Company Registration No. SC052630 (Scotland)
Dunrobin Castle Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Dunrobin Castle Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Dunrobin Castle Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
85,141
55,170
Current assets
Stocks
23,763
18,489
Debtors
4
3,337
5,402
Cash at bank and in hand
453,609
337,914
480,709
361,805
Creditors: amounts falling due within one year
5
(490,135)
(330,778)
Net current (liabilities)/assets
(9,426)
31,027
Total assets less current liabilities
75,715
86,197
Creditors: amounts falling due after more than one year
6
(15,833)
(25,833)
Provisions for liabilities
(8,583)
(7,349)
Net assets
51,299
53,015
Capital and reserves
Called up share capital
7
8,000
8,000
Profit and loss reserves
43,299
45,015
Total equity
51,299
53,015

 

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Dunrobin Castle Limited
Statement of financial position (continued)
As at 31 December 2023
2
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
N Hunter-Gordon
Director
Company Registration No. SC052630
Dunrobin Castle Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information

Dunrobin Castle Limited is a private company limited by shares incorporated in Scotland. The registered office is Arthur & Carmichael LLP, Cathedral Square, Dornoch, Sutherland, IV25 3SW. The trading address is Dunrobin Castle, Golspie, Sutherland, KW10 6SF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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 discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Garden equipment
10% per annum straight line basis
Castle equipment
10% per annum straight line basis
Nursery equipment
10% per annum straight line basis
Motor vehicles
10% per annum straight line basis

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.

 

During the year, the directors changed the depreciation rate applicable to fixed assets from 20% straight line to 10% straight line. The net book value of fixed assets at 31 December 2023 under the previous rate would have been £62,856 compared with actual net book value at 31 December 2023 of £85,141.

1.4
Impairment of fixed assets

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.

1.5
Stocks

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

Dunrobin Castle Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are measured at transaction price including transaction costs.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and amounts payable are classified as current liabilities.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

Dunrobin Castle Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
45
43
3
Tangible fixed assets
Garden equipment
Castle equipment
Nursery equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
114,475
246,834
11,876
29,857
403,042
Additions
21,932
2,650
-
0
32,746
57,328
Disposals
(7,192)
-
0
-
0
-
0
(7,192)
At 31 December 2023
129,215
249,484
11,876
62,603
453,178
Depreciation and impairment
At 1 January 2023
89,714
216,425
11,876
29,857
347,872
Depreciation charged in the year
6,140
12,900
-
0
3,274
22,314
Eliminated in respect of disposals
(2,149)
-
0
-
0
-
0
(2,149)
At 31 December 2023
93,705
229,325
11,876
33,131
368,037
Carrying amount
At 31 December 2023
35,510
20,159
-
0
29,472
85,141
At 31 December 2022
24,761
30,409
-
0
-
0
55,170
Dunrobin Castle Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,546
2,482
Other debtors
1,791
2,920
3,337
5,402
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
12,711
1,153
Amounts owed to group undertakings
450,744
242,011
Taxation and social security
9,665
19,451
Other creditors
7,015
58,163
490,135
330,778
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,833
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,000
8,000
8,000
8,000
8
Parent company

The controlling party is The Sutherland Dunrobin Trust. The registered office of The Sutherland Dunrobin Trust is Cathedral Square, Dornoch, Sutherland, IV25 3SW. Dunrobin Castle Limited is included in the group accounts of The Sutherland Dunrobin Trust.

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