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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
4,600
4,600
4,600
xbrli:pure
xbrli:shares
iso4217:GBP
SC647839
2022-04-01
2023-03-31
SC647839
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2022-03-31
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2023-03-31
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2022-03-31
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2023-03-31
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2023-03-31
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SC647839
1
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
SC647839
AJN Land Scotland PTE Ltd |
|
Filleted Unaudited Financial Statements |
|
AJN Land Scotland PTE Ltd |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
|
1,587,346 |
1,597,772 |
Investments |
6 |
|
4,600 |
4,600 |
|
|
------------ |
------------ |
|
|
1,591,946 |
1,602,372 |
|
|
|
|
|
Current assets
Stocks |
100,000 |
|
100,000 |
Debtors |
7 |
352,651 |
|
341,537 |
Cash at bank and in hand |
24,008 |
|
41,934 |
|
--------- |
|
--------- |
|
476,659 |
|
483,471 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
2,512,891 |
|
2,423,708 |
|
------------ |
|
------------ |
Net current liabilities |
|
2,036,232 |
1,940,237 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
(
444,286) |
(
337,865) |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
55,833 |
60,356 |
|
|
--------- |
--------- |
Net liabilities |
|
(
500,119) |
(
398,221) |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
11 |
|
1,000 |
1,000 |
Profit and loss account |
|
(
501,119) |
(
399,221) |
|
|
--------- |
--------- |
Shareholders deficit |
|
(
500,119) |
(
398,221) |
|
|
--------- |
--------- |
|
|
|
|
|
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.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
AJN Land Scotland PTE Ltd |
|
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
3 October 2023
, and are signed on behalf of the board by:
Company registration number:
SC647839
AJN Land Scotland PTE Ltd |
|
Notes to the Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dungarthill House, Dungarthill, Dunkeld, PH8 0JE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 company had a deficiency of assets at the balance sheet date, however this is wholly covered by amounts owed to the director and there are no plans for these funds to be withdrawn to the detriment of the company. Therefore, the director considers it appropriate to prepare the accounts on the going concern basis.
Restatement
The figures presented as at, and for the period ended, 31 March 2021 have been restated to reflect fixtures and fittings and house repairs and maintenance that were previously shown within freehold property. A deferred tax provision on accelerated capital allowances and prepaid insurance has been recognised. Finally, a correction to the subsidiary debtor consequent remove of the intangible asset has also been made.
The effect of these changes is the Company has now recorded depreciation of £21,154, house repairs and maintenance of £33,067, a reduction of insurance amounting to £5,179, the removal of amortisation of £1,000, and a provision for deferred tax of £64,444 at 31 March 2021. An other debtor of £4,892 has also been recognised representing the retention due to the contractor at 31 March 2021. The corresponding impact on profit for the financial year ended 31 March 2021 was -£112,486.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for short term holiday letting and grazing rights, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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. In accordance with FRS 102 (section 1A), no depreciation is charged on the land on which the property is situated on the basis that it has an infinite useful life.
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:
|
Plant and Machinery |
- |
20% straight line |
|
Fixtures and Fittings |
- |
10% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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.
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 stock to its present location and condition. Stock included in the accounts represents grazing land purchased with Dungarthill House.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as basic financial instruments - cash at bank, creditors and accruals and director loans. Cash at bank is measured at the transaction amount held at the bank. Creditors and accruals are measured at transaction amount. Director loans are repayable on demand and therefore meet the condition for it to be recognised at transaction amount.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 April 2022 |
1,280,105 |
10,195 |
397,857 |
1,688,157 |
Additions |
13,381 |
2,200 |
18,065 |
33,646 |
|
------------ |
-------- |
--------- |
------------ |
At 31 March 2023 |
1,293,486 |
12,395 |
415,922 |
1,721,803 |
|
------------ |
-------- |
--------- |
------------ |
Depreciation |
|
|
|
|
At 1 April 2022 |
– |
3,194 |
87,191 |
90,385 |
Charge for the year |
– |
2,478 |
41,594 |
44,072 |
|
------------ |
-------- |
--------- |
------------ |
At 31 March 2023 |
– |
5,672 |
128,785 |
134,457 |
|
------------ |
-------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
At 31 March 2023 |
1,293,486 |
6,723 |
287,137 |
1,587,346 |
|
------------ |
-------- |
--------- |
------------ |
At 31 March 2022 |
1,280,105 |
7,001 |
310,666 |
1,597,772 |
|
------------ |
-------- |
--------- |
------------ |
|
|
|
|
|
Freehold property brought forward represents Dungarthill House and the surrounding estate bought on 2 December 2019 and recorded at cost along with the direct costs of purchase including legal fees, LBTT and improvement costs. Freehold property additions mainly consist of the land purchase behind the Biomass Shed.
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
4,600 |
|
------- |
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
|
------- |
|
|
Carrying amount |
|
At 31 March 2023 |
4,600 |
|
------- |
At 31 March 2022 |
4,600 |
|
------- |
|
|
The company owns 100% of the issued share capital of Dungarthill Heat Limited, company registration number SC560299. The registered office address for this subsidiary company is Dungarthill House, Dungarthill, Dunkeld, PH8 0JE.
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,000 |
– |
Amounts owed by group undertakings |
335,500 |
335,500 |
Other debtors |
16,151 |
6,037 |
|
--------- |
--------- |
|
352,651 |
341,537 |
|
--------- |
--------- |
|
|
|
Included within 'amounts owed by group undertakings' is a loan to Dungarthill Heat Limited, the wholly owned subsidiary of
AJN Land Scotland PTE Ltd
. This loan is interest free and is repayable on demand.
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
– |
4,618 |
Social security and other taxes |
9,734 |
3,989 |
Other creditors |
2,503,157 |
2,415,101 |
|
------------ |
------------ |
|
2,512,891 |
2,423,708 |
|
------------ |
------------ |
|
|
|
9.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions |
55,833 |
60,356 |
|
-------- |
-------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
55,833 |
60,356 |
|
-------- |
-------- |
|
|
|
10.
Government grants
The amounts recognised in the financial statements for government grants are as follows:
Recognised in other operating income:
Government grants recognised directly in income |
4,861 |
4,840 |
|
------- |
------- |
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
12.
Controlling party
The company is a wholly owned subsidiary of
Country Squire Corporation
, a company registered in the British Virgin Islands. The registered office address of this parent company is Ritter House Wickams, Cay II, Road Town, Tortola, British Virgin Islands, VG1110
. The ultimate controlling party is Marzio Keilling
.