Company Registration No. SC413262 (Scotland)
Dalmagarry Properties Limited
Unaudited financial statements
for the period ended 31 December 2021
Pages for filing with the Registrar
Dalmagarry Properties Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
Dalmagarry Properties Limited
Statement of financial position
As at 31 December 2021
Page 1
31 December
31 March
2021
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,519,979
5,407,129
Investment properties
4
17,355,412
18,357,187
Investments
5
115,000
26,875,391
23,879,316
Current assets
Stocks
105,768
123,348
Debtors
6
331,149
55,123
Cash at bank and in hand
311,034
474,083
747,951
652,554
Creditors: amounts falling due within one year
7
(8,651,853)
(8,863,039)
Net current liabilities
(7,903,902)
(8,210,485)
Total assets less current liabilities
18,971,489
15,668,831
Creditors: amounts falling due after more than one year
8
(1,779,998)
(1,898,665)
Net assets
17,191,491
13,770,166
Capital and reserves
Called up share capital
9
1
1
Revaluation reserve
10
4,156,533
Profit and loss reserves
13,034,957
13,770,165
Total equity
17,191,491
13,770,166
Dalmagarry Properties Limited
Statement of financial position (continued)
As at 31 December 2021
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 September 2022 and are signed on its behalf by:
Niklas Lundberg
Director
Company Registration No. SC413262
Dalmagarry Properties Limited
Notes to the financial statements
For the period ended 31 December 2021
Page 3
1
Accounting policies
Company information
Dalmagarry Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Wester Auchintoul, Tomatin, Inverness, IV13 7YA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.
1.2
Going concern
The financial statements have been prepared on a going concern basis which is considered appropriate by the directors. At 31 trueDecember 2021 the company had net current liabilities of £7,903,902 (31 March 2021 - £8,210,485) and net assets of £17,191,491 (31 March 2021 - £13,770,166). This is predominantly due to a balance owed to its parent company of £8,071,479 (31 March 2021 - £8,283,875). The appropriateness of the going concern basis is dependent on this support being continued.
1.3
Reporting period
The company's accounting reference period was changed to 31 December 2021, accordingly the accounts present trading for the nine months from 1 April 2021 to 31 December 2021. The comparative period is for the year ended 31 March 2021.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Dalmagarry Properties Limited
Notes to the financial statements (continued)
For the period ended 31 December 2021
1
Accounting policies (continued)
Page 4
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land
not depreciated
Freehold buildings
2 - 10% per annum straight line basis
Plant and machinery
25% per annum reducing balance basis
Fixtures, fittings & equipment
10% per annum straight line basis
Motor vehicles
25% per annum reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Dalmagarry Properties Limited
Notes to the financial statements (continued)
For the period ended 31 December 2021
1
Accounting policies (continued)
Page 5
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Dalmagarry Properties Limited
Notes to the financial statements (continued)
For the period ended 31 December 2021
1
Accounting policies (continued)
Page 6
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Dalmagarry Properties Limited
Notes to the financial statements (continued)
For the period ended 31 December 2021
1
Accounting policies (continued)
Page 7
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.17
Income is only recognised once the twelve-month basis period for the year of claim has come to an end.
In the event that the conditions for the receipt of the Basic Payment Scheme have not been met, income recognition is deferred until such time as those conditions can be assumed to have been met, and there is reasonable assurance that the Basic Payment Scheme will be received.
Dalmagarry Properties Limited
Notes to the financial statements (continued)
For the period ended 31 December 2021
Page 8
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
31 December
31 March
2021
2021
Number
Number
Total
5
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2021
5,439,716
720,747
6,160,463
Additions
38,244
1,354
39,598
Revaluation
3,888,737
3,888,737
At 31 December 2021
9,366,697
722,101
10,088,798
Depreciation and impairment
At 1 April 2021
222,004
531,330
753,334
Depreciation charged in the period
45,792
37,489
83,281
Revaluation
(267,796)
(267,796)
At 31 December 2021
568,819
568,819
Carrying amount
At 31 December 2021
9,366,697
153,282
9,519,979
At 31 March 2021
5,217,712
189,417
5,407,129
Land and buildings with a carrying amount of £9,366,697 were revalued at 31 December 2021 by the directors, who took into consideration the per acreage value of recent land sales in the area to form the basis of their valuation.
Land and buildings are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2021
2021
£
£
Dalmagarry Properties Limited
Notes to the financial statements (continued)
For the period ended 31 December 2021
3
Tangible fixed assets (continued)
Page 9
Cost
5,439,716
-
Accumulated depreciation
(267,796)
-
Carrying value
5,171,920
-
4
Investment property
31 December
2021
£
Fair value
At 1 April 2021
18,357,187
Additions
2,635
Revaluations
(1,004,410)
At 31 December 2021
17,355,412
The investment properties were valued by the directors on the basis of open market value as at 31 December 2021. No depreciation is provided in respect of these properties.
The historical cost of the investment properties is £18,359,822 (31 March 2021 - £18,357,187).
5
Fixed asset investments
31 December
31 March
2021
2021
£
£
Investments
-
115,000
Dalmagarry Properties Limited
Notes to the financial statements (continued)
For the period ended 31 December 2021
5
Fixed asset investments (continued)
Page 10
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2021
115,000
Disposals
(115,000)
At 31 December 2021
-
Carrying amount
At 31 December 2021
-
At 31 March 2021
115,000
6
Debtors
31 December
31 March
2021
2021
Amounts falling due within one year:
£
£
Trade debtors
108,056
20,425
Other debtors
223,093
34,698
331,149
55,123
7
Creditors: amounts falling due within one year
31 December
31 March
2021
2021
£
£
Bank loans
158,224
158,224
Trade creditors
37,627
82,258
Amounts owed to group undertakings
8,071,479
8,283,875
Corporation tax
44,431
14,895
Other taxation and social security
47,651
46,406
Other creditors
292,441
277,381
8,651,853
8,863,039
Dalmagarry Properties Limited
Notes to the financial statements (continued)
For the period ended 31 December 2021
Page 11
8
Creditors: amounts falling due after more than one year
31 December
31 March
2021
2021
£
£
Bank loans and overdrafts
1,779,998
1,898,665
The loan from AMC of £1,938,222 (31 March 2021: £2,056,889) is secured by floating charges over all investment properties held at 31 December 2021.
9
Called up share capital
31 December
31 March
2021
2021
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1 each
1
1
10
Revaluation reserve
31 December
31 March
2021
2021
£
£
At the beginning of the period
Revaluation surplus arising in the period
4,156,533
At the end of the period
4,156,533
-
2021-12-312021-04-01false14 September 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityPeter BredeliusNiklas LundbergClaes TammCharlotte LundbergSC4132622021-04-012021-12-31SC4132622021-12-31SC4132622021-03-31SC413262core:LandBuildings2021-12-31SC413262core:OtherPropertyPlantEquipment2021-12-31SC413262core:LandBuildings2021-03-31SC413262core:OtherPropertyPlantEquipment2021-03-31SC413262core:ShareCapital2021-12-31SC413262core:ShareCapital2021-03-31SC413262core:RevaluationReserve2021-12-31SC413262core:RevaluationReserve2021-03-31SC413262core:RetainedEarningsAccumulatedLosses2021-12-31SC413262core:RetainedEarningsAccumulatedLosses2021-03-31SC413262core:RevaluationReserve2021-03-31SC413262core:RevaluationReserve2020-03-31SC413262bus:Director22021-04-012021-12-31SC413262core:LandBuildingscore:OwnedOrFreeholdAssets2021-04-012021-12-31SC413262core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-04-012021-12-31SC413262core:PlantMachinery2021-04-012021-12-31SC413262core:FurnitureFittings2021-04-012021-12-31SC413262core:MotorVehicles2021-04-012021-12-31SC4132622020-04-012021-03-31SC413262core:LandBuildings2021-03-31SC413262core:OtherPropertyPlantEquipment2021-03-31SC4132622021-03-31SC413262core:LandBuildings2021-04-012021-12-31SC413262core:OtherPropertyPlantEquipment2021-04-012021-12-31SC413262core:CurrentFinancialInstruments2021-12-31SC413262core:CurrentFinancialInstruments2021-03-31SC413262core:WithinOneYear2021-12-31SC413262core:WithinOneYear2021-03-31SC413262core:Non-currentFinancialInstruments2021-12-31SC413262core:Non-currentFinancialInstruments2021-03-31SC413262core:RevaluationReserve2021-04-012021-12-31SC413262bus:PrivateLimitedCompanyLtd2021-04-012021-12-31SC413262bus:SmallCompaniesRegimeForAccounts2021-04-012021-12-31SC413262bus:FRS1022021-04-012021-12-31SC413262bus:AuditExemptWithAccountantsReport2021-04-012021-12-31SC413262bus:Director12021-04-012021-12-31SC413262bus:Director32021-04-012021-12-31SC413262bus:Director42021-04-012021-12-31SC413262bus:FullAccounts2021-04-012021-12-31xbrli:purexbrli:sharesiso4217:GBP