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COMPANY REGISTRATION NUMBER: SC025636
Whitecairns Estates Limited
Filleted Unaudited Financial Statements
28 May 2023
Whitecairns Estates Limited
Statement of Financial Position
28 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
455,194
473,014
Investments
6
42,018
42,018
---------
---------
497,212
515,032
Current assets
Stocks
62,580
56,094
Debtors
7
3,768
4,854
Cash at bank and in hand
157,971
130,858
---------
---------
224,319
191,806
Creditors: amounts falling due within one year
8
70,347
63,425
---------
---------
Net current assets
153,972
128,381
---------
---------
Total assets less current liabilities
651,184
643,413
Provisions
Taxation including deferred tax
10,385
6,514
---------
---------
Net assets
640,799
636,899
---------
---------
Capital and reserves
Called up share capital
18,000
18,000
Revaluation reserve
73,614
73,614
Profit and loss account
549,185
545,285
---------
---------
Shareholders funds
640,799
636,899
---------
---------
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 28 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Whitecairns Estates Limited
Statement of Financial Position (continued)
28 May 2023
These financial statements were approved by the board of directors and authorised for issue on 28 December 2023 , and are signed on behalf of the board by:
Mrs V Fowlie
Mr C Fowlie
Director
Director
Company registration number: SC025636
Whitecairns Estates Limited
Notes to the Financial Statements
Year ended 28 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Aberdeen Arms Hotel, 10 The Square, Tarves, Ellon, AB41 7GX.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
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:
Buildings
-
3% straight line
Plant & Machinery
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 12 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 29 May 2022
702,584
153,716
856,300
Additions
4,601
4,601
---------
---------
---------
At 28 May 2023
702,584
158,317
860,901
---------
---------
---------
Depreciation
At 29 May 2022
274,363
108,923
383,286
Charge for the year
15,380
7,041
22,421
---------
---------
---------
At 28 May 2023
289,743
115,964
405,707
---------
---------
---------
Carrying amount
At 28 May 2023
412,841
42,353
455,194
---------
---------
---------
At 28 May 2022
428,221
44,793
473,014
---------
---------
---------
6. Investments
Other investments other than loans
£
Cost
At 29 May 2022 and 28 May 2023
42,018
--------
Impairment
At 29 May 2022 and 28 May 2023
--------
Carrying amount
At 28 May 2023
42,018
--------
At 28 May 2022
42,018
--------
7. Debtors
2023
2022
£
£
Trade debtors
1,200
1,200
Other debtors
2,568
3,654
-------
-------
3,768
4,854
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
38,124
43,936
Corporation tax
22,336
17,100
Social security and other taxes
8,747
1,249
Other creditors
1,140
1,140
--------
--------
70,347
63,425
--------
--------
9. Related party transactions
The company was under the control of Mrs Valerie Fowlie throughout the current and previous year. Mrs Fowlie is the managing director and majority shareholder.