Company Registration No. SC579959 (Scotland)
EAGLE BRAE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
EAGLE BRAE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,374,459
5,594,613
Current assets
Stocks
38,670
31,885
Debtors
4
261,233
500,190
Cash at bank and in hand
125,437
401,078
425,340
933,153
Creditors: amounts falling due within one year
5
(945,958)
(869,919)
Net current (liabilities)/assets
(520,618)
63,234
Total assets less current liabilities
5,853,841
5,657,847
Creditors: amounts falling due after more than one year
6
(3,895,041)
(4,087,576)
Provisions for liabilities
7
(431,299)
(446,358)
Net assets
1,527,501
1,123,913
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
1,527,499
1,123,911
Total equity
1,527,501
1,123,913

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 January 2024 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.

EAGLE BRAE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
2024
2023
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr Michael Spencer-Nairn
Director
Company Registration No. SC579959
EAGLE BRAE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Eagle Brae Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.

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 comprises income from luxury holidays provided by the company, net of Value Added Tax and trade 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:

Log Cabins
Not Depreciated
Assets under construction
Not Depreciated
Micro Hydro - Property, plant & equipment
5% straight line
General - Plant and equipment
10% Straight Line
Log Cabin - Plant, fixtures, furniture, & equipment
10% Straight Line
General - Vehicles & tractors
25% Reducing Balance/ 20% Reducing Balance
Tenants Improvements
2% Straight Line

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.

Assets under construction relates to the costs incurred to date on the rebuild of the Aquila log cabin which was destroyed by fire during the previous financial year.

 

Although FRS102 Section 1A provides that all assets should be depreciated, the directors are of the opinion that as a result of the on going repairs and maintenance the estimated useful life of the log cabins is such that depreciation would be negligible.

1.4
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

EAGLE BRAE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

1.6
Taxation
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
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.

1.8
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company in respect of the year.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

EAGLE BRAE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
13
12
EAGLE BRAE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Tangible fixed assets
Log Cabins
Micro Hydro Scheme
Assets under construction
General - Plant and equipment
Log Cabin - Plant, fixtures, furniture, & equipment
General - Vehicles & tractors
Tenants Improvements
Total
£
£
£
£
£
£
£
£
Cost
At 1 February 2023
4,813,648
250,449
128,948
98,653
397,116
131,819
193,519
6,014,152
Additions
15,533
-
0
826,084
16,240
-
0
-
0
-
0
857,857
Disposals
-
0
-
0
-
0
-
0
-
0
(2,205)
-
0
(2,205)
At 31 January 2024
4,829,181
250,449
955,032
114,893
397,116
129,614
193,519
6,869,804
Depreciation and impairment
At 1 February 2023
-
0
72,520
-
0
38,275
223,555
80,088
5,101
419,539
Depreciation charged in the year
-
0
12,522
-
0
11,489
39,254
12,802
1,421
77,488
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(1,682)
-
0
(1,682)
At 31 January 2024
-
0
85,042
-
0
49,764
262,809
91,208
6,522
495,345
Carrying amount
At 31 January 2024
4,829,181
165,407
955,032
65,129
134,307
38,406
186,997
6,374,459
At 31 January 2023
4,813,648
177,929
128,948
60,378
173,561
51,731
188,418
5,594,613
EAGLE BRAE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
43,601
Other debtors
147,789
426,414
Prepayments and accrued income
113,444
30,175
261,233
500,190
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
115,000
115,000
Other borrowings
100,000
100,000
Trade creditors
208,521
18,228
Corporation tax
102,727
85,170
Other taxation and social security
-
0
16,706
Deferred income
251,639
321,479
Other creditors
25,163
25,324
Directors current accounts
115,791
168,112
Accruals and deferred income
27,117
19,900
945,958
869,919

Details of the security held over bank loans and overdrafts are shown in the Creditors: amounts falling due after more than one year note.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,073,993
1,191,528
Other borrowings
2,821,048
2,896,048
3,895,041
4,087,576

The Royal Bank of Scotland PLC holds a fixed charge over the land and properties at Struy Estate, Beauly in connection with the company's bank loan.

 

The Royal Bank of Scotland PLC holds a floating charge over all of the company assets in connection with the company's bank loan and overdraft.

 

Over Rankeilour Farms Limited, the landlord, has also provided a guarantee to The Royal Bank of Scotland PLC against the company's bank loan.

EAGLE BRAE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
7
Provisions for liabilities
2024
2023
£
£
SRDP Grant
343,654
352,443
Deferred tax liabilities
87,645
93,915
431,299
446,358
Movements on provisions apart from deferred tax liabilities:
SRDP Grant
£
At 1 February 2023
352,443
Reversal of provision
(8,789)
At 31 January 2024
343,654
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary Shares of £1 each
2
2

 

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
17,000
18,000
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