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Company registration number: SC124520
Craigengillan Estates (No1) Company Limited
Unaudited filleted financial statements
28 November 2023
Craigengillan Estates (No1) Company Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Craigengillan Estates (No1) Company Limited
Directors and other information
Directors S J B Marshall
G H B Gavin
J A B Gavin
T L B Gavin
Secretary G H B Gavin
Company number SC124520
Registered office 9A Mansfield Place
Edinburgh
Scotland
EH3 6NB
Accountants Franklins Accountants LLP
Astor House
2 Alexandra Road
Plymouth
PL4 7JR
Craigengillan Estates (No1) Company Limited
Statement of financial position
28 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 915,298 915,447
Investments 6 10,256,025 4,507,857
_______ _______
11,171,323 5,423,304
Current assets
Stocks 130,150 132,015
Debtors 7 11,704 13,945
Cash at bank and in hand 891,310 7,929,621
_______ _______
1,033,164 8,075,581
Creditors: amounts falling due
within one year 8 ( 188,732) ( 1,645,196)
_______ _______
Net current assets 844,432 6,430,385
_______ _______
Total assets less current liabilities 12,015,755 11,853,689
Provisions for liabilities ( 232,838) ( 224,338)
_______ _______
Net assets 11,782,917 11,629,351
_______ _______
Capital and reserves
Called up share capital 10 370,400 370,400
Share premium account 558,350 558,350
Profit and loss account 10,854,167 10,700,601
_______ _______
Shareholders funds 11,782,917 11,629,351
_______ _______
For the year ending 28 November 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 06 August 2024 , and are signed on behalf of the board by:
G H B Gavin
Director
Company registration number: SC124520
Craigengillan Estates (No1) Company Limited
Notes to the financial statements
Year ended 28 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 9A Mansfield Place, Edinburgh, Scotland, EH3 6NB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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. 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 the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Improvements - Over 5 years
Plant and machinery - Over 4 years
Fittings fixtures and equipment - Over 5 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 16,197 1,500,862
_______ _______
Deferred tax:
Origination and reversal of timing differences 8,500 ( 1,265,104)
_______ _______
Tax on profit 24,697 235,758
_______ _______
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 29 November 2022 and 28 November 2023 919,052 41,547 9,173 969,772
_______ _______ _______ _______
Depreciation
At 29 November 2022 3,754 41,398 9,173 54,325
Charge for the year - 149 - 149
_______ _______ _______ _______
At 28 November 2023 3,754 41,547 9,173 54,474
_______ _______ _______ _______
Carrying amount
At 28 November 2023 915,298 - - 915,298
_______ _______ _______ _______
At 28 November 2022 915,298 149 - 915,447
_______ _______ _______ _______
6. Investments
Listed Investments Total
£ £
Cost
At 29 November 2022 4,507,857 4,507,857
Additions 12,146,893 12,146,893
Disposals ( 6,323,310) ( 6,323,310)
Fair value adjustment (75,415) (75,415)
_______ _______
At 28 November 2023 10,256,025 10,256,025
_______ _______
Impairment
At 29 November 2022 and 28 November 2023 - -
_______ _______
Carrying amount
At 28 November 2023 10,256,025 10,256,025
_______ _______
At 28 November 2022 4,507,857 4,507,857
_______ _______
The historic cost of these listed investments is £9,325,674 (2022 - £3,584,635).
7. Debtors
2023 2022
£ £
Trade debtors 4,152 2,077
Other debtors 7,552 11,868
_______ _______
11,704 13,945
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 2,289 5,356
Corporation tax 16,197 1,500,862
Other creditors 170,246 138,978
_______ _______
188,732 1,645,196
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note ) 232,838 224,338
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Fair value adjustment of financial assets 232,838 224,338
_______ _______
A deferred tax asset of £17,208 (2022 - £17,171) exists at 28 November 2023 in respect of trading losses carried forward.
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary £1 shares shares of £ 1.00 each 370,400 370,400 370,400 370,400
_______ _______ _______ _______
11. Controlling party
The company is controlled by the directors by virtue of their directorships and share holdings. No dividends were paid during the year.