Company Registration No. SC149006 (Scotland)
Redhouse Castle Limited
Unaudited financial statements
for the period ended 30 March 2023
Pages for filing with the registrar
Redhouse Castle Limited
Company information
Directors
The Hon James Donald Charteris, Lord Wemyss
The Hon Francis Richard Charteris, Lord Elcho
Martin Andrews
Lady Mary Olivia Furze
Secretary
Martin Andrews
Company number
SC149006
Registered office
Wemyss and March Estates
Estate Office
Longniddry
East Lothian
EH32 0PY
Accountants
Saffery LLP
Edinburgh Quay
133 Fountainbridge
Edinburgh
EH3 9BA
Business address
Wemyss and March Estates
Estate Office
Longniddry
East Lothian
EH32 0PY
Redhouse Castle Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Redhouse Castle Limited
Balance sheet
As at 30 March 2023
30 March 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,505,347
3,189,570
Current assets
Debtors
4
3,398,135
36,756
Creditors: amounts falling due within one year
5
(3,371,459)
(561,343)
Net current assets/(liabilities)
26,676
(524,587)
Total assets less current liabilities
4,532,023
2,664,983
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
4,531,023
2,663,983
Total equity
4,532,023
2,664,983
Redhouse Castle Limited
Balance sheet (continued)
As at 30 March 2023
30 March 2023
2

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
The Hon James Donald Charteris, Lord Wemyss
The Hon Francis Richard Charteris, Lord Elcho
Director
Director
Company Registration No. SC149006
Redhouse Castle Limited
Notes to the financial statements
For the period ended 30 March 2023
3
1
Accounting policies
Company information

Redhouse Castle Limited is a private company limited by shares incorporated in Scotland. The registered office is Wemyss and March Estates, Estate Office, Longniddry, East Lothian, EH32 0PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Land and buildings
Nil

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.

1.3
Impairment of fixed 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.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Redhouse Castle Limited
Notes to the financial statements (continued)
For the period ended 30 March 2023
1
Accounting policies (continued)
4
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.

 

The company does not have any financial instruments which fall into Section 12 of FRS 102.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Redhouse Castle Limited
Notes to the financial statements (continued)
For the period ended 30 March 2023
1
Accounting policies (continued)
5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Redhouse Castle Limited
Notes to the financial statements (continued)
For the period ended 30 March 2023
1
Accounting policies (continued)
6
1.7
Leases

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022
3,189,570
Additions
1,315,777
At 30 March 2023
4,505,347
Carrying amount
At 30 March 2023
4,505,347
At 31 March 2022
3,189,570
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,398,135
8,169
Other debtors
-
0
28,587
3,398,135
36,756
Redhouse Castle Limited
Notes to the financial statements (continued)
For the period ended 30 March 2023
7
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
38,534
4,524
Trade creditors
350,493
144,834
Corporation tax
444,102
-
0
Other taxation and social security
507,842
-
0
Other creditors
2,030,488
411,985
3,371,459
561,343

The Bank of Scotland Plc has a bond and floating charge over all property and assets of the company.

 

In November 2019 the company granted standard security over land at Longniddry Farm to Places for People Scotland Limited in connection with the terms of the proposed Missives comprising the offer to sell the site.

Redhouse Castle Limited
Notes to the financial statements (continued)
For the period ended 30 March 2023
8
6
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

2023
2022
Amounts due to related parties
£
£
The First Grandchildren's Fund
1,624,906
1,344,907

The Hon Francis Richard Charteris, Lord Elcho, a director of the company, is a beneficiary of The First Grandchildren's Fund. The unsecured loan funding advanced to the company is interest free and repayable on demand.

2023-03-302022-04-01false20 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThe Hon James Donald Charteris, Lord WemyssThe Hon Francis Richard Charteris, Lord ElchoLady Mary Olivia FurzeLady Mary Olivia FurzeMartin AndrewsSC1490062022-04-012023-03-30SC149006bus:Director12022-04-012023-03-30SC149006bus:Director22022-04-012023-03-30SC149006bus:CompanySecretaryDirector12022-04-012023-03-30SC149006bus:Director32022-04-012023-03-30SC149006bus:CompanySecretary12022-04-012023-03-30SC149006bus:Director42022-04-012023-03-30SC149006bus:RegisteredOffice2022-04-012023-03-30SC1490062023-03-30SC1490062022-03-31SC149006core:LandBuildings2023-03-30SC149006core:LandBuildings2022-03-31SC149006core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-30SC149006core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC149006core:CurrentFinancialInstruments2023-03-30SC149006core:CurrentFinancialInstruments2022-03-31SC149006core:ShareCapital2023-03-30SC149006core:ShareCapital2022-03-31SC149006core:RetainedEarningsAccumulatedLosses2023-03-30SC149006core:RetainedEarningsAccumulatedLosses2022-03-31SC149006core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-30SC1490062021-04-012022-03-31SC149006core:LandBuildings2022-03-31SC149006core:LandBuildings2022-04-012023-03-30SC149006core:WithinOneYear2023-03-30SC149006core:WithinOneYear2022-03-31SC149006bus:PrivateLimitedCompanyLtd2022-04-012023-03-30SC149006bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-30SC149006bus:FRS1022022-04-012023-03-30SC149006bus:AuditExempt-NoAccountantsReport2022-04-012023-03-30SC149006bus:FullAccounts2022-04-012023-03-30xbrli:purexbrli:sharesiso4217:GBP