Company Registration No. SC512244 (Scotland)
Morsgail Estate Limited
Unaudited accounts
for the year ended 31 December 2023
Morsgail Estate Limited
Unaudited accounts
Contents
Morsgail Estate Limited
Company Information
for the year ended 31 December 2023
Directors
Kenneth Thomas Murray
Rachael Anne Scarr-Hall
Company Number
SC512244 (Scotland)
Registered Office
Gillespie Macandrew
5 Atholl Crescent
Edinburgh
Midlothian
EH3 8EJ
Scotland
Accountants
Taxnfacts Ltd
Timbuckthree
9 New Tolsta
Isle of Lewis
HS2 0NN
Morsgail Estate Limited
Statement of financial position
as at 31 December 2023
Tangible assets
4,391,853
4,413,963
Cash at bank and in hand
2,445
317
Creditors: amounts falling due within one year
(71,053)
(154,031)
Net current liabilities
(16,736)
(103,116)
Total assets less current liabilities
4,375,117
4,310,847
Creditors: amounts falling due after more than one year
(4,639,787)
(4,235,655)
Net (liabilities)/assets
(264,670)
75,192
Called up share capital
1,100,000
1,100,000
Profit and loss account
(1,364,670)
(1,024,808)
Shareholders' funds
(264,670)
75,192
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by
Rachael Anne Scarr-Hall
Director
Company Registration No. SC512244
Morsgail Estate Limited
Notes to the Accounts
for the year ended 31 December 2023
Morsgail Estate Limited is a private company, limited by shares, registered in Scotland, registration number SC512244. The registered office is Gillespie Macandrew, 5 Atholl Crescent, Edinburgh, Midlothian, EH3 8EJ, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost, land not depreciated
Plant & machinery
4- 20% on cost
Motor vehicles
25% straight line
Fixtures & fittings
10 - 25% on cost
Computer equipment
33% straight line
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents income from accommodation and sporting activities.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
At the accounting reference date the company had net current liabilities of £264,670 (2022 net current assets: £75,192). At the time of approving the financial statements, the directors considers the company has the support of its funders and owners. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future, and that the company has sufficient resources available to continue trading through this period and for at least the next twelve months.
Morsgail Estate Limited
Notes to the Accounts
for the year ended 31 December 2023
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired.
4
Intangible fixed assets
Goodwill
At 31 December 2023
43,000
At 31 December 2023
43,000
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2023
4,358,394
61,084
11,900
79,540
83
4,511,001
Additions
-
1,000
-
2,031
-
3,031
At 31 December 2023
4,358,394
62,084
11,900
81,571
83
4,514,032
At 1 January 2023
5,250
42,136
6,694
42,941
17
97,038
Charge for the year
750
4,717
2,975
16,670
29
25,141
At 31 December 2023
6,000
46,853
9,669
59,611
46
122,179
At 31 December 2023
4,352,394
15,231
2,231
21,960
37
4,391,853
At 31 December 2022
4,353,144
18,948
5,206
36,599
66
4,413,963
Amounts falling due within one year
Trade debtors
8,295
17,368
Amounts due from group undertakings etc.
24,536
21,256
Accrued income and prepayments
18,720
11,653
Morsgail Estate Limited
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
2,384
-
Trade creditors
7,150
5,793
Amounts owed to group undertakings and other participating interests
17,471
7,476
Taxes and social security
2,378
897
Deferred income
31,078
23,338
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Creditors: amounts falling due after more than one year
2023
2022
Amounts owed to group undertakings and other participating interests
4,101,280
3,747,557
Other creditors
538,507
488,098
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Average number of employees
During the year the average number of employees was 2 (2022: 2).