Craigengillan Estates (No 1) Company Limited Filleted accounts for Companies House (small and micro)

Craigengillan Estates (No 1) Company Limited Filleted accounts for Companies House (small and micro)

CRAIGENGILLAN ESTATES (NO 1) COMPANY LIMITED - Company Information

Print Friendly Version

0 false false false false false false false false false true false false false false false false false No description of principal activity 2018-11-29 Sage Accounts Production Advanced 2020 - FRS102_2014 1,951,051 214,045 51,093 256,646 2,370,649 2,370,649 1,951,051 117,750 2,805 7,680 21,565 113,920 xbrli:pure xbrli:shares iso4217:GBP SC124520 2018-11-29 2019-11-28 SC124520 2019-11-28 SC124520 2018-11-28 SC124520 2017-11-29 2018-11-28 SC124520 2018-11-28 SC124520 bus:OrdinaryShareClass1 2018-11-29 2019-11-28 SC124520 bus:Director5 2018-11-29 2019-11-28 SC124520 core:LandBuildings 2018-11-28 SC124520 core:PlantMachinery 2018-11-28 SC124520 core:FurnitureFittings 2018-11-28 SC124520 core:LandBuildings 2019-11-28 SC124520 core:PlantMachinery 2019-11-28 SC124520 core:FurnitureFittings 2019-11-28 SC124520 core:LandBuildings 2018-11-29 2019-11-28 SC124520 core:PlantMachinery 2018-11-29 2019-11-28 SC124520 core:FurnitureFittings 2018-11-29 2019-11-28 SC124520 core:WithinOneYear 2019-11-28 SC124520 core:WithinOneYear 2018-11-28 SC124520 core:ShareCapital 2019-11-28 SC124520 core:ShareCapital 2018-11-28 SC124520 core:SharePremium 2019-11-28 SC124520 core:SharePremium 2018-11-28 SC124520 core:RetainedEarningsAccumulatedLosses 2019-11-28 SC124520 core:RetainedEarningsAccumulatedLosses 2018-11-28 SC124520 core:CostValuation core:Non-currentFinancialInstruments 2018-11-28 SC124520 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2019-11-28 SC124520 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2019-11-28 SC124520 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2019-11-28 SC124520 core:CostValuation core:Non-currentFinancialInstruments 2019-11-28 SC124520 core:Non-currentFinancialInstruments 2019-11-28 SC124520 core:Non-currentFinancialInstruments 2018-11-28 SC124520 core:LandBuildings 2018-11-28 SC124520 core:PlantMachinery 2018-11-28 SC124520 bus:SmallEntities 2018-11-29 2019-11-28 SC124520 bus:AuditExemptWithAccountantsReport 2018-11-29 2019-11-28 SC124520 bus:FullAccounts 2018-11-29 2019-11-28 SC124520 bus:SmallCompaniesRegimeForAccounts 2018-11-29 2019-11-28 SC124520 bus:PrivateLimitedCompanyLtd 2018-11-29 2019-11-28 SC124520 bus:OrdinaryShareClass1 2019-11-28 SC124520 bus:OrdinaryShareClass1 2018-11-28 SC124520 core:LandBuildings core:LongLeaseholdAssets 2018-11-29 2019-11-28 SC124520 core:BearerBiologicalAssetClass1 1 2018-11-29 2019-11-28 SC124520 core:FinancialAssetsFairValueThroughProfitOrLossDeferredTax 2019-11-28 SC124520 core:FinancialAssetsFairValueThroughProfitOrLossDeferredTax 2018-11-28 SC124520 core:BearerBiologicalAssetClass1 2018-11-29 2019-11-28 SC124520 core:BearerBiologicalAssetClass1 2018-11-28 SC124520 core:BearerBiologicalAssetClass1 2019-11-28 SC124520 core:LandBuildings core:OwnedOrFreeholdAssets 2018-11-29 2019-11-28 SC124520 1 2018-11-29 2019-11-28
COMPANY REGISTRATION NUMBER: SC124520
Craigengillan Estates (No 1) Company Limited
Filleted Unaudited Financial Statements
For the year ended
28 November 2019
Craigengillan Estates (No 1) Company Limited
Statement of Financial Position
28 November 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
1,264,106
1,217,508
Investments
6
2,370,649
1,951,051
Biological assets
7
113,920
117,750
------------
------------
3,748,675
3,286,309
Current assets
Stocks
15,000
14,680
Debtors
8
33,790
21,230
Cash at bank and in hand
1,319,055
1,306,670
------------
------------
1,367,845
1,342,580
Creditors: amounts falling due within one year
9
( 241,053)
( 177,037)
------------
------------
Net current assets
1,126,792
1,165,543
------------
------------
Total assets less current liabilities
4,875,467
4,451,852
Provisions
( 171,000)
( 130,000)
------------
------------
Net assets
4,704,467
4,321,852
------------
------------
Capital and reserves
Called up share capital
11
370,400
370,400
Share premium account
558,350
558,350
Profit and loss account
3,775,717
3,393,102
------------
------------
Members funds
4,704,467
4,321,852
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Craigengillan Estates (No 1) Company Limited
Statement of Financial Position (continued)
28 November 2019
These financial statements were approved by the board of directors and authorised for issue on 29 October 2020 , and are signed on behalf of the board by:
Miss G H B Gavin
Director
Company registration number: SC124520
Craigengillan Estates (No 1) Company Limited
Notes to the Financial Statements
Year ended 28 November 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting the financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year from farming activities, exclusive of Value Added Tax, including subsidies received.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements
-
Over 5 years
Plant and machinery
-
Over 4 years
Fixtures and fittings
-
Over 5 years
Investment property
Investment properties are stated at cost rather than open market value.
Investments
Investments are stated at fair value, which is then closing market value for listed investments, with unrealised surpluses and deficits being taken to profit or loss.
Biological assets
Biological assets measured under the fair value model are valued on initial recognition and at each reporting date at fair value less costs to sell. Changes in fair value less costs to sell are recognised in profit or loss.
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is valued as follows: Home-produced livestock - estimated cost of production Purchase livestock - purchase price Net realisable value is based on estimated selling price less any further costs expected to be incurred to disposal.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2018: Nil).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 29 November 2018
1,206,637
40,948
9,173
1,256,758
Additions
53,998
–
–
53,998
------------
--------
-------
------------
At 28 November 2019
1,260,635
40,948
9,173
1,310,756
------------
--------
-------
------------
Depreciation
At 29 November 2018
3,754
26,323
9,173
39,250
Charge for the year
–
7,400
–
7,400
------------
--------
-------
------------
At 28 November 2019
3,754
33,723
9,173
46,650
------------
--------
-------
------------
Carrying amount
At 28 November 2019
1,256,881
7,225
–
1,264,106
------------
--------
-------
------------
At 28 November 2018
1,202,883
14,625
–
1,217,508
------------
--------
-------
------------
Investment property is measured at cost of £308,868 (2018: £308,868), and is included within land and buildings above .
6. Investments
Other investments other than loans
£
Fair value
At 29 November 2018
1,951,051
Additions
214,045
Disposals
( 51,093)
Revaluations
256,646
------------
At 28 November 2019
2,370,649
------------
Impairment
At 29 November 2018 and 28 November 2019
–
------------
Carrying amount
At 28 November 2019
2,370,649
------------
At 28 November 2018
1,951,051
------------
The historic cost of investments held at fair value is £1,306,416 (2018: £1,144,950).
7. Biological assets
Biological assets held at fair value
Sheep
£
Valuation
At 29 November 2018
117,750
Loss on changes in fair value less costs to sell
( 2,805)
Purchases
7,680
Sales
( 21,565)
Other changes
12,860
---------
At 28 November 2019
113,920
---------
8. Debtors
2019
2018
£
£
Other debtors
33,790
21,230
--------
--------
9. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
7,428
5,082
Corporation tax
32,344
24,928
Other creditors
201,281
147,027
---------
---------
241,053
177,037
---------
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019
2018
£
£
Included in provisions
171,000
130,000
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2019
2018
£
£
Fair value adjustment of financial assets
171,000
130,000
---------
---------
A deferred tax asset of £12,944 (2018: £15,007) exists at 28 November 2019, £17,227 in respect of trading losses carried forward (2018: £20,548) less £4,283 in respect of accelerated capital allowances of (2018: £5,541). This asset has not been recognised in the financial statements.
11. Called up share capital
Authorised share capital
2019
2018
No.
£
No.
£
Ordinary shares of £ 1 each
400,000
400,000
400,000
400,000
---------
---------
---------
---------
Issued, called up and fully paid
2019
2018
No.
£
No.
£
Ordinary shares of £ 1 each
370,400
370,400
370,400
370,400
---------
---------
---------
---------
12. Events after the end of the reporting period
Subsequent to the year-end the Director is aware of material uncertainties in respect of the effects of Covid-19 that may cast significant doubt upon the company's ability to continue as a going concern. However, the Director is developing and implementing mitigating actions and processes to ensure that the company continues to function and manage future operations and those of their stakeholders.
13. Related party transactions
The company is the general partner in Craigengillan Farming Company, a limited farming partnership. As the general partner, the company is the active partner in a trading partnership and the resulting balance of £959 (2018: £1,753) due by the partnership is included above. The company's share of the net results for the year was a profit of £774 (2018: profit of £361).