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Company Registration No. SC512244 (Scotland)
Morsgail Estate Limited Unaudited accounts for the year ended 31 December 2023
Morsgail Estate Limited Unaudited accounts Contents
Page
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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
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Morsgail Estate Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,391,853 
4,413,963 
Current assets
Debtors
51,872 
50,598 
Cash at bank and in hand
2,445 
317 
54,317 
50,915 
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 
Capital and reserves
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
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Morsgail Estate Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
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.
Pension costs
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.
Going concern
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.
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Morsgail Estate Limited Notes to the Accounts for the year ended 31 December 2023
Intangible fixed assets
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 
£ 
Cost
At 1 January 2023
43,000 
At 31 December 2023
43,000 
Amortisation
At 1 January 2023
43,000 
At 31 December 2023
43,000 
Net book value
At 31 December 2023
- 
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 
Depreciation
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 
Net book value
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 
6
Debtors
2023 
2022 
£ 
£ 
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 
Other debtors
321 
321 
51,872 
50,598 
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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 
- 
VAT
8,207 
6,324 
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 
Other creditors
259 
251 
Accruals
2,126 
109,952 
Deferred income
31,078 
23,338 
71,053 
154,031 
8
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 
4,639,787 
4,235,655 
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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