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Registration number: SC049686

Prepared for the registrar

Hamish Cathie (Holdings) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Hamish Cathie (Holdings) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hamish Cathie (Holdings) Limited

Company Information

Directors

J D B Caithie

Mrs T A Caithie

Registered office

Turcan Connell
Princes Exchange
1 Earl Grey Street
Edinburgh
EH3 9EE

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Hamish Cathie (Holdings) Limited

(Registration number: SC049686)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

1,075,495

1,068,330

Cash at bank and in hand

 

9,328

11,419

 

1,084,823

1,079,749

Creditors: Amounts falling due within one year

6

(14,085)

(4,510)

Total assets less current liabilities

 

1,070,738

1,075,239

Creditors: Amounts falling due after more than one year

6

(100,000)

(100,000)

Net assets

 

970,738

975,239

Capital and reserves

 

Called up share capital

50,909

50,909

Capital redemption reserve

900,000

900,000

Profit and loss account

19,829

24,330

Shareholders' funds

 

970,738

975,239

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 


J D B Caithie
Director

 

Hamish Cathie (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Turcan Connell
Princes Exchange
1 Earl Grey Street
Edinburgh
EH3 9EE

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Hamish Cathie (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hamish Cathie (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Hamish Cathie (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

4

Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

The Barton Farms Limited

Barton House
Barton On The Heath
Moreton In Marsh
Gloucestershire
GL56 0PJ

Ordinary shares

99.99%

99.99%

Subsidiary undertakings

The Barton Farms Limited

The principal activity of The Barton Farms Limited is farming, letting, sporting, development and entertainment.

 

5

Debtors

Note

2024
 £

2023
 £

Amounts owed by related parties

9

1,074,833

1,067,648

Other debtors

 

662

682

   

1,075,495

1,068,330

 

Hamish Cathie (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Amounts due to related parties

9

9,120

-

Accrued expenses

 

4,965

4,510

 

14,085

4,510

Due after one year

 

Loans and borrowings

7

100,000

100,000

 

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Redeemable preference shares

100,000

100,000

The redeemable preference shares carry an option to a dividend at a rate of 0.5p per share per annum, payable on 30 June and 31 December every year. The preference shares have no fixed redemption date, but holders of 75% or more of the preference shares have an option to serve a redemption notice on occurrence of certain events, specified in part 5 of the Articles of Association. Holders of the preference shares have the right on a winding up to receive in priority to any other classes of shares, the sum of £1 per share together with any arrears of dividend.
 

 

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

50,909

50,909

50,909

50,909

         
 

9

Related party transactions


Amounts due from directors
At the balance sheet date the amount due to/(from) directors was £9,120 (2023 - £(47,207)). This relates to estate of I H B Cathie Deceased.

Amounts due from subsidiaries
At the balance sheet date the amount due from subsidiaries was £1,074,833 (2023 - £1,020,441).