Silverfin false 31/03/2023 01/04/2022 31/03/2023 Sir A Grant 15 November 2023 The principal activity of the company continued to be that of property investment. SC040128 2023-03-31 SC040128 2022-03-31 SC040128 core:CurrentFinancialInstruments 2023-03-31 SC040128 core:CurrentFinancialInstruments 2022-03-31 SC040128 core:Non-currentFinancialInstruments 2023-03-31 SC040128 core:Non-currentFinancialInstruments 2022-03-31 SC040128 core:ShareCapital 2023-03-31 SC040128 core:ShareCapital 2022-03-31 SC040128 core:RevaluationReserve 2023-03-31 SC040128 core:RevaluationReserve 2022-03-31 SC040128 core:CapitalRedemptionReserve 2023-03-31 SC040128 core:CapitalRedemptionReserve 2022-03-31 SC040128 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC040128 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC040128 core:OtherResidualIntangibleAssets 2022-03-31 SC040128 core:OtherResidualIntangibleAssets 2023-03-31 SC040128 core:LandBuildings 2022-03-31 SC040128 core:LeaseholdImprovements 2022-03-31 SC040128 core:PlantMachinery 2022-03-31 SC040128 core:Vehicles 2022-03-31 SC040128 core:FurnitureFittings 2022-03-31 SC040128 core:ComputerEquipment 2022-03-31 SC040128 core:LandBuildings 2023-03-31 SC040128 core:LeaseholdImprovements 2023-03-31 SC040128 core:PlantMachinery 2023-03-31 SC040128 core:Vehicles 2023-03-31 SC040128 core:FurnitureFittings 2023-03-31 SC040128 core:ComputerEquipment 2023-03-31 SC040128 core:ConsumableBiologicalAssetClass1 2022-03-31 SC040128 core:ConsumableBiologicalAssetClass1 2023-03-31 SC040128 core:CostValuation 2022-03-31 SC040128 core:CostValuation 2023-03-31 SC040128 core:ProvisionsForImpairmentInvestments 2022-03-31 SC040128 core:ProvisionsForImpairmentInvestments 2023-03-31 SC040128 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-03-31 SC040128 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-03-31 SC040128 core:CurrentFinancialInstruments core:Secured 2023-03-31 SC040128 bus:OrdinaryShareClass1 2023-03-31 SC040128 2022-04-01 2023-03-31 SC040128 bus:FullAccounts 2022-04-01 2023-03-31 SC040128 bus:SmallEntities 2022-04-01 2023-03-31 SC040128 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC040128 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC040128 bus:Director1 2022-04-01 2023-03-31 SC040128 core:PlantMachinery 2022-04-01 2023-03-31 SC040128 core:Vehicles 2022-04-01 2023-03-31 SC040128 core:FurnitureFittings 2022-04-01 2023-03-31 SC040128 core:ComputerEquipment 2022-04-01 2023-03-31 SC040128 2021-04-01 2022-03-31 SC040128 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 SC040128 core:OtherResidualIntangibleAssets 1 2022-04-01 2023-03-31 SC040128 1 2022-04-01 2023-03-31 SC040128 core:LandBuildings 2022-04-01 2023-03-31 SC040128 core:LeaseholdImprovements 2022-04-01 2023-03-31 SC040128 core:ConsumableBiologicalAssetClass1 2022-04-01 2023-03-31 SC040128 core:Subsidiary1 2022-04-01 2023-03-31 SC040128 core:Subsidiary1 1 2022-04-01 2023-03-31 SC040128 core:Subsidiary1 1 2021-04-01 2022-03-31 SC040128 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC040128 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC040128 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC040128 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: SC040128 (Scotland)

MONYMUSK LAND COMPANY LIMITED

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

MONYMUSK LAND COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

MONYMUSK LAND COMPANY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
MONYMUSK LAND COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 16,113 5,499
Tangible assets 4 24,021,781 24,171,250
Biological assets 5 175,925 157,083
Investments 6 1,201 1,201
24,215,020 24,335,033
Current assets
Stocks 1,060,821 607,347
Debtors 7 650,399 719,046
Cash at bank and in hand 295,822 430,161
2,007,042 1,756,554
Creditors: amounts falling due within one year 8 ( 3,855,562) ( 3,757,183)
Net current liabilities (1,848,520) (2,000,629)
Total assets less current liabilities 22,366,500 22,334,404
Creditors: amounts falling due after more than one year 9 ( 101,919) ( 17,076)
Provision for liabilities ( 4,710,034) ( 4,030,924)
Net assets 17,554,547 18,286,404
Capital and reserves
Called-up share capital 10 246,050 246,050
Revaluation reserve 19,968,619 19,968,619
Capital redemption reserve 53,358 53,358
Profit and loss account ( 2,713,480 ) ( 1,981,623 )
Total shareholder's funds 17,554,547 18,286,404

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.

Director's responsibilities:

The financial statements of Monymusk Land Company Limited (registered number: SC040128) were approved and authorised for issue by the Director on 15 November 2023. They were signed on its behalf by:

Sir A Grant
Director
MONYMUSK LAND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
MONYMUSK LAND COMPANY 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

Monymusk Land Company 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 Brodies House, 31-33 Union Grove, Aberdeen, AB10 6SD, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

Going concern

The director is actively seeking to dispose of non core properties on the estate in order to reduce the level of borrowings. The director notes that the business has net current liabilities of £1,848,520 (2022 - £2,000,629). He believes that the company will have access to sufficient funding to allow the company to continue to meet its liabilities as they fall due in the normal course of business. Consequently the financial statements have been prepared on the going concern basis.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, 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 or valuation, 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 not depreciated
Leasehold improvements not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

No depreciation is provided in respect of land and buildings. While the non-depreciation of buildings does not comply with the requirements of the Companies Act 2006, the director is of the opinion that, as the buildings have a high residual value and are well maintained, any depreciation would be immaterial.

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.

Biological assets

The company breeds cattle and sheep and grows cereal crops to sell the agricultural produce harvested from such animals and plants. In accordance with FRS102, such breeding animals and cereal crops are defined as biological assets. The company measures all biological assets at cost less accumulated depreciation and accumulated impairment losses with the breeding animals included within fixed assets and the remainder of livestock and cereal crops included within stock.

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at the lower of cost and estimated selling price less costs to complete and sell. All such items are included within stock.

Depreciation is recognised so as to write off the cost or valuation of breeding animals less their residual values over their useful lives on the following bases:

Beef 20% straight line

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 10

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2022 5,499 5,499
Additions 11,075 11,075
Increase in herd value 0 0
At 31 March 2023 16,574 16,574
Accumulated amortisation
At 01 April 2022 0 0
Charge for the financial year 461 461
At 31 March 2023 461 461
Net book value
At 31 March 2023 16,113 16,113
At 31 March 2022 5,499 5,499

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £ £
Cost
At 01 April 2022 20,191,060 3,885,353 451,585 0 140,424 32,686 24,701,108
Additions 0 0 190,605 24,037 0 0 214,642
Disposals ( 310,000) 0 0 0 0 0 ( 310,000)
At 31 March 2023 19,881,060 3,885,353 642,190 24,037 140,424 32,686 24,605,750
Accumulated depreciation
At 01 April 2022 0 0 359,826 0 139,271 30,761 529,858
Charge for the financial year 0 0 49,557 3,631 288 635 54,111
At 31 March 2023 0 0 409,383 3,631 139,559 31,396 583,969
Net book value
At 31 March 2023 19,881,060 3,885,353 232,807 20,406 865 1,290 24,021,781
At 31 March 2022 20,191,060 3,885,353 91,759 0 1,153 1,925 24,171,250

Revaluation of tangible assets

Land and buildings were last revalued on 8 May 2013 by DM Hall, chartered surveyors and independent valuers not connected with the company, at £23,970,000 being on an open market basis. The valuation conforms to RICS valuation - Professional Standards, The director is of the opinion that the current carrying value does not differ materially.

2023 2022
£ £
Historical cost 2,507,836 2,507,836
Accumulated depreciation 1,926,283 1,926,283
Carrying value 4,434,119 4,434,119

5. Biological assets

2023
£
Biological assets at cost 175,925

Assets held at cost:

Beef Total
£ £
Cost
At 01 April 2022 157,083 157,083
Increase due to purchases 41,754 41,754
Decrease attributable to sales ( 22,912) ( 22,912)
At 31 March 2023 175,925 175,925
Net book value
At 31 March 2023 175,925 175,925
At 31 March 2022 157,083 157,083

6. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 1 1
Other investments and loans 1,200 1,200
1,201 1,201

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 1
At 31 March 2023 1
Carrying value at 31 March 2023 1
Carrying value at 31 March 2022 1
Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 1,200 1,200
At 31 March 2023 1,200 1,200
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 1,200 1,200
Carrying value at 31 March 2022 1,200 1,200

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.03.2023
Ownership
31.03.2022
Aberdeenshire Farm Contracting Limited UK Ordinary 100.00% 100.00%

7. Debtors

2023 2022
£ £
Trade debtors 76,290 39,339
Amounts owed by Group undertakings 53,425 180,394
Amounts owed by own subsidiaries 397,891 371,904
Other debtors 122,793 127,409
650,399 719,046

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 3,580,278 3,550,389
Trade creditors 171,454 110,609
Other taxation and social security 7,490 5,474
Obligations under finance leases and hire purchase contracts 50,998 27,350
Other creditors 45,342 63,361
3,855,562 3,757,183

The aggregate amount of creditors included above for which security has been given is £3,590,278 (2022 - £3,550,389). Security for the bank borrowings comprises standard security over Monymusk Estate and a floating charge over all company assets and security for the finance leases is over the relevant asset.

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

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 101,919 17,076

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
246,050 Ordinary shares of £ 1.00 each 246,050 246,050

11. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 0 2,841

12. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Entities over which the entity has control, joint control or significant influence. 397,891 371,904