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REGISTERED NUMBER: SC025838 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SCHIVAS ESTATES LIMITED

SCHIVAS ESTATES LIMITED (REGISTERED NUMBER: SC025838)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 8

SCHIVAS ESTATES LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: A Catto
T I G Catto





SECRETARY: Shepherd & Wedderburn Secretaries Ltd





REGISTERED OFFICE: House of Schivas
Ythanbank
Ellon
Aberdeenshire
AB41 7TN





REGISTERED NUMBER: SC025838 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

SCHIVAS ESTATES LIMITED (REGISTERED NUMBER: SC025838)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,345,478 1,388,514
Investments 5 219,471 574,603
Investment property 6 1,054,000 954,000
2,618,949 2,917,117

CURRENT ASSETS
Stocks 7 41,333 -
Debtors 8 52,331 20,346
Cash at bank 233,510 137,699
327,174 158,045
CREDITORS
Amounts falling due within one year 9 349,780 296,952
NET CURRENT LIABILITIES (22,606 ) (138,907 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,596,343

2,778,210

CREDITORS
Amounts falling due after more than one year 10 (759,655 ) (899,048 )

PROVISIONS FOR LIABILITIES 12 (325,985 ) (319,526 )
NET ASSETS 1,510,703 1,559,636

CAPITAL AND RESERVES
Called up share capital 120,000 120,000
Non-distributable reserves 13 845,192 -
Retained earnings 545,511 1,439,636
1,510,703 1,559,636

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SCHIVAS ESTATES LIMITED (REGISTERED NUMBER: SC025838)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





A Catto - Director


SCHIVAS ESTATES LIMITED (REGISTERED NUMBER: SC025838)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Schivas Estates Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 3% on cost, 2% on cost and 1% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

SCHIVAS ESTATES LIMITED (REGISTERED NUMBER: SC025838)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 1,622,619 296,954 84,363 42,202 2,046,138
Additions - 23,546 301 - 23,847
At 31 March 2023 1,622,619 320,500 84,664 42,202 2,069,985
DEPRECIATION
At 1 April 2022 412,489 211,476 29,439 4,220 657,624
Charge for year 41,671 13,353 7,639 4,220 66,883
At 31 March 2023 454,160 224,829 37,078 8,440 724,507
NET BOOK VALUE
At 31 March 2023 1,168,459 95,671 47,586 33,762 1,345,478
At 31 March 2022 1,210,130 85,478 54,924 37,982 1,388,514

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2022 574,603
Revaluations (355,132 )
At 31 March 2023 219,471
NET BOOK VALUE
At 31 March 2023 219,471
At 31 March 2022 574,603

Cost or valuation at 31 March 2023 is represented by:

Other
investments
£   
Valuation in 2017 1,064,689
Valuation in 2018 (104,689 )
Valuation in 2019 (238,080 )
Valuation in 2020 (265,080 )
Valuation in 2021 415,480
Valuation in 2022 (74,681 )
Valuation in 2023 (632,154 )
Cost 53,986
219,471

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 53,986 53,986

Fixed asset investments were valued on an open market basis on 31 March 2023 by Rowan Darlington .

SCHIVAS ESTATES LIMITED (REGISTERED NUMBER: SC025838)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 954,000
Revaluations 100,000
At 31 March 2023 1,054,000
NET BOOK VALUE
At 31 March 2023 1,054,000
At 31 March 2022 954,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 861,437
Valuation in 2023 100,000
Cost 92,563
1,054,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 92,563 92,563

Investment property was valued on an open market basis on 31 March 2023 by the directors .

7. STOCKS
2023 2022
£    £   
Stocks 41,333 -

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 36,694 12,737
VAT 977 -
Prepayments and accrued income 14,660 7,609
52,331 20,346

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 132,995 61,515
Trade creditors 31,467 65,599
Social security and other taxes 1,993 -
VAT - 8,576
Other creditors 257 366
Directors' current accounts 75,000 75,000
Accruals and Deferred income 108,068 85,896
349,780 296,952

SCHIVAS ESTATES LIMITED (REGISTERED NUMBER: SC025838)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 85,360 85,039
Bank loans - 2-5 years 257,581 257,581
Bank loans more 5 yrs non-inst 416,714 524,643
Accruals and deferred income - 31,785
759,655 899,048

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 416,714 524,643

11. SECURED DEBTS

The company has granted standard security in favour of Clydesdale Bank Public Limited Company over Farm of Newton, Methlick, Aberdeenshire.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 325,985 319,526

Deferred
tax
£   
Balance at 1 April 2022 319,526
Provided during year 6,459
Balance at 31 March 2023 325,985

13. RESERVES
Non-distributable
reserves
£   
Transfer 845,192

At 31 March 2023 845,192

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
T I G Catto
Balance outstanding at start of year (75,000 ) (75,000 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (75,000 ) (75,000 )

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SCHIVAS ESTATES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Schivas Estates Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Schivas Estates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Schivas Estates Limited and state those matters that we have agreed to state to the Board of Directors of Schivas Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Schivas Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Schivas Estates Limited. You consider that Schivas Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Schivas Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


21 November 2023