Silverfin false false 05/04/2024 06/04/2023 05/04/2024 Sir George Forbes-Leith 08/03/2012 John Forbes-Leith 28/12/1994 30 December 2024 The entity continues to operate as a Management Company. SC052080 2024-04-05 SC052080 bus:Director1 2024-04-05 SC052080 bus:Director2 2024-04-05 SC052080 2023-04-05 SC052080 core:CurrentFinancialInstruments 2024-04-05 SC052080 core:CurrentFinancialInstruments 2023-04-05 SC052080 core:ShareCapital 2024-04-05 SC052080 core:ShareCapital 2023-04-05 SC052080 core:RetainedEarningsAccumulatedLosses 2024-04-05 SC052080 core:RetainedEarningsAccumulatedLosses 2023-04-05 SC052080 core:LandBuildings 2023-04-05 SC052080 core:OtherPropertyPlantEquipment 2023-04-05 SC052080 core:LandBuildings 2024-04-05 SC052080 core:OtherPropertyPlantEquipment 2024-04-05 SC052080 bus:OrdinaryShareClass1 2024-04-05 SC052080 2023-04-06 2024-04-05 SC052080 bus:FilletedAccounts 2023-04-06 2024-04-05 SC052080 bus:SmallEntities 2023-04-06 2024-04-05 SC052080 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 SC052080 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 SC052080 bus:Director1 2023-04-06 2024-04-05 SC052080 bus:Director2 2023-04-06 2024-04-05 SC052080 core:LandBuildings core:TopRangeValue 2023-04-06 2024-04-05 SC052080 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-06 2024-04-05 SC052080 core:OtherPropertyPlantEquipment 2023-04-06 2024-04-05 SC052080 2022-04-06 2023-04-05 SC052080 core:LandBuildings 2023-04-06 2024-04-05 SC052080 bus:OrdinaryShareClass1 2023-04-06 2024-04-05 SC052080 bus:OrdinaryShareClass1 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC052080 (Scotland)

FYVIE ESTATE MANAGEMENT COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

FYVIE ESTATE MANAGEMENT COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024

Contents

FYVIE ESTATE MANAGEMENT COMPANY LIMITED

BALANCE SHEET

AS AT 05 APRIL 2024
FYVIE ESTATE MANAGEMENT COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 05 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,724 4,181
3,724 4,181
Current assets
Debtors 4 104,991 44,917
Cash at bank and in hand 12,428 63,987
117,419 108,904
Creditors: amounts falling due within one year 5 ( 21,405) ( 14,385)
Net current assets 96,014 94,519
Total assets less current liabilities 99,738 98,700
Provision for liabilities 6 ( 708) ( 795)
Net assets 99,030 97,905
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 98,930 97,805
Total shareholders' funds 99,030 97,905

For the financial year ending 05 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fyvie Estate Management Company Limited (registered number: SC052080) were approved and authorised for issue by the Board of Directors on 30 December 2024. They were signed on its behalf by:

Sir George Forbes-Leith
Director
John Forbes-Leith
Director
FYVIE ESTATE MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2024
FYVIE ESTATE MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 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 year, unless otherwise stated.

General information and basis of accounting

Fyvie Estate Management Company 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 Fyvie Estate Office, Fyvie, Turriff, AB53 8JS, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for management charges, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined benefit schemes
The company operated a defined benefit pension scheme for its employees, which closed to future accrual on 11 April 2019.

In accordance with FRS 102, the net surplus or deficit of the scheme should be incorporated in the balance sheet of the company with the net movement in the surplus or deficit incorporated through the Statement of Comprehensive Income. However, the directors consider the cost of obtaining a valuation in accordance with these provisions to be disproportionate to the benefits of the information.

The most recent actuarial valuation of the Scheme was carried out as at 1 September 2022. This found that the Scheme was 155% funded on a statutory funding objective basis (technical provisions). This also showed that on that date:

The value of the technical provisions was: £1,524k
The value of the assets at that date was: £2,358k

The technical provisions represent the present value of the benefits members are entitled to, based on pensionable service to the valuation date. This is assessed using the assumptions agreed between the Trustees and the Employer and set out in the Statement of Funding principles, which are available to Scheme members on request.

Taxation

Current tax
Current tax is provided at amounts expected to be paid 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 10 years straight line
10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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 the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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 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.

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 trade and other creditors, 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.

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. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 10

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 06 April 2023 6,617 2,272 8,889
At 05 April 2024 6,617 2,272 8,889
Accumulated depreciation
At 06 April 2023 3,826 882 4,708
Charge for the financial year 294 163 457
At 05 April 2024 4,120 1,045 5,165
Net book value
At 05 April 2024 2,497 1,227 3,724
At 05 April 2023 2,791 1,390 4,181

4. Debtors

2024 2023
£ £
Trade debtors 17,878 0
Corporation tax 4,620 4,620
Other debtors 82,493 40,297
104,991 44,917

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 6,716 3,801
Taxation and social security 10,217 6,875
Other creditors 4,472 3,709
21,405 14,385

6. Provision for liabilities

2024 2023
£ £
Deferred tax 708 795

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due from key management personnel 73,730 13,690

The above balances are unsecured and have no fixed repayment terms.