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REGISTERED NUMBER: SC035177 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Polly Estates Limited

Polly Estates Limited (Registered number: SC035177)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 9

Polly Estates Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr D E C Davies
Mrs N D Davies
Mrs M E C Kelly
Mrs A E Callus





SECRETARY: Mrs N D Davies





REGISTERED OFFICE: Inverpolly
Ullapool
IV26 2YB





REGISTERED NUMBER: SC035177 (Scotland)





ACCOUNTANTS: Innes & Partners Limited
Chartered Certified Accountants
9 Ardross Street
Inverness
IV3 5NN

Polly Estates Limited (Registered number: SC035177)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,164,058 1,132,869
Investments 5 3,600 3,600
Investment property 6 169,390 171,220
1,337,048 1,307,689

CURRENT ASSETS
Stocks 7 58,586 56,090
Debtors 8 17,072 10,010
Cash at bank 485,679 486,262
561,337 552,362
CREDITORS
Amounts falling due within one year 9 51,587 78,661
NET CURRENT ASSETS 509,750 473,701
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,846,798

1,781,390

PROVISIONS FOR LIABILITIES 25,967 13,667
NET ASSETS 1,820,831 1,767,723

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 11 1,810,831 1,757,723
SHAREHOLDERS' FUNDS 1,820,831 1,767,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Polly Estates Limited (Registered number: SC035177)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:





Mr D E C Davies - Director


Polly Estates Limited (Registered number: SC035177)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Polly Estates Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
All fixed assets, with the exception of the initial land and buildings, are recorded at cost. The initial land and buildings are recorded at revaluation.

Depreciation is calculated so as to write off the cost or revaluation of an asset, less its estimated residual value, over the useful life of that asset as follows:

Original land and buildingsat revaluation
Ladysmith Street1% straight line
Building improvements1% straight line
Sheds and agricultural buildings4% straight line
Plant and machineryfrom 10% to 20% reducing value

Investment property
Investment property is shown at depreciated value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Polly Estates Limited (Registered number: SC035177)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investments
Investments are stated at cost.

Operating lease agreement
Rental applications to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 1,074,465 277,867 1,352,332
Additions - 51,223 51,223
Disposals - (5,936 ) (5,936 )
At 31 December 2023 1,074,465 323,154 1,397,619
DEPRECIATION
At 1 January 2023 13,531 205,932 219,463
Charge for year 746 18,125 18,871
Eliminated on disposal - (4,773 ) (4,773 )
At 31 December 2023 14,277 219,284 233,561
NET BOOK VALUE
At 31 December 2023 1,060,188 103,870 1,164,058
At 31 December 2022 1,060,934 71,935 1,132,869

Included in cost of land and buildings is freehold land of £ 1,041,677 (2022 - £ 1,041,677 ) which is not depreciated.

Polly Estates Limited (Registered number: SC035177)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

The valuation of the land and buildings has applied the transitional rules in accordance with Financial Reporting standards for smaller entities.

The directors are of the view that the revaluation figure stated below is significantly below market value but no further revaluation is currently planned. (see Note 1, Accounting Policies, Deferred taxation.)

In respect of certain fixed assets stated at valuations, the comparable historic cost and depreciation are as follows:

2021 2020
£ £

Net book value at end of year1,041,6771,041,677

Historic cost132,249132,249

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 3,600
NET BOOK VALUE
At 31 December 2023 3,600
At 31 December 2022 3,600

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 183,070
DEPRECIATION
At 1 January 2023 11,850
Charge for year 1,830
At 31 December 2023 13,680
NET BOOK VALUE
At 31 December 2023 169,390
At 31 December 2022 171,220

Polly Estates Limited (Registered number: SC035177)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. STOCKS
2023 2022
£    £   
Cattle Herd 29,500 25,900
Trading Herd 29,086 30,190
58,586 56,090

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 7,764 7,566
VAT 9,308 2,444
17,072 10,010

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 17,915 21,754
Corporation tax 8,456 16,750
Social security and other taxes 96 132
Other creditors 4,850 4,328
Directors' loan accounts 2,862 17,903
Accruals and deferred income 17,408 17,794
51,587 78,661

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary shares 1 10,000 10,000

11. RESERVES
Retained
earnings
£   

At 1 January 2023 1,757,723
Profit for the year 53,108
At 31 December 2023 1,810,831

Included in the retained earnings is £924,670 of revaluation reserve which is non-distributable.

12. RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken such as require to be disclosed under Financial Reporting standard 8.

Polly Estates Limited (Registered number: SC035177)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of Polly Estates Ltd throughout the year under review and the previous year were: Mr David Davies by way of his directorship; and Mrs Nicola Davies by way of her directorship .

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Polly Estates Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Polly Estates Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Polly Estates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Polly Estates Limited and state those matters that we have agreed to state to the Board of Directors of Polly Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Polly 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 Polly Estates Limited. You consider that Polly 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 Polly 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.






Innes & Partners Limited
Chartered Certified Accountants
9 Ardross Street
Inverness
IV3 5NN


11 April 2024