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Company Registration number: SC055011

Auchencheyne Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2021

 

Auchencheyne Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Auchencheyne Limited

Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

6,814,943

7,275,146

Other financial assets

5

15,865

15,865

 

6,830,808

7,291,011

Current assets

 

Stocks

94,616

120,311

Debtors

6

380,356

232,706

Cash at bank and in hand

 

116,692

21,440

 

591,664

374,457

Creditors: Amounts falling due within one year

7

(1,053,612)

(1,540,980)

Net current liabilities

 

(461,948)

(1,166,523)

Total assets less current liabilities

 

6,368,860

6,124,488

Creditors: Amounts falling due after more than one year

7

(3,227,845)

(3,288,395)

Provisions for liabilities

(152,069)

(50,999)

Net assets

 

2,988,946

2,785,094

Capital and reserves

 

Called up share capital

16,790

16,790

Share premium reserve

82,896

82,896

Profit and loss account

2,889,260

2,685,408

Shareholders' funds

 

2,988,946

2,785,094

 

Auchencheyne Limited

Balance Sheet as at 31 December 2021 (continued)

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 June 2022 and signed on its behalf by:
 

.........................................
Mr N H Gourlay
Director

Company registration number: SC055011

 

Auchencheyne Limited

Notes to the financial statements for the Year Ended 31 December 2021

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Auchencheyne
Moniaive
Thornhill
DG3 4EW

These financial statements were authorised for issue by the Board on 21 June 2022.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.


The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Auchencheyne Limited

Notes to the financial statements for the Year Ended 31 December 2021 (continued)

2

ACCOUNTING POLICIES (continued)

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102 Section 1A. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in 'other income' within profit and loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ('Furlough').
The company has not directly benefited from any other forms of government assistance.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Taxation

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Auchencheyne Limited

Notes to the financial statements for the Year Ended 31 December 2021 (continued)

2

ACCOUNTING POLICIES (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

10% straight line

Machinery, equipment, fixtures and fittings

10% straight line

Tractor and motor vehicles

25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Auchencheyne Limited

Notes to the financial statements for the Year Ended 31 December 2021 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 12 (2020 - 14).

 

Auchencheyne Limited

Notes to the financial statements for the Year Ended 31 December 2021 (continued)

4

TANGIBLE ASSETS

Freehold Property
£

CHP power plant and hydro schemes
 £

Machinery, equipment and windfarm
£

Tractors and motor vehicles
 £

Herd and flock
 £

Total
£

Cost or valuation

At 1 January 2021

5,202,261

999,949

984,401

699,325

76,838

7,962,774

Additions

-

30,466

56,122

276,013

5,466

368,067

Disposals

(549,606)

-

(16,000)

(270,903)

-

(836,509)

At 31 December 2021

4,652,655

1,030,415

1,024,523

704,435

82,304

7,494,332

Depreciation

At 1 January 2021

59,563

-

274,632

353,433

-

687,628

Charge for the year

-

-

38,910

173,354

-

212,264

Eliminated on disposal

-

-

(9,600)

(210,903)

-

(220,503)

At 31 December 2021

59,563

-

303,942

315,884

-

679,389

Carrying amount

At 31 December 2021

4,593,092

1,030,415

720,581

388,551

82,304

6,814,943

At 31 December 2020

5,142,698

999,949

709,769

345,892

76,838

7,275,146

 

Auchencheyne Limited

Notes to the financial statements for the Year Ended 31 December 2021 (continued)

5

OTHER FINANCIAL ASSETS (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2021

15,865

15,865

At 31 December 2021

15,865

15,865

Carrying amount

At 31 December 2021

15,865

15,865

6

DEBTORS

2021
£

2020
£

Trade debtors

28,344

66,635

Prepayments

299,100

122,507

Other debtors

52,912

43,564

380,356

232,706

 

Auchencheyne Limited

Notes to the financial statements for the Year Ended 31 December 2021 (continued)

7

CREDITORS

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Bank loans and overdrafts

165,301

487,007

Trade creditors

280,070

210,395

Taxation and social security

7,735

7,750

Accruals and deferred income

12,126

65,345

Other creditors

588,380

770,483

1,053,612

1,540,980


Included within creditors amounts falling due within one year is £165,301 (2020: £487,007) of bank loans and overdrafts and £81,647 (2020: £104,237) of hire purchase agreements which are secured on the tangible fixed assets of the company.

Creditors: amounts falling due after more than one year

2021
£

2020
£

Due after one year

Loans and borrowings

3,227,845

3,288,395


Included within creditors: amounts falling due after more than one year is £3,021,023 (2020: £3,144,643) of bank loans and overdrafts and £206,822 (2020: £143,752) of hire purchase agreements which are secured on the tangible fixed assets of the company.