Craigengillan Estates (No1) Company Limited 28/11/2020 iXBRL

Craigengillan Estates (No1) Company Limited 28/11/2020 iXBRL

CRAIGENGILLAN ESTATES (NO 1) COMPANY LIMITED - Company Information

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Company registration number: SC124520
Craigengillan Estates (No1) Company Limited
Unaudited filleted financial statements
28 November 2020
Craigengillan Estates (No1) Company Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Craigengillan Estates (No1) Company Limited
Directors and other information
Directors Mr J A B Gavin
Mrs T L B Bailey
Mrs S J B Marshall
Miss G H B Gavin
Secretary Mrs G H B Gavin
Company number SC124520
Registered office 9A Mansfield Place
Edinburgh
Scotland
EH3 6NB
Accountants Franklins Accountants LLP
Astor House
2 Alexandra Road
Plymouth
PL4 7JR
Craigengillan Estates (No1) Company Limited
Statement of financial position
28 November 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 948,462 955,238
Investments 6 10,037,289 2,679,517
_______ _______
10,985,751 3,634,755
Current assets
Stocks 135,908 128,920
Debtors 7 28,953 33,790
Cash at bank and in hand 957,168 1,319,055
_______ _______
1,122,029 1,481,765
Creditors: amounts falling due
within one year 8 ( 261,599) ( 241,053)
_______ _______
Net current assets 860,430 1,240,712
_______ _______
Total assets less current liabilities 11,846,181 4,875,467
Provisions for liabilities ( 1,433,532) ( 171,000)
_______ _______
Net assets 10,412,649 4,704,467
_______ _______
Capital and reserves
Called up share capital 10 370,400 370,400
Share premium account 11 558,350 558,350
Profit and loss account 11 9,483,899 3,775,717
_______ _______
Shareholders funds 10,412,649 4,704,467
_______ _______
For the year ending 28 November 2020 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.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 18 August 2021 , and are signed on behalf of the board by:
Miss G H B Gavin
Director
Company registration number: SC124520
Craigengillan Estates (No1) Company Limited
Notes to the financial statements
Year ended 28 November 2020
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 9A Mansfield Place, Edinburgh, Scotland, EH3 6NB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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 and investment properties 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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
Fittings fixtures and equipment - Over 5 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
4. Tax on profit
Major components of tax expense
2020 2019
£ £
Current tax:
UK current tax expense 29,325 32,736
Adjustments in respect of previous periods - 711
_______ _______
Deferred tax:
Origination and reversal of timing differences 1,262,532 41,000
_______ _______
Tax on profit 1,291,857 74,447
_______ _______
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 29 November 2019 951,767 40,948 9,173 1,001,888
Additions - 599 - 599
_______ _______ _______ _______
At 28 November 2020 951,767 41,547 9,173 1,002,487
_______ _______ _______ _______
Depreciation
At 29 November 2019 3,754 33,723 9,173 46,650
Charge for the year - 7,375 - 7,375
_______ _______ _______ _______
At 28 November 2020 3,754 41,098 9,173 54,025
_______ _______ _______ _______
Carrying amount
At 28 November 2020 948,013 449 - 948,462
_______ _______ _______ _______
At 28 November 2019 948,013 7,225 - 955,238
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 29 November 2019 2,679,517 2,679,517
Additions 639,093 639,093
Disposals ( 78,748) ( 78,748)
Fair value adjustment 6,797,427 6,797,427
_______ _______
At 28 November 2020 10,037,289 10,037,289
_______ _______
Impairment
At 29 November 2019 and 28 November 2020 - -
_______ _______
Carrying amount
At 28 November 2020 10,037,289 10,037,289
_______ _______
At 28 November 2019 2,679,517 2,679,517
_______ _______
Included in the above are listed investments held at fair value of £3,037,289 (2019 - £2,370,649). The historic cost of these listed investments is £1,837,357 (2019 - £1,308,171). Also included within the above is an investment property valued at £7,000,000 (2019 - £308,868). The investment property has been valued by the director, Mr J A B Gavin . The historic cost of was £308,868.
7. Debtors
2020 2019
£ £
Trade debtors 1,032 9,256
Other debtors 27,921 24,534
_______ _______
28,953 33,790
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 5,305 7,428
Corporation tax 29,325 32,344
Other creditors 226,969 201,281
_______ _______
261,599 241,053
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2020 2019
£ £
Included in provisions 1,433,532 171,000
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2020 2019
£ £
Fair value adjustment of financial assets 214,572 171,000
Fair value adjustment of investment property 1,218,960 -
_______ _______
1,433,532 171,000
_______ _______
A deferred tax asset of £12,993 (2019 - £12,944) exists at 28 November 2020, £13,078 in resepct of trading losses carried forward (2019 - £17,227) less £85 in respect of accelerated capital allowances (2019 - £4,283).
10. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary £1 shares shares of £ 1.00 each 370,400 370,400 370,000 370,000
_______ _______ _______ _______
11. Reserves
Included within the profit and loss account reserve is £5,472,172 (2019 - £nil) of non-distributable profits relating to the revaluation of the investment property.
12. Related party transactions
The company was the general partner in Craigengillan Farming Company, a limited farming partnership which ceased during the year ended 28th November 2020. At the year end, £1,733 (2019: £1,733) is due from the partnership and is included in other debtors. The company's share of the net results for the year was a profit of £nil (2019: profit of £774).
13. Controlling party
The company is controlled by the directors by virtue of their directorships and share holdings.
14. Events after the end of the reporting period
Subsequent to the year-end the Directors’ are 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 Directors’ are developing and implementing mitigating actions and processes to ensure that the company continues to function and manage future operations and those of their stakeholders.