
50
Total assets less current liabilities
3,750,163
50
Provisions for liabilities
(615,695)
-
Net assets
3,134,468
50
Capital and reserves
Called up share capital
6
500,100
50
Profit and loss reserves
7
2,634,368
-
Total equity
3,134,468
50
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
GLENFARG ORGANICS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 October 2017 and are signed on its behalf by:
A MacGregor
Director
Company Registration No. SC520769
GLENFARG ORGANICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 November 2015
-
-
-
Period ended 31 March 2016:
Profit and total comprehensive income for the period
-
-
-
Issue of share capital
6
50
-
50
Balance at 31 March 2016
50
-
50
Period ended 31 March 2017:
Profit and total comprehensive income for the period
-
2,662,368
2,662,368
Issue of share capital
6
500,100
-
500,100
Dividends
-
(28,000)
(28,000)
Reduction of shares
6
(50)
-
(50)
Balance at 31 March 2017
500,100
2,634,368
3,134,468
GLENFARG ORGANICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
1
Accounting policies
Company information
Glenfarg Organics Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Orchard Bungalow Offices, Binn Farm, Glenfarg, Perth, PH2 9PX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Glenfarg Organics Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 20 November 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the income statement.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GLENFARG ORGANICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 2).
3
Investment property
2017
£
Fair value
At 1 April 2016
-
Additions
500,000
Revaluations
3,250,000
At 31 March 2017
3,750,000
Investment property comprises the In-Vessel Composting building. The fair value of the investment property has been arrived at on the basis of a valuation carried out in June 2017 by CKD Galbraith Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
GLENFARG ORGANICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
3
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2017
2016
£
£
Cost
500,000
-
Accumulated depreciation
(14,583)
-
Carrying amount
485,417
-
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
34,892
-
5
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
11,100
-
Other taxation and social security
10,000
-
Other creditors
34,183
-
55,283
-
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
Ordinary shares of £1 each
-
50
250,050 B ordinary shares of £1 each
250,050
-
250,050 S ordinary shares of £1 each
250,050
-
500,100
50
GLENFARG ORGANICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
6
Called up share capital
(Continued)
- 7 -
Reconciliation of movements during the year:
Ordinary
B ordinary
S ordinary
Number
Number
Number
At 1 April 2016
50
-
-
Issue of fully paid shares
-
-
50
Non-cash issue
-
250,000
250,000
Re-classification
(50)
50
-
At 31 March 2017
-
250,050
250,050
During the year the opening share capital of 50 ordinary shares of £1 each were re-classified as 50 B ordinary shares of £1 each and 50 S ordinary shares were issued at par for cash consideration.
Also during the year 250,000 B ordinary shares of £1 each and 250,000 S ordinary shares of £1 each were issued in consideration of the acquisition of the In-Vessel Composting building.
7
Profit and loss reserves
This reserve records the retained earnings and accumulated losses.
This reserve includes non-distributable profits of £2,634,305 (2016 - £nil) as a result of investment properties being measured at fair value. These profits are after deducting the deferred tax arising on these fair values.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
1,470,000
-
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2017
2016
£
£
1,690,000
-
GLENFARG ORGANICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
9
Related party transactions
During the year the company acquired the investment property for £500,000 from Binn Skips Partnership, a partnership controlled by the directors, A MacGregor and J M MacGregor.
During the year expenses totalling £30,800 (2016 - £nil) were recharged from Binn Skips Limited, a company under the control of A MacGregor, Director.
During the year the company paid rent totalling £22,500 (2016 - £nil) to Binn Farm Limited, a company under the control of A MacGregor, director.
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