REGISTERED NUMBER: |
Ladykirk Estates Limited |
Unaudited Financial Statements |
for the Year Ended 28th November 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Retained earnings |
Ladykirk Estates Limited (Registered number: SC015891) |
Balance Sheet - continued |
28th November 2023 |
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. |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Freehold land and buildings | - |
Grains store | - |
Tractors | - |
Equipment | - |
Motor vehicles | - |
Other fixed assets | - |
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 |
4. | Intangible fixed assets |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
Cost |
At 29th November 2022 |
and 28th November 2023 |
Amortisation |
At 29th November 2022 |
and 28th November 2023 |
Net book value |
At 28th November 2023 |
At 28th November 2022 |
5. | Tangible fixed assets |
Freehold |
land and | Grains |
buildings | store | Tractors |
£ | £ | £ |
Cost |
At 29th November 2022 |
Additions |
At 28th November 2023 |
Depreciation |
At 29th November 2022 |
Charge for year |
At 28th November 2023 |
Net book value |
At 28th November 2023 |
At 28th November 2022 |
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 |
Additions |
At 28th November 2023 |
Depreciation |
At 29th November 2022 |
Charge for year |
At 28th November 2023 |
Net book value |
At 28th November 2023 |
At 28th November 2022 |
6. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 29th November 2022 |
and 28th November 2023 |
Net book value |
At 28th November 2023 |
At 28th November 2022 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
10. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 3,797 | 12,297 |
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: |
2023 | 2022 |
£ | £ |
Director 1 |
Balance outstanding at start of year | 476 | 100,113 |
Amounts advanced | 618 | 363 |
Amounts repaid | - | (100,000 | ) |
Balance outstanding at end of year | 1,094 | 476 |
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. |