Economic Report on Scottish Agriculture: 2005 Edition

Table B6 Average opening and closing balance sheets by tenure and type of farm, 2003-04: all tenures

Type of farm	LFA: Specialist sheep		LFA: Specialist beef		LFA: Cattle and sheep		Lowground Cattle and sheep
Number of farms in sample	41		112		60		9
	Valuation		Valuation		Valuation		Valuation
	Opening	Closing	Opening	Closing	Opening	Closing	Opening	Closing
Assets	£/farm	£/farm	£/farm	£/farm	£/farm	£/farm	£/farm	£/farm
Land and buildings etc ⁽¹⁾	144,620	144,338	207,695	214,830	182,993	185,452	276,948	277,433
Other fixed assets ⁽²⁾	42,478	46,333	89,462	95,175	82,636	89,593	66,258	71,113
Current assets ⁽³⁾	40,650	36,260	120,365	115,623	98,358	92,438	115,301	113,454
Total assets	227,749	226,931	417,522	425,629	363,986	367,483	458,507	462,000
Liabilities
Bank loans	2,502	1,871	15,212	15,100	13,983	12,728	6,097	8,142
Other long and medium term loans ⁽⁴⁾	3,078	2,903	5,317	4,942	9,114	7,799	19,584	19,428
Bank overdraft	9,357	9,732	23,456	23,492	36,872	37,905	19,084	17,823
Other short term loans ⁽⁵⁾	6,383	5,515	12,395	12,737	11,638	13,072	9,956	9,409
Total external liabilities	21,319	20,021	56,381	56,271	71,607	71,504	54,721	54,802
(of which total bank borrowing)	(11,859)	(11,603)	(38,669)	(38,592)	(50,854)	(50,633)	(25,181)	(25,965)
Net worth	206,430	206,910	361,141	369,358	292,379	295,979	403,787	407,198
Total external liabilities as a percentage of total assets	9	9	14	13	20	19	12	12

Type of farm	Cereals		General cropping		Dairy		Mixed
Number of farms in sample	44		39		61		67
	Valuation		Valuation		Valuation		Valuation
	Opening	Closing	Opening	Closing	Opening	Closing	Opening	Closing
Assets	£/farm	£/farm	£/farm	£/farm	£/farm	£/farm	£/farm	£/farm
Land and buildings etc ⁽¹⁾	595,218	597,025	601,316	613,357	348,530	356,378	376,780	386,828
Other fixed assets ⁽²⁾	70,503	69,150	80,102	82,027	112,117	115,571	87,624	92,032
Current assets ⁽³⁾	107,500	118,471	100,539	112,220	176,658	252,345	131,081	130,639
Total assets	773,221	784,646	781,958	807,604	637,305	724,295	595,486	609,499
Liabilities
Bank loans	11,391	14,214	48,222	36,752	22,240	23,869	29,543	29,400
Other long and medium term loans ⁽⁴⁾	17,110	17,687	18,615	19,609	18,470	20,459	16,093	16,077
Bank overdraft	37,218	39,461	43,785	41,827	39,699	40,903	61,888	58,116
Other short term loans ⁽⁵⁾	18,477	14,295	19,180	23,257	21,159	22,175	18,377	19,805
Total external liabilities	84,197	85,657	129,803	121,445	101,568	107,405	125,901	123,398
(of which total bank borrowing)	(48,609)	(53,675)	(92,007)	(78,579)	(61,938)	(64,771)	(91,431)	(87,516)
Net worth	689,024	698,990	652,155	686,159	535,738	616,890	469,585	486,101
Total external liabilities as a percentage of total assets	11	11	17	15	16	15	21	20

(1) Land and buildings, improvements and fixed equipment.
(2) Machinery, equipment and vehicles, and breeding livestock.
(3) Physical working assets such as trading livestock, harvested and growing crops, purchased stores and liquid assets such as sundry debtors.
(4) Loans by the Scottish Agricultural Securities Corporation, insurance companies and building societies and also family loans.
(5) Outstanding capital debt for machinery and equipment being acquired under hire purchase or finance leasing arrangements, and also sundry creditors and receipts in advance.

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Economic Report on Scottish Agriculture: 2005 Edition