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COMPANY REGISTRATION NUMBER: SC009072
Balgonie Estates Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Balgonie Estates Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
7,648,962
7,728,086
Investments
6
4,605,125
4,192,309
-------------
-------------
12,254,087
11,920,395
Current assets
Stocks
615,667
464,867
Debtors
7
4,250,954
4,863,650
Cash at bank and in hand
706,152
713,995
------------
------------
5,572,773
6,042,512
Creditors: amounts falling due within one year
8
1,209,728
1,075,986
------------
------------
Net current assets
4,363,045
4,966,526
-------------
-------------
Total assets less current liabilities
16,617,132
16,886,921
Creditors: amounts falling due after more than one year
9
2,084,718
2,969,324
Provisions
Taxation including deferred tax
1,042,734
1,090,595
-------------
-------------
Net assets
13,489,680
12,827,002
-------------
-------------
Capital and reserves
Called up share capital
40,000
40,000
Capital redemption reserve
17,600
17,600
Profit and loss account
13,432,080
12,769,402
-------------
-------------
Shareholders funds
13,489,680
12,827,002
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Balgonie Estates Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Daniel J Balfour
Director
Company registration number: SC009072
Balgonie Estates Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 Rutland Court, Edinburgh, EH3 8EY. The principal activity of the company during the year was farming and estate management. Other activities include property development.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are in relation to the valuation of investment assets and heritable property. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the estimation of the useful lives of assets and hence depreciation rates and the estimation of cost of crops in store which is based on discounted selling prices.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax, farming subsidies and revenue grants together with an adjustment in respect of the movement in the year end valuation of crops in store.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively, Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantially enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantially enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% - 20% Straight line
Self propelled machinery -20% Straight line Other plant and equipment -10% Straight line Fixtures and fittings -10% - 20% Straight line Freehold land and buildings Depreciation is not provided on freehold land and buildings as a large proportion in value of the freehold properties consists of land and depreciation on buildings is not considered material. The buildings are subjected to an annual impairment review and the directors are of the opinion that the market value of buildings is in excess of their book value and that no impairment requires to be recognised.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises expenditure incurred in purchasing, processing or growing and harvesting the stock in hand and bringing it to its current condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors,taxes receivable and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The company contributes to the personal pension schemes of three of the directors. Contributions are charged to the profit and loss account in the year to which they relate.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023
5,573,740
3,417,944
8,991,684
Additions
84,782
68,534
153,316
Disposals
( 9,153)
( 9,153)
------------
------------
------------
At 31 December 2023
5,649,369
3,486,478
9,135,847
------------
------------
------------
Depreciation
At 1 January 2023
1,263,598
1,263,598
Charge for the year
223,287
223,287
------------
------------
------------
At 31 December 2023
1,486,885
1,486,885
------------
------------
------------
Carrying amount
At 31 December 2023
5,649,369
1,999,593
7,648,962
------------
------------
------------
At 31 December 2022
5,573,740
2,154,346
7,728,086
------------
------------
------------
In the opinion of the directors the market value of land and estates, excluding investment property is substantially in excess of their book value; however the directors consider it impractical to assess the amount of appreciation with any degree of accuracy. The directors have valued the investment properties and don’t believe there is a material change in value during the year.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 December 2023
223,555
---------
At 31 December 2022
261,222
---------
6. Investments
Shares in participating interests
Other investments other than loans
Total
£
£
£
Cost
At 1 January 2023
623,906
3,568,403
4,192,309
Additions
114,732
365,706
480,438
Disposals
( 391,633)
( 391,633)
Revaluations
324,011
324,011
---------
------------
------------
At 31 December 2023
738,638
3,866,487
4,605,125
---------
------------
------------
Impairment
At 1 January 2023 and 31 December 2023
---------
------------
------------
Carrying amount
At 31 December 2023
738,638
3,866,487
4,605,125
---------
------------
------------
At 31 December 2022
623,906
3,568,403
4,192,309
---------
------------
------------
Kingdom Farming LLP is a joint venture between the company and J M Drysdale & Co which provides farm and other contracting services.
7. Debtors
2023
2022
£
£
Trade debtors
449,121
670,328
Other debtors
3,801,833
4,193,322
------------
------------
4,250,954
4,863,650
------------
------------
Included in other debtors is £3,672,872 (2022: £3,877,592) due from a company controlled by one of the directors which has no fixed repayment terms.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
406,127
486,875
Trade creditors
395,017
294,205
Corporation tax
227,449
128,025
Other creditors
181,135
166,881
------------
------------
1,209,728
1,075,986
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,955,583
2,349,068
Amounts owed to group undertakings and undertakings in which the company has a participating interest
450,000
Other creditors
129,135
170,256
------------
------------
2,084,718
2,969,324
------------
------------
All sums due to the company's bankers are secured by standard securities over certain heritable property and a floating charge over the whole assets of the company.
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
3,866,487
3,568,403
------------
------------
The investment portfolio held by the company is valued at fair value.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,800
7,800
Later than 1 year and not later than 5 years
1,300
9,100
-------
--------
9,100
16,900
-------
--------
12. Directors' advances, credits and guarantees
At year end the aggregate amount due to the directors was £46,627 (2022: £185,823 due from the directors).
13. Related party transactions
The company received management fees of £7,000 (2022: £7,000) from a company in which one of the directors is a shareholder. At 31 December 2023, £3,092 (2022: £1,981) was due from that company. The company is a Member of a Joint Venture which provided contracting services to the company to the value of £963,821 (2022: £679,296). The balance due to the Joint Venture at the year end was £151,108 (2022: £105,490) and the amount due to the company by the joint Venture was £4,193 (2022 £nil). The company has a long term loan from its parent company, of £nil (2022: £450,000). The loan is interest free and was repaid during the year. Included in trade debtors at the year end is an aggregate amount of £3,852 (2022: £46,326) due from two of the directors. The company made two loans totalling £3,034,472 to a company controlled by one of the directors in 2018. A further £1,300,000 was advanced in 2022. An amount of £3,627,872 (2022: £3,877,592) is outstanding at the year end. The company received management fees of £2,000 during the year and at 31 December 2023 an amount of £nil (2022 - £nil) was due from that company.