Company Registration No. SC266274 (Scotland)
Strathmore Estates Development Limited
Unaudited financial statements
for the period ended 31 March 2024
Pages for filing with the registrar
Strathmore Estates Development Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Strathmore Estates Development Limited
Statement of financial position
As at 31 March 2024
31 March 2024
1
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
328,152
352,340
Current assets
Debtors
4
103,509
85,340
Cash at bank and in hand
137,239
17,252
240,748
102,592
Creditors: amounts falling due within one year
5
(48,496)
(44,829)
Net current assets
192,252
57,763
Total assets less current liabilities
520,404
410,103
Creditors: amounts falling due after more than one year
6
(39,924)
(43,864)
Provisions for liabilities
(24,162)
(27,081)
Net assets
456,318
339,158
Capital and reserves
Called up share capital
80,100
80,100
Profit and loss reserves
376,218
259,058
Total equity
456,318
339,158
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period 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 period 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.
Strathmore Estates Development Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
Jamie Younger
Director
Company Registration No. SC266274
Strathmore Estates Development Limited
Notes to the financial statements
For the period ended 31 March 2024
3
1
Accounting policies
Company information
Strathmore Estates Development Limited is a private company limited by shares incorporated in Scotland. The registered office is .
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
Turnover
Turnover represents amounts receivable as income from electricity generation, net of VAT where appropriate.
Revenue is recognised at the point of electricity generation, at which time the company obtains the right to consideration.
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:
Tenanted improvements - buildings
2%
Plant and machinery etc
4%
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
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.
1.5
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 statement of financial position 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.
Strathmore Estates Development Limited
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
Strathmore Estates Development Limited
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
5
1.7
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 March 2024
164,892
401,311
566,203
Depreciation and impairment
At 1 January 2023
36,491
177,372
213,863
Depreciation charged in the period
4,121
20,067
24,188
At 31 March 2024
40,612
197,439
238,051
Carrying amount
At 31 March 2024
124,280
203,872
328,152
At 31 December 2022
128,401
223,939
352,340
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Other debtors
103,509
85,340
Strathmore Estates Development Limited
Notes to the financial statements (continued)
For the period ended 31 March 2024
6
5
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
30,492
Trade creditors
4,852
657
Corporation tax
37,075
9,701
Other taxation and social security
2,396
Other creditors
4,173
3,979
48,496
44,829
6
Creditors: amounts falling due after more than one year
2024
2022
£
£
Other creditors
39,924
43,864
7
Government grants
2024
2022
£
£
Arising from government grants
39,924
43,864
39,924
43,864
8
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
2022
£
£
3,000
3,000