Company Registration No. SC720810 (Scotland)
Kingairloch Estate Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Kingairloch Estate Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Kingairloch Estate Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,700,321
13,254,172
Biological assets
4
1,692,000
1,692,000
Investment property
5
1,044,428
793,035
16,436,749
15,739,207
Current assets
Stocks
5,460
4,860
Debtors
6
165,793
227,117
Cash at bank and in hand
261,789
207,103
433,042
439,080
Creditors: amounts falling due within one year
7
(2,330,958)
(1,386,367)
Net current liabilities
(1,897,916)
(947,287)
Net assets
14,538,833
14,791,920
Capital and reserves
Called up share capital
15,000,001
15,000,001
Revaluation reserve
8
100,915
Profit and loss reserves
(562,083)
(208,081)
Total equity
14,538,833
14,791,920
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 members have 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.
Kingairloch Estate 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 24 September 2024 and are signed on its behalf by:
Gaetan Hannecart
Director
Company Registration No. SC720810
Kingairloch Estate Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information
Kingairloch Estate Limited is a private company limited by shares incorporated in Scotland. The registered office is c/o Turcan Connell, Princes Exchange, 1 Earl Grey Street, Edinburgh, EH3 9EE.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared under the going concern basis. At 31 December 2023 the company had net current liabilities of £1,897,916 (2022 - £947,287). The company relies on continued support from its parent to be able to meet its liabilities as they fall due, and the appropriateness of the going concern basis is dependant on this support being continued.true
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
Kingairloch Estate Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
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:
Freehold land and buildings
0%/2% straight line per annum
Plant and equipment
20% reducing balance basis
Fixtures and fittings
25% reducing balance basis
Motor vehicles
20% reducing balance basis
Woodlands
not depreciated
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.
1.5
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
Kingairloch Estate Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
1.10
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.
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, loans from fellow group companies and preference shares 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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Kingairloch Estate Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
6
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
7
Kingairloch Estate Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
12,864,060
622,561
13,486,621
Additions
441,731
227,960
669,691
Disposals
(75,922)
(75,922)
Revaluation
97,541
97,541
Transfers from investment properties
360,000
360,000
Transfers to investment properties
(300,000)
(300,000)
At 31 December 2023
13,387,410
850,521
14,237,931
Depreciation and impairment
At 1 January 2023
138,972
93,477
232,449
Depreciation charged in the year
169,034
140,766
309,800
Eliminated in respect of disposals
(1,265)
(1,265)
Eliminated on transfer to investment properties
(3,374)
(3,374)
At 31 December 2023
303,367
234,243
537,610
Carrying amount
At 31 December 2023
13,084,043
616,278
13,700,321
At 31 December 2022
12,725,088
529,084
13,254,172
4
Biological assets
Woodlands
£
Cost
At 1 January 2023
1,692,000
At 31 December 2023
1,692,000
Depreciation and impairment
At 1 January 2023
-
At 31 December 2023
-
Carrying amount
At 31 December 2023
1,692,000
At 31 December 2022
1,692,000
Kingairloch Estate Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
5
Investment property
2023
£
Fair value
At 1 January 2023
793,035
Transfers to fixed assets
300,000
Transfers from fixed assets
(360,000)
Change in fair value
311,393
At 31 December 2023
1,044,428
The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 December 2023 by the board of directors.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
34,948
63,283
Other debtors
130,845
163,834
165,793
227,117
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
106,841
32,670
Taxation and social security
4,490
6,529
Other creditors
2,219,627
1,347,168
2,330,958
1,386,367
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
Revaluation surplus arising in the year
100,915
At the end of the year
100,915
-
9
Parent company
The parent undertaking is Nimmobo NV, a company registered in Belgium, with its registered office at Meirstraat 7, 9850 Deinze, Belgium.