Silverfin false 31/03/2023 01/04/2022 31/03/2023 Laura Strathdee 21/05/2020 Stephen Strathdee Gavin Strathdee 23/10/2007 23 September 2023 The principal activities of the company continued to be farming, property development, industrial property lets, timber growing and quarrying. The company also operates wind turbines and solar pv systems for the generation of electricity. SC082226 2023-03-31 SC082226 bus:Director1 2023-03-31 SC082226 bus:Director3 2023-03-31 SC082226 2022-03-31 SC082226 core:CurrentFinancialInstruments 2023-03-31 SC082226 core:CurrentFinancialInstruments 2022-03-31 SC082226 core:Non-currentFinancialInstruments 2023-03-31 SC082226 core:Non-currentFinancialInstruments 2022-03-31 SC082226 core:ShareCapital 2023-03-31 SC082226 core:ShareCapital 2022-03-31 SC082226 core:RevaluationReserve 2023-03-31 SC082226 core:RevaluationReserve 2022-03-31 SC082226 core:CapitalRedemptionReserve 2023-03-31 SC082226 core:CapitalRedemptionReserve 2022-03-31 SC082226 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC082226 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC082226 core:LandBuildings 2022-03-31 SC082226 core:OtherPropertyPlantEquipment 2022-03-31 SC082226 core:LandBuildings 2023-03-31 SC082226 core:OtherPropertyPlantEquipment 2023-03-31 SC082226 core:MoreThanFiveYears 2023-03-31 SC082226 core:MoreThanFiveYears 2022-03-31 SC082226 bus:OrdinaryShareClass1 2023-03-31 SC082226 2022-04-01 2023-03-31 SC082226 bus:FullAccounts 2022-04-01 2023-03-31 SC082226 bus:SmallEntities 2022-04-01 2023-03-31 SC082226 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC082226 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC082226 bus:Director1 2022-04-01 2023-03-31 SC082226 bus:Director2 2022-04-01 2023-03-31 SC082226 bus:Director3 2022-04-01 2023-03-31 SC082226 core:LandBuildings core:BottomRangeValue 2022-04-01 2023-03-31 SC082226 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 SC082226 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC082226 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC082226 2021-04-01 2022-03-31 SC082226 core:LandBuildings 2022-04-01 2023-03-31 SC082226 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC082226 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC082226 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC082226 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC082226 (Scotland)

STRATHDEE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

STRATHDEE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

STRATHDEE PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
STRATHDEE PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 6,441,510 5,890,255
Investment property 5 1,459,666 1,369,666
7,901,176 7,259,921
Current assets
Stocks 1,747,086 1,802,347
Debtors 6 404,273 360,245
Cash at bank and in hand 449,142 2,218,808
2,600,501 4,381,400
Creditors: amounts falling due within one year 7 ( 304,691) ( 554,545)
Net current assets 2,295,810 3,826,855
Total assets less current liabilities 10,196,986 11,086,776
Creditors: amounts falling due after more than one year 8 ( 1,484,270) ( 3,414,338)
Provision for liabilities ( 818,473) ( 775,128)
Net assets 7,894,243 6,897,310
Capital and reserves
Called-up share capital 9 7,710 7,710
Revaluation reserve 729,714 639,714
Capital redemption reserve 2,290 2,290
Profit and loss account 7,154,529 6,247,596
Total shareholders' funds 7,894,243 6,897,310

For the financial 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.

Directors' responsibilities:

The financial statements of Strathdee Properties Limited (registered number: SC082226) were approved and authorised for issue by the Director on 23 September 2023. They were signed on its behalf by:

Stephen Strathdee
Director
Gavin Strathdee
Director
STRATHDEE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
STRATHDEE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Strathdee Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Cragganspey Leslie Terrace, Craigellachie, Aberlour, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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 farming, forestry, quarrying and property development is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.

Revenue from farming subsidies is recognised in accordance with note 1.15.

Revenue from land rent is recognised on straight line basis over the period of rent.

Revenue from the operation of wind turbines is recognised at the point the electricity is generated.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 - 50 years straight line
Plant and machinery etc. 20 % reducing balance
20 years straight line

Land is not depreciated.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 2,605,721 5,206,156 7,811,877
Additions 676,805 249,937 926,742
Disposals ( 67,528) ( 25,199) ( 92,727)
At 31 March 2023 3,214,998 5,430,894 8,645,892
Accumulated depreciation
At 01 April 2022 172,291 1,749,331 1,921,622
Charge for the financial year 18,792 283,260 302,052
Disposals 0 ( 19,292) ( 19,292)
At 31 March 2023 191,083 2,013,299 2,204,382
Net book value
At 31 March 2023 3,023,915 3,417,595 6,441,510
At 31 March 2022 2,433,430 3,456,825 5,890,255

5. Investment property

Investment property
£
Valuation
As at 01 April 2022 1,369,666
Fair value movement 90,000
As at 31 March 2023 1,459,666

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

Investment property comprises industrial units, residential properties and a quarry. The fair value of the investment property has been arrived at on the basis of valuations carried out in 2011, 2013 and the cost price of residential properties purchased in 2012 and 2013.

The directors have considered the market value of these properties as at 31 March 2023 and have concluded that this is not materially different to the amount at which they are carried in the accounts.

6. Debtors

2023 2022
£ £
Trade debtors 98,698 59,031
Amounts owed by directors 15,178 0
Prepayments and accrued income 140,712 128,037
VAT recoverable 21,146 13,222
Corporation tax 8,197 0
Other debtors 120,342 159,955
404,273 360,245

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 158,328 382,124
Trade creditors 16,091 6,740
Accruals and deferred income 68,102 57,532
Taxation and social security 46,059 106,972
Obligations under finance leases and hire purchase contracts 14,759 0
Other creditors 1,352 1,177
304,691 554,545

The bank loans are secured by standard securities over certain freehold property and a floating charge over all assets of the Company.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 1,434,813 3,414,338
Obligations under finance leases and hire purchase contracts 49,457 0
1,484,270 3,414,338

The bank loans are secured by standard securities over certain freehold property and a floating charge over all assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 787,333 2,009,763

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
7,710 Ordinary shares of £ 1.00 each 7,710 7,710