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Company No: SC146707 (Scotland)

TULCHAN SPORTING ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

TULCHAN SPORTING ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

TULCHAN SPORTING ESTATES LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
TULCHAN SPORTING ESTATES LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 18,300,713 18,944,882
Investments 5 1 1
18,300,714 18,944,883
Current assets
Stocks 477,654 463,286
Debtors 6 107,151 107,232
Cash at bank and in hand 30,254 147,510
615,059 718,028
Creditors: amounts falling due within one year 7 ( 621,279) ( 474,793)
Net current (liabilities)/assets (6,220) 243,235
Total assets less current liabilities 18,294,494 19,188,118
Creditors: amounts falling due after more than one year 8 ( 13,711,064) ( 13,557,554)
Net assets 4,583,430 5,630,564
Capital and reserves
Called-up share capital 9 14,355,802 14,355,802
Profit and loss account ( 9,772,372 ) ( 8,725,238 )
Total shareholder's funds 4,583,430 5,630,564

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tulchan Sporting Estates Limited (registered number: SC146707) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

Ms L B Irwin
Director
TULCHAN SPORTING ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
TULCHAN SPORTING ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tulchan Sporting Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Morton Fraser LLP, 5th Floor Quartermile Two, 2 Lister Square, Edinburgh, EH3 9GL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Directors have assessed the Company's ability to continue to trade and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements, and are confident that the company will have sufficient funds available to do so. The Directors have confirmed that monies due to connected companies and the ultimate beneficial owner will not be recalled until such time as the Company has sufficient funds to do so. Therefore, the Directors consider the going concern basis to remain appropriate.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

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 and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 5 years straight line
Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 20 - 25 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Exceptional items

During the year the directors took the decision to cease progressing a capital expenditure project, which was still at an early stage. As such, the costs incurred to date (which have previously been accounted for as assets under construction) have been released to the profit and loss account in full.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 22

3. Intangible assets

Trademarks, patents
and licences
Other intangible assets Total
£ £ £
Cost
At 01 February 2023 125,000 4,000 129,000
At 31 January 2024 125,000 4,000 129,000
Accumulated amortisation
At 01 February 2023 125,000 4,000 129,000
At 31 January 2024 125,000 4,000 129,000
Net book value
At 31 January 2024 0 0 0
At 31 January 2023 0 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2023 23,977,777 4,281,211 28,258,988
Additions 19,462 133,993 153,455
Disposals ( 135,813) ( 1,391,830) ( 1,527,643)
At 31 January 2024 23,861,426 3,023,374 26,884,800
Accumulated depreciation
At 01 February 2023 5,940,034 3,374,072 9,314,106
Charge for the financial year 406,934 227,306 634,240
Disposals ( 4,035) ( 1,360,224) ( 1,364,259)
At 31 January 2024 6,342,933 2,241,154 8,584,087
Net book value
At 31 January 2024 17,518,493 782,220 18,300,713
At 31 January 2023 18,037,743 907,139 18,944,882

Included within land and buildings are assets under construction with a value of £Nil (2023 - £131,777) that are not depreciated. These amounts have been written off to exceptional items in the current year as they relate to a capital project which the company has decided not to progress with.

The company also holds Antiques with an original cost of £949,512 which have been fully depreciated.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 1 1
At 31 January 2024 1 1
Carrying value at 31 January 2024 1 1
Carrying value at 31 January 2023 1 1

6. Debtors

2024 2023
£ £
Trade debtors 14,419 11,214
Other debtors 92,732 96,018
107,151 107,232

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 11,183 11,183
Trade creditors 241,952 81,173
Other taxation and social security 118,831 38,052
Obligations under finance leases and hire purchase contracts (secured) 86,596 101,521
Other creditors 162,717 242,864
621,279 474,793

Hire purchase obligations are secured against the assets to which the agreements relate to.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,604 22,438
Obligations under finance leases and hire purchase contracts (secured) 162,146 147,802
Other creditors 13,537,314 13,387,314
13,711,064 13,557,554

Hire purchase obligations are secured against the assets to which the agreements relate to.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
14,355,802 Ordinary shares of £ 1.00 each 14,355,802 14,355,802

10. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 16,088 0

11. Related party transactions

Other related party transactions

2024 2023
£ £
Other related parties 13,537,314 13,387,314

Amounts due to other related partied are unsecured, interest free and repayable in more than one year.

12. Off Balance Sheet arrangements

The company owns ground in the formed united parish of Cromdale entitled to The Church of Scotland General Trustees by means of a standard security.

13. Ultimate controlling party

At 31 January 2024, the immediate parent company was SF Scottish Properties Limited, a company registered in Guernsey.

The ultimate parent company at 31 January 2024 was The Tulchan Trust, a trust registered in Guernsey.