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REGISTERED NUMBER: SC015891 (Scotland)











































Ladykirk Estates Limited

Unaudited Financial Statements

for the Year Ended 28th November 2023






Ladykirk Estates Limited (Registered number: SC015891)






Contents of the Financial Statements
for the year ended 28th November 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 8


Ladykirk Estates Limited

Company Information
for the year ended 28th November 2023







Directors: H J Askew
H M J Birch
J W Askew





Registered office: Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL





Registered number: SC015891 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Ladykirk Estates Limited (Registered number: SC015891)

Balance Sheet
28th November 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 2,160,901 2,160,901
Tangible assets 5 3,762,875 3,632,634
Investments 6 100 -
5,923,876 5,793,535

Current assets
Stocks 301,133 437,482
Debtors 7 1,760,172 1,875,663
Cash at bank and in hand 58,800 424,243
2,120,105 2,737,388
Creditors
Amounts falling due within one year 8 763,624 855,678
Net current assets 1,356,481 1,881,710
Total assets less current liabilities 7,280,357 7,675,245

Creditors
Amounts falling due after more than one
year

9

(3,761,250

)

(3,765,047

)

Provisions for liabilities (17,327 ) (11,569 )
Net assets 3,501,780 3,898,629

Capital and reserves
Called up share capital 10,125 10,125
Share premium 60,000 60,000
Retained earnings 3,431,655 3,828,504
3,501,780 3,898,629

Ladykirk Estates Limited (Registered number: SC015891)

Balance Sheet - continued
28th November 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th November 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th August 2024 and were signed on its behalf by:





H J Askew - Director


Ladykirk Estates Limited (Registered number: SC015891)

Notes to the Financial Statements
for the year ended 28th November 2023

1. Statutory information

Ladykirk 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.

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 represents the total invoice value, excluding value added tax, of sales made during the year, or the fair value of services provided for amounts not invoiced at the year end. Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer.

Goodwill
Goodwill relates to capital sums paid to Tenant Farmers in exchange for surrendering vacant possession of Farms. This is initially measured at cost and is not being amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold land and buildings - Nil
Grains store - 4% on cost
Tractors - 30% on reducing balance, 25% on reducing balance and 20% on reducing balance
Equipment - 25% on reducing balance, 20% on reducing balance, 15% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance
Other fixed assets - 10% on cost

Tangible fixed assets are at cost less accumulated depreciation and accumulated impairment losses.

Buildings have not been depreciated. The Directors feel that the value in the accounts, which are shown at cost, accurately reflect the current value of these buildings.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock to completion.

Ladykirk Estates Limited (Registered number: SC015891)

Notes to the Financial Statements - continued
for the year ended 28th November 2023

2. Accounting policies - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, other loans, hire purchase contracts and directors' loans.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, other loans and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss in the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Ladykirk Estates Limited (Registered number: SC015891)

Notes to the Financial Statements - continued
for the year ended 28th November 2023

2. Accounting policies - continued

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably

Group accounts

The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts..

3. Employees and directors

The average number of employees during the year was 15 (2022 - 18 ) .

4. Intangible fixed assets
Other
intangible
Goodwill assets Totals
£    £    £   
Cost
At 29th November 2022
and 28th November 2023 2,160,901 23,163 2,184,064
Amortisation
At 29th November 2022
and 28th November 2023 - 23,163 23,163
Net book value
At 28th November 2023 2,160,901 - 2,160,901
At 28th November 2022 2,160,901 - 2,160,901

5. Tangible fixed assets
Freehold
land and Grains
buildings store Tractors
£    £    £   
Cost
At 29th November 2022 3,374,058 394,023 110,500
Additions 119,083 - -
At 28th November 2023 3,493,141 394,023 110,500
Depreciation
At 29th November 2022 - 252,758 76,884
Charge for year - 15,761 6,723
At 28th November 2023 - 268,519 83,607
Net book value
At 28th November 2023 3,493,141 125,504 26,893
At 28th November 2022 3,374,058 141,265 33,616

Ladykirk Estates Limited (Registered number: SC015891)

Notes to the Financial Statements - continued
for the year ended 28th November 2023

5. Tangible fixed assets - continued

Other
Motor fixed
Equipment vehicles assets Totals
£    £    £    £   
Cost
At 29th November 2022 274,159 135,693 235,944 4,524,377
Additions 42,650 19,000 - 180,733
At 28th November 2023 316,809 154,693 235,944 4,705,110
Depreciation
At 29th November 2022 238,794 87,363 235,944 891,743
Charge for year 13,550 14,458 - 50,492
At 28th November 2023 252,344 101,821 235,944 942,235
Net book value
At 28th November 2023 64,465 52,872 - 3,762,875
At 28th November 2022 35,365 48,330 - 3,632,634

6. Fixed asset investments
Other
investments
£   
Cost
At 29th November 2022
and 28th November 2023 100
Net book value
At 28th November 2023 100
At 28th November 2022 100

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 1,138,980 1,335,562
Other debtors 621,192 540,101
1,760,172 1,875,663

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Hire purchase contracts 3,797 8,500
Trade creditors 755,380 769,046
Taxation and social security - 73,644
Other creditors 4,447 4,488
763,624 855,678

Ladykirk Estates Limited (Registered number: SC015891)

Notes to the Financial Statements - continued
for the year ended 28th November 2023

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 3,761,250 3,761,250
Hire purchase contracts - 3,797
3,761,250 3,765,047

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 3,761,250 3,761,250

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,761,250 3,761,250
Hire purchase contracts 3,797 12,297
3,765,047 3,773,547

The bank loans and overdraft are secured against various assets of the company.
Hire purchase contracts are secured against the assets to which they relate.

11. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 28th November 2023 and 28th November 2022:

20232022
££
Director 1
Balance outstanding at start of year476100,113
Amounts advanced618363
Amounts repaid-(100,000)
Balance outstanding at end of year1,094476

This loan is repayable within 5 years of the loan date and the director pays the company an interest charge of 1.25% per annum.

12. Related party disclosures

Ladykirk Estates Limited owns 100% of Hudson Ladykirk Ltd.

Hudson Ladykirk Ltd is a private company, limited by shares, registered in Scotland.

At 28th November 2023 a loan of £454,424 (2022 - £454,424) was outstanding payable to the company by Hudson Ladykirk Ltd. This loan is unsecured, interest free and is repayable on demand.