REGISTERED NUMBER: SC509849 (Scotland)

Borders Premium Potatoes Ltd

Financial Statements

for the Year Ended 31st July 2018

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

6

Directors:

R V Berrett

J Mason

A D Ramsay

Registered office:

Mounthooly Farm

Crailing

Jedburgh

Roxburghshire

TD8 6TJ

Registered number:

SC509849 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

999

1,017

Current assets

Stocks

8,210

7,087

Debtors

5

66,007

111,573

Cash at bank

40,768

82,008

114,985

200,668

Creditors

Amounts falling due within one year

6

73,494

159,110

Net current assets

41,491

41,558

Total assets less current liabilities

42,490

42,575

Provisions for liabilities

190

193

Net assets

42,300

42,382

Capital and reserves

Called up share capital

100

100

Retained earnings

42,200

42,282

Shareholders' funds

42,300

42,382

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2018 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 12th April 2019 and were signed on its behalf by:

R V Berrett - Director

A D Ramsay - Director

1.	Statutory information

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

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made 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.

Office equipment

-

25% on cost

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

losses.

Stock

Stock is valued at the 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 and accruals.

Trade debtors, trade creditors and accruals 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.

Hire purchase and leasing commitments

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

period of the lease.

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.

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. Where material, provisions are calculated on a discounted basis.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of

Income and Retained Earnings in the period in which they are incurred.

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 1 (2017 - 1 ) .

4.	Tangible fixed assets

Office

equipment

£

Cost

At 1st August 2017

1,949

Additions

625

At 31st July 2018

2,574

Depreciation

At 1st August 2017

932

Charge for year

643

At 31st July 2018

1,575

Net book value

At 31st July 2018

999

At 31st July 2017

1,017

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

52,994

106,011

Other debtors

13,013

5,562

66,007

111,573

6.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

33,356

84,248

Taxation and social security

1,420

8,026

Other creditors

38,718

66,836

73,494

159,110