Dumfries House Trust Trading Limited - Limited company accounts 17.3

REGISTERED NUMBER: SC333119 (Scotland)

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2017

for

Dumfries House Trust Trading Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTORS:

Mr Charles Cator

Mrs Heather Dunk

Mr Rufus Bird

REGISTERED OFFICE:

Dumfries House

CUMNOCK

Ayrshire

KA18 2NJ

REGISTERED NUMBER:

SC333119 (Scotland)

AUDITORS:

Sinclair Scott (Scotland) Limited

Chartered Accountants

Registered Auditor

3 Wellington Square

Ayr

Ayrshire

KA7 1EN

SOLICITORS:

Morton Fraser LLP

30-31 Queen Street

Edinburgh

EH2 1JX

The directors present their report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The company is the commercial trading arm of The Great Steward of Scotland's Dumfries House Trust. The principal activities of the

company are Dumfries House tour admissions, refreshment and retail sales through a shop, café and restaurant within Dumfries

House Estate, the sale of private functions in Dumfries House, and accommodation sales through a bed and breakfast and two self

catering holiday cottages within Dumfries House Estate.

DIVIDENDS

No dividends were paid or were payable.

Under the Gift Aid agreement in place with the parent company, The Great Steward of Scotland's Dumfries House Trust, all profits

are to be gift aided to the parent company.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2016 to the date of this report.

Mr Charles Cator

Mrs Heather Dunk

Mr Rufus Bird

Other changes in directors holding office are as follows:

Sir Brian Ivory , Mr David Brownlow and Mr Robert Gordon Lovie ceased to be directors after 31 March 2017 but prior to the date
of this report.

GOING CONCERN & LIQUIDITY RISK

No material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue

as a going concern have been identified by the directors. Support will always be available from the parent, The Great Steward of

Scotland's Dumfries House Trust.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law

and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected

to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom

Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they

are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that

period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's

transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that

the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company

and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of

which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order

to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sinclair Scott (Scotland) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs Heather Dunk - Director

21 December 2017

We have audited the financial statements of Dumfries House Trust Trading Limited for the year ended 31 March 2017 on pages five

to nine. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom

Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.

Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them

in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the

opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable

assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an

assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied

and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation

of the financial statements. In addition, we read all the financial and non-financial information in the Report of the Directors to

identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially

incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become

aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2017 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of the Directors for the

financial year for which the financial statements are prepared is consistent with the financial statements, and has been prepared in

accordance with applicable legal requirements. In the light of the knowledge and understanding of the company and its environment,

we have not identified any material misstatements in the Report of the Directors.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our

opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Stephen Wilkie (Senior Statutory Auditor)

for and on behalf of Sinclair Scott (Scotland) Limited

Chartered Accountants

Registered Auditor

3 Wellington Square

Ayr

Ayrshire

KA7 1EN

21 December 2017

TURNOVER

1,941,177

1,565,147

Cost of sales

1,572,836

1,329,897

GROSS PROFIT

368,341

235,250

Administrative expenses

168,041

99,699

OPERATING PROFIT

200,300

135,551

Interest payable and similar expenses

200,300

135,551

PROFIT BEFORE TAXATION

-

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

-

CURRENT ASSETS

Stocks

5

58,896

47,986

Debtors: amounts falling due within one year

6

32,246

37,897

Cash at bank and in hand

101,324

109,634

192,466

195,517

CREDITORS

Amounts falling due within one year

7

192,464

195,515

NET CURRENT ASSETS

2

TOTAL ASSETS LESS CURRENT
LIABILITIES

2

CAPITAL AND RESERVES

Called up share capital

8

1

Retained earnings

9

1

SHAREHOLDERS' FUNDS

2

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 December 2017 and were signed on its behalf by:

Mrs Heather Dunk - Director

1.	STATUTORY INFORMATION

Dumfries House Trust Trading Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

The turnover shown in the income statement represents revenue recognised by the company in respect of retail, admissions,

café and bistro sales, weddings and other events and bed and breakfast accommodation supplied during the period, exclusive

of Value Added Tax and any trade discounts if appropriate.

Stocks

Stock comprise goods for resale and are stated at the lower of cost and net realisable value.

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 balance sheet date.

Taxation

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.

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.

Operating costs

Cost of sales represent the expenditure incurred in providing private functions and the cost of goods sold in the Dumfries

House shop and cafe. Operating costs are stated net of recoverable VAT.

Administrative expenses

Administrative expenses are the costs of running the company, rather than the provision of services. These costs include

central support functions, governance and administration costs. Administrative expenses are stated net of recoverable VAT.

Exceptional items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further

understanding of the financial performance of the company. They are material items of income or expense that have been

shown separately due to the significance of their nature or amount.

3.	EMPLOYEES AND DIRECTORS

The company has no employees and the directors' emoluments are nil (2016: nil). The Great Steward of Scotland's Dumfries

House Trust recharged the cost of employees who worked in the various outlets. This cost amounted to £810,772 (2016:

£754,443).

4.	EXCEPTIONAL ITEMS

2017

2016

£

Gift Aid

(200,300

)

(135,551

)

5.

STOCKS

2017

2016

£

Goods for resale

58,896

47,986

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

21,978

37,897

Amounts due from parent

undertaking

10,268

-

32,246

37,897

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade creditors

67,296

61,059

VAT

52,963

38,044

Other creditors

61,176

48,808

Amounts owed to parent

undertaking

-

39,010

Accrued expenses

11,029

8,594

192,464

195,515

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

1

Ordinary

£1

1

9.

RESERVES

Retained

earnings

£

At 1 April 2016

1

Profit for the year

-

At 31 March 2017

1

10.	TRANSACTIONS WITH DIRECTORS

During the year, the following transactions took place with directors of the company:

2017

2016

£

Sales to directors

1,653

2,653

Expenses paid on behalf of directors

-

1,272

11.	RELATED PARTY DISCLOSURES

Included within debtors is an amount due from the parent company, The Great Steward of Scotland's Dumfries House Trust

of £10,628 (2016:amount due to the parent of £39,010). The balance can be analysed as follows:

2017

2016

£

Loan from parent company

210,568

96,541

Gift Aid to parent company

(200,300

)

(135,551

)

10,268

(39,010

)

The loan was made on an interest free basis and repayment terms have not yet been set.