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Company No: SC166199 (Scotland)

PENICUIK ESTATE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

PENICUIK ESTATE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

PENICUIK ESTATE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
PENICUIK ESTATE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 4 0 30,000
0 30,000
Current assets
Stocks 2,685,844 488,664
Debtors 5 155,035 94,017
Cash at bank and in hand 117,573 7,174
2,958,452 589,855
Creditors: amounts falling due within one year 6 ( 2,521,196) ( 121,498)
Net current assets 437,256 468,357
Total assets less current liabilities 437,256 498,357
Creditors: amounts falling due after more than one year 7 0 ( 4,641)
Provision for liabilities 0 ( 6,322)
Net assets 437,256 487,394
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 437,156 487,294
Total shareholder's funds 437,256 487,394

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Penicuik Estate Limited (registered number: SC166199) were approved and authorised for issue by the Director on 07 November 2024. They were signed on its behalf by:

Mr E J Clerk
Director
PENICUIK ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PENICUIK ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Penicuik Estate Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Penicuik Farms Office, Penicuik Estate, Penicuik, EH26 9LA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised in line with receipts from Ofgem in relation to the periodic payments of the RHI and FIT. Sales of heat supplies recognised on an invoice basis when raised.

Turnover is recognised on property development contracts based on the stage of completion of the contract, if the outcome can be reliably measured. If the outcome cannot be measured reliably then contract costs are expensed as incurred, and revenue is recognised only to the extent of those costs.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost and net of depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 20 years straight line
Other property, plant and equipment 20 years 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.

Stocks

Stock comprises work in progress on construction projects which is valued using the percentage completion method.

Chipwood 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 stocks to their present location and condition.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are recognised at transaction price. 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 at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

During the year to 31 March 2024, the director recognised revenue on construction contracts of £1,353,027 and total costs of £1,288,597 based on a stage of completion percentage of the overall development project.

The director assessed each individual property development making up a larger development contract to one sole customer to provide an overall completion stage of the project of 49%. The director reviewed industry standards to provide a reasonable mark up to the costs recognised as contract expenses to recognise the gross amount due from the customer on the contract as at 31 March 2024.

3. Employees

Year ended
31.03.2024
Period from
01.07.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Fixtures and fittings Other property, plant
and equipment
Total
£ £ £
Cost
At 01 April 2023 515,012 59,091 574,103
Additions 25,228 0 25,228
Disposals ( 369,045) ( 39,729) ( 408,774)
At 31 March 2024 171,195 19,362 190,557
Accumulated depreciation
At 01 April 2023 500,012 44,091 544,103
Charge for the financial year 13,358 1,413 14,771
Disposals ( 342,175) ( 26,142) ( 368,317)
At 31 March 2024 171,195 19,362 190,557
Net book value
At 31 March 2024 0 0 0
At 31 March 2023 15,000 15,000 30,000

5. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 24,000 0
Other debtors 131,035 94,017
155,035 94,017

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans 0 1,859
Trade creditors 304,147 3,012
Other creditors 2,217,049 116,627
2,521,196 121,498

There are no amounts included above in respect of which any security has been given by the small entity.

Within other creditors is a loan of £2,212,693 due to The Penicuik Estate Partnership LLP. The loan is repayable on demand and does not bear interest.

7. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans 0 4,641

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100 100