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COMPANY REGISTRATION NUMBER: SC220531
Afton Estates Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2023
Afton Estates Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
10,265,339
10,446,043
Current assets
Debtors
6
599,468
556,139
Investments
7
165,000
235,000
Cash at bank and in hand
77,937
92,306
---------
---------
842,405
883,445
Creditors: amounts falling due within one year
8
674,512
398,493
---------
---------
Net current assets
167,893
484,952
-------------
-------------
Total assets less current liabilities
10,433,232
10,930,995
Creditors: amounts falling due after more than one year
9
1,052,527
1,261,741
Provisions
Taxation including deferred tax
943,911
984,705
-------------
-------------
Net assets
8,436,794
8,684,549
-------------
-------------
Capital and reserves
Called up share capital
10
1
1
Revaluation reserve
4,552,825
4,511,694
Profit and loss account
3,883,968
4,172,854
------------
------------
Shareholders funds
8,436,794
8,684,549
------------
------------
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 comprehensive income has not been delivered.
For the year ending 30 September 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 .
Afton Estates Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
M A C Tasker BSc MRICS
Director
Company registration number: SC220531
Afton Estates Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The trading address is 28 Braid Road, Edinburgh EH10 6AD.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. One of the bank loans detailed in note 10 is expiring in June 2024, The directors are currently in negotiations with the bank and expect the refinancing to be agreed. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover represents amounts receivable, exclusive of Valued Added Tax, from rental income where there is a right to consideration from trading activities.
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 provided on the liability method to take account of timing differences between the treatment for certain items for financial statements purposes and the treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.
Tangible assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
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:
Fixtures and Fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 October 2022
10,443,000
84,588
10,527,588
Revaluations
( 180,000)
( 180,000)
-------------
--------
-------------
At 30 September 2023
10,263,000
84,588
10,347,588
-------------
--------
-------------
Depreciation
At 1 October 2022
81,545
81,545
Charge for the year
704
704
-------------
--------
-------------
At 30 September 2023
82,249
82,249
-------------
--------
-------------
Carrying amount
At 30 September 2023
10,263,000
2,339
10,265,339
-------------
--------
-------------
At 30 September 2022
10,443,000
3,043
10,446,043
-------------
--------
-------------
Investment properties were valued by M A C Tasker BSc MRICS , a director of the company, as at 30 September 2023. The historical cost of investment properties held at the balance sheet date was £4,731,672 (2022: £4,731,672).
6. Debtors
2023
2022
£
£
Trade debtors
5,217
4,657
Amounts owed by group undertakings and undertakings in which the company has a participating interest
586,170
549,170
Other debtors
8,081
2,312
---------
---------
599,468
556,139
---------
---------
7. Investments
2023
2022
£
£
Property development loans
165,000
235,000
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
148,862
149,112
Trade creditors
50,541
53,039
Amounts owed to group undertakings and undertakings in which the company has a participating interest
300,000
Corporation tax
56,854
38,698
Social security and other taxes
11,122
19,980
Other creditors
107,133
137,664
---------
---------
674,512
398,493
---------
---------
The bank loans are secured by standard securities and a floating charge over the company's assets, together with cross guarantees from Afton Group Holdings Limited and Second Afton Securities Limited.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
971,527
1,136,741
Other creditors
81,000
125,000
------------
------------
1,052,527
1,261,741
------------
------------
Other creditors includes loans of £50,000 (2022: £125,000) from M A C Tasker and £31,000 (2022: £0) from Paul Tasker.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Other financial commitments
The company has given a guarantee in respect of the bank borrowings of Second Afton Securities Limited in favour of Bank of Scotland Plc. At the balance sheet date the total bank borrowings for the group were £1,295,438 (2022: £1,497,766,).