Company registration number SC552637 (Scotland)
KIAER ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
United Kingdom
IV2 5GH
KIAER ESTATES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,325,344
1,187,039
Investment property
6
150,507
150,507
1,475,851
1,337,546
Current assets
Stocks
16,343
20,271
Debtors
7
39,992
87,013
Cash at bank and in hand
66,367
78,994
122,702
186,278
Creditors: amounts falling due within one year
8
(2,256,953)
(2,059,157)
Net current liabilities
(2,134,251)
(1,872,879)
Net liabilities
(658,400)
(535,333)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(658,500)
(535,433)
Total equity
(658,400)
(535,333)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
C K Thomsen
Director
Company registration number SC552637 (Scotland)
KIAER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Kiaer Estates Limited is a private company limited by shares incorporated in Scotland. The registered office is Broxden House, Lamberkine Drive, Perth, United Kingdom, PH1 1RA.
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 £.
1.2
Going concern
The financial statements have been prepared under the going concern basis which is considered appropriate by the director. As at 31 December 2023 the company had net current liabilities of £2,134,251 (2022 - £1,872,879) and net liabilities of £658,400 (2022 - £535,333). The company relies upon the continued support from its director and related parties to be able to meet its liabilities as they fall due and the appropriateness of the going concern basis is dependent on this support being continued. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the sale of goods, day stalking services and furnished holiday letting income in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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.
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:
Land and buildings
0% to 10% straight line
Plant and machinery
15% reducing balance
Motor vehicles
25% reducing balance
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
Investment property
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.
KIAER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
Stocks
Stock comprises of animal feed and is stated at cost. At each reporting date, stock is assessed for impairment. If stock is impaired the impairment loss is recognised immediately in profit or loss.
1.8
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.
1.9
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 balance sheet 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 and cash and bank balances, are initially measured at transaction price including transaction costs.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
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.
KIAER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
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.
1.11
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.
1.12
Retirement benefits
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,500
4,500
Audit of the prior year financial statements of the company
7,545
-
18,045
4,500
For other services
Taxation compliance services
1,250
KIAER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
5
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,138,159
22,654
152,278
1,313,091
Additions
154,902
17,362
172,264
Disposals
(2,643)
(2,643)
At 31 December 2023
1,293,061
37,373
152,278
1,482,712
Depreciation and impairment
At 1 January 2023
20,945
11,629
93,478
126,052
Depreciation charged in the year
14,153
4,109
14,700
32,962
Eliminated in respect of disposals
(1,646)
(1,646)
At 31 December 2023
35,098
14,092
108,178
157,368
Carrying amount
At 31 December 2023
1,257,963
23,281
44,100
1,325,344
At 31 December 2022
1,117,214
11,025
58,800
1,187,039
Scottish Hydro Electric Transmission PLC hold a standard security over all and whole areas of ground at Loch Droma, Garve and all and whole areas of ground at Braemore Estate. The carrying value of the freehold land is £900,598 (2022 - £892,180).
Included within the net book value of land and buildings above is £1,257,963 (2022 - £1,117,214) in respect of freehold land and buildings.
6
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
150,507
The director is of the opinion that the value of the investment property included within the accounts at 31 December 2023 is the fair value of the property.
There has been no valuation of investment property by an independent valuer.
KIAER ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
34,128
Other debtors
5,864
87,013
39,992
87,013
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,711
60,359
Taxation and social security
18,223
566
Other creditors
2,214,019
1,998,232
2,256,953
2,059,157
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Capewell FCA CA
Statutory Auditor:
A9 Accountancy Limited
Date of audit report:
31 October 2024
11
Parent company
The company's immediate parent is Kiaer Properties APS, incorporated in Denmark. Kiaer Properties APS owns 100% of Kiaer Estates Limited. The registered office address of the parent is 11 Ansager Landevej, 7200, Grindstead, Denmark.
The ultimate controlling party is Mr Christopher Thomsen.