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Company Registration No. SC512244 (Scotland)
Morsgail Estate Limited Unaudited accounts for the year ended 31 December 2022
Morsgail Estate Limited Unaudited accounts Contents
Page
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Morsgail Estate Limited Company Information for the year ended 31 December 2022
Directors
Kenneth Thomas Murray Rachael Anne Scarr-Hall
Company Number
SC512244 (Scotland)
Registered Office
Gillespie Macandrew 5 Atholl Crescent Edinburgh Midlothian EH3 8EJ Scotland
Accountants
Taxnfacts Ltd 21B Shulishader Isle of Lewis HS2 0PU
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Morsgail Estate Limited Statement of financial position as at 31 December 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,413,963 
4,417,786 
Current assets
Debtors
50,598 
60,042 
Cash at bank and in hand
317 
10,964 
50,915 
71,006 
Creditors: amounts falling due within one year
(154,031)
(48,221)
Net current (liabilities)/assets
(103,116)
22,785 
Total assets less current liabilities
4,310,847 
4,440,571 
Creditors: amounts falling due after more than one year
(4,235,655)
(4,235,655)
Net assets
75,192 
204,916 
Capital and reserves
Called up share capital
1,100,000 
1,100,000 
Profit and loss account
(1,024,808)
(895,084)
Shareholders' funds
75,192 
204,916 
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by
Rachael Anne Scarr-Hall Director Company Registration No. SC512244
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Morsgail Estate Limited Notes to the Accounts for the year ended 31 December 2022
1
Statutory information
Morsgail Estate Limited is a private company, limited by shares, registered in Scotland, registration number SC512244. The registered office is Gillespie Macandrew, 5 Atholl Crescent, Edinburgh, Midlothian, EH3 8EJ, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost, land not depreciated
Plant & machinery
4- 20% on cost
Motor vehicles
25% straight line
Fixtures & fittings
10 - 25% on cost
Computer equipment
33% straight line
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. Turnover represents income from accommodation and sporting activities.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Going concern
At the accounting reference date the company had net current liabilities of £103,116 (2021 net current assets: £22,785). At the time of approving the financial statements, the directors considers the company has the support of its funders and owners. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future, and that the company has sufficient resources available to continue trading through this period and for at least the next twelve months.
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Morsgail Estate Limited Notes to the Accounts for the year ended 31 December 2022
Intangible fixed assets
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 January 2022
43,000 
At 31 December 2022
43,000 
Amortisation
At 1 January 2022
43,000 
At 31 December 2022
43,000 
Net book value
At 31 December 2022
- 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 January 2022
4,357,263 
59,123 
11,900 
64,928 
- 
4,493,214 
Additions
1,131 
1,961 
- 
15,462 
83 
18,637 
Disposals
- 
- 
- 
(850)
- 
(850)
At 31 December 2022
4,358,394 
61,084 
11,900 
79,540 
83 
4,511,001 
Depreciation
At 1 January 2022
4,500 
37,706 
3,719 
29,503 
- 
75,428 
Charge for the year
750 
4,430 
2,975 
14,288 
17 
22,460 
On disposals
- 
- 
- 
(850)
- 
(850)
At 31 December 2022
5,250 
42,136 
6,694 
42,941 
17 
97,038 
Net book value
At 31 December 2022
4,353,144 
18,948 
5,206 
36,599 
66 
4,413,963 
At 31 December 2021
4,352,763 
21,417 
8,181 
35,425 
- 
4,417,786 
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Morsgail Estate Limited Notes to the Accounts for the year ended 31 December 2022
6
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Trade debtors
17,368 
6,832 
Amounts due from group undertakings etc.
21,256 
40,674 
Accrued income and prepayments
11,653 
12,536 
Other debtors
321 
- 
50,598 
60,042 
7
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
VAT
6,324 
447 
Trade creditors
5,793 
10,733 
Amounts owed to group undertakings and other participating interests
7,476 
- 
Taxes and social security
897 
4,276 
Other creditors
251 
263 
Accruals
109,952 
8,134 
Deferred income
23,338 
24,368 
154,031 
48,221 
8
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Amounts owed to group undertakings and other participating interests
3,747,557 
3,747,557 
Other creditors
488,098 
488,098 
4,235,655 
4,235,655 
9
Average number of employees
During the year the average number of employees was 2 (2021: 2).
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