Company registration number NI002864 (Northern Ireland)
THE CLANDEBOYE ESTATE COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE CLANDEBOYE ESTATE COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE CLANDEBOYE ESTATE COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,024,784
7,074,497
Investments
3
2
1
8,024,786
7,074,498
Current assets
Stocks
285,318
579,170
Debtors
5
1,667,013
1,241,891
Cash at bank and in hand
471,501
450,218
2,423,832
2,271,279
Creditors: amounts falling due within one year
6
(1,003,791)
(848,543)
Net current assets
1,420,041
1,422,736
Total assets less current liabilities
9,444,827
8,497,234
Creditors: amounts falling due after more than one year
7
(3,691,412)
(2,558,933)
Deferred income
(386,336)
(386,946)
Net assets
5,367,079
5,551,355
Capital and reserves
Called up share capital
8
125,000
125,000
Profit and loss reserves
5,242,079
5,426,355
Total equity
5,367,079
5,551,355
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 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.
THE CLANDEBOYE ESTATE COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 November 2024 and are signed on its behalf by:
Inch 19 Ltd
Director
Company Registration No. NI002864
THE CLANDEBOYE ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
The Clandeboye Estate Company Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is The Estate Office, Clandeboye Estate, Bangor, Co Down, Northern Ireland, BT19 1RN.
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 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.
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:
Land and buildings Freehold
2% reducing balance
Farm equipment
15% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
Anaerobic digester
15% Reducing balance
Tractor and vehicles
25% Reducing balance
Yoghurt Equipment
15% 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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
THE CLANDEBOYE ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
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.
1.8
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 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.
THE CLANDEBOYE ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
15
32
THE CLANDEBOYE ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2
1
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
1
Additions
1
At 31 March 2024
2
Carrying amount
At 31 March 2024
2
At 31 March 2023
1
THE CLANDEBOYE ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Land and buildings Freehold
Farm equipment
Fixtures, fittings & equipment
Anaerobic digester
Tractor and vehicles
Yoghurt Equipment
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
8,242,043
149,747
1,251,937
1,661,529
185,198
646,492
12,136,946
Additions
1,672,426
23,416
1,695,842
Disposals/grants
(14,640)
(14,640)
Revaluation
(35,408)
(35,408)
Transfers
(611,084)
(611,084)
At 31 March 2024
9,914,469
158,523
1,251,937
1,661,529
185,198
13,171,656
Depreciation and impairment
At 1 April 2023
2,520,541
138,155
920,331
1,129,985
156,502
196,934
5,062,448
Depreciation charged in the year
147,878
4,153
49,741
79,732
7,174
288,678
Eliminated in respect of disposals
(7,320)
(7,320)
Revaluation
(5,847)
(5,847)
Transfers
(191,087)
(191,087)
At 31 March 2024
2,668,419
134,988
970,072
1,209,717
163,676
5,146,872
Carrying amount
At 31 March 2024
7,246,050
23,535
281,865
451,812
21,522
8,024,784
At 31 March 2023
5,721,501
11,592
331,606
531,544
28,696
449,558
7,074,497
THE CLANDEBOYE ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
105,311
728,463
Prepayments
143,245
115,849
Amounts due from subsidiary
1,377,760
334,828
Other debtors
40,000
60,000
Directors loan account
-
2,056
S455 tax debtor
694
694
1,667,010
1,241,890
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
555,023
754,257
Corporation tax
43,748
9,329
Other taxation and social security
39,576
7,198
Other creditors (including directors loan)
321,697
2,536
Accruals and deferred income
43,747
75,223
1,003,791
848,543
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,691,412
2,558,933
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
125,000 Ordinary shares of £1 each
125,000
125,000
125,000
125,000
9
Controlling Party
The Estate of the late Marchioness of Dufferin and Ava is the ultimate controlling party by virtue of it's controlling interest in the company's share capital.