Pallinsburn Estate Limited - Accounts to registrar (filleted) - small 18.2
Pallinsburn Estate Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 1 March 2020 |
| for |
| Pallinsburn Estate Limited |
| Pallinsburn Estate Limited (Registered number: 09398712) |
| Contents of the Financial Statements |
| for the Year Ended 1 March 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Pallinsburn Estate Limited |
| Company Information |
| for the Year Ended 1 March 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 47-49 The Square |
| Kelso |
| Roxburghshire |
| TD5 7HW |
| Pallinsburn Estate Limited (Registered number: 09398712) |
| Statement of Financial Position |
| 1 March 2020 |
| 1/3/20 | 1/3/19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| CURRENT ASSETS |
| Inventories |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| Pallinsburn Estate Limited (Registered number: 09398712) |
| Statement of Financial Position - continued |
| 1 March 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Pallinsburn Estate Limited (Registered number: 09398712) |
| Notes to the Financial Statements |
| for the Year Ended 1 March 2020 |
| 1. | STATUTORY INFORMATION |
| Pallinsburn Estate Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Renewables | - |
| Improvements to property | - |
| Plant and machinery | - |
| Combine | - |
| Motor vehicles | - |
| Tractors & Forklifts | - |
| Stocks |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Pallinsburn Estate Limited (Registered number: 09398712) |
| Notes to the Financial Statements - continued |
| for the Year Ended 1 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Improvements |
| to | Plant and |
| Renewables | property | machinery |
| £ | £ | £ |
| COST |
| At 2 March 2019 |
| Additions |
| Disposals | ( |
) |
| At 1 March 2020 |
| DEPRECIATION |
| At 2 March 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 1 March 2020 |
| NET BOOK VALUE |
| At 1 March 2020 |
| At 1 March 2019 |
| Pallinsburn Estate Limited (Registered number: 09398712) |
| Notes to the Financial Statements - continued |
| for the Year Ended 1 March 2020 |
| 4. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Motor | Tractors |
| Combine | vehicles | & Forklifts | Totals |
| £ | £ | £ | £ |
| COST |
| At 2 March 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 1 March 2020 |
| DEPRECIATION |
| At 2 March 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 1 March 2020 |
| NET BOOK VALUE |
| At 1 March 2020 |
| At 1 March 2019 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor | Tractors |
| Combine | vehicles | & Forklifts | Totals |
| £ | £ | £ | £ |
| COST |
| At 2 March 2019 |
| Additions |
| At 1 March 2020 |
| DEPRECIATION |
| At 2 March 2019 |
| Charge for year |
| At 1 March 2020 |
| NET BOOK VALUE |
| At 1 March 2020 |
| At 1 March 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 1/3/20 | 1/3/19 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Inter company - Carolsidehill Woodlands | 17,037 | 17,037 |
| Directors' current accounts | 30,145 | 13,821 |
| VAT |
| Prepayments |
| Pallinsburn Estate Limited (Registered number: 09398712) |
| Notes to the Financial Statements - continued |
| for the Year Ended 1 March 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 1/3/20 | 1/3/19 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Directors' current accounts | 913,437 | 1,066,981 |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 1/3/20 | 1/3/19 |
| £ | £ |
| Bank loans - 1-2 years |
| Hire purchase contracts |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 1/3/20 | 1/3/19 |
| £ | £ |
| Bank overdrafts |
| Bank security held by Royal Bank of Scotland with a fixed and floating charge over property or undertakings of the business. |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 1 March 2020 and 1 March 2019: |
| 1/3/20 | 1/3/19 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced | ( |
) | ( |
) |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| The company owed the directors £844,001 at 1st March 2020 (£1,053,158 - 2019). This is an interest free loan with no fixed repayment date. |