Company registration number SC363086 (Scotland)
DRUMTOCHTY ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
DRUMTOCHTY ESTATES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DRUMTOCHTY ESTATES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF DRUMTOCHTY ESTATES LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drumtochty Estates Limited for the year ended 30 April 2023 which comprise, the balance sheet 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Drumtochty Estates Limited, as a body, in accordance with the terms of our engagement letter dated 23 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Drumtochty Estates Limited and state those matters that we have agreed to state to the board of directors of Drumtochty Estates Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drumtochty Estates Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Drumtochty 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 profit of Drumtochty Estates Limited. You consider that Drumtochty 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 Drumtochty 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.

A.J.B. Scholes Ltd
.........................
2024-04-03
Chartered Accountants
75 High Street
Laurencekirk
AB30 1BH
DRUMTOCHTY ESTATES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
923,101
866,260
Current assets
Stocks
73,000
95,600
Debtors
4
378,653
302,235
Cash at bank and in hand
422,587
203,967
874,240
601,802
Creditors: amounts falling due within one year
5
(2,525,448)
(2,542,236)
Net current liabilities
(1,651,208)
(1,940,434)
Total assets less current liabilities
(728,107)
(1,074,174)
Creditors: amounts falling due after more than one year
6
(220,319)
(227,677)
Net liabilities
(948,426)
(1,301,851)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(948,427)
(1,301,852)
Total equity
(948,426)
(1,301,851)

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 year ended 30 April 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 year 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.

DRUMTOCHTY ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-04-03
..............................................
Ms NC Curran
Director
Company registration number SC363086 (Scotland)
DRUMTOCHTY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information

Drumtochty Estates Limited is a private company limited by shares incorporated in Scotland. The registered office is Drumtochty Glen, Auchenblae, Laurencekirk, Scotland, AB30 1TP.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company reports net liabilities of £948,426. The company is financed by loans from a shareholder of its parent company, which is interest free and subject to no formal repayment terms, The directors have prepared the accounts on a going concern basis as the support will continue for the foreseeable future.

1.3
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.

Sale of goods is recognised when ownership of the goods have been passed to the customer. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

1.4
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:

Freehold land and buildings
5% straight line
Leasehold improvements
5% Straight line
Plant and equipment
20% Straight line
Fixtures and fittings
10% Straight line
Motor vehicles
25% Straight line

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.

1.5
Impairment of fixed assets

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

DRUMTOCHTY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash and cash equivalents

Cash and cash equivalents 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.

1.8
Financial instruments

The following assets and liabilities are classified as financial instruments, bank, trade debtors, trade creditors, hire purchase agreements, bank loans and loans from related parties. Trade debtors and creditors are measured at transaction price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Fixed assets acquired by hire purchase agreements are measured at cost and the liability associated with the agreements is measured at the discounted amounts due. Bank loans are measured at the discounted amounts due. Loans from related parties are measured at the undiscounted amounts payable.

1.9
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.

Deferred tax

Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

DRUMTOCHTY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Employees

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

2023
2022
Number
Number
Total
35
47
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
947,094
1,767,776
2,714,870
Additions
29,294
177,620
206,914
At 30 April 2023
976,388
1,945,396
2,921,784
Depreciation and impairment
At 1 May 2022
339,306
1,509,304
1,848,610
Depreciation charged in the year
48,010
102,063
150,073
At 30 April 2023
387,316
1,611,367
1,998,683
Carrying amount
At 30 April 2023
589,072
334,029
923,101
At 30 April 2022
607,788
258,472
866,260
DRUMTOCHTY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
167,002
53,196
Other debtors
17,838
30,777
184,840
83,973
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
193,813
218,262
Total debtors
378,653
302,235
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
42,011
28,417
Trade creditors
61,762
88,139
Taxation and social security
139,303
95,330
Other creditors
2,282,372
2,330,350
2,525,448
2,542,236

Included in other creditors are liabilities of £16,100 (2022: £nil) in respect of finance leases which are secured over the related fixed asset.

 

The Bank of Scotland Plc hold a bond and floating charge over the assets of the company.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
185,686
227,677
Other creditors
34,633
-
0
220,319
227,677

Included in other creditors are liabilities of £34,633 (2022: £nil) in respect of finance leases which are secured over the related fixed asset.

DRUMTOCHTY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
67,810
114,009
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
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