6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC627961 2023-02-01 2024-01-31 SC627961 2024-01-31 SC627961 2023-01-31 SC627961 2022-02-01 2023-01-31 SC627961 2023-01-31 SC627961 2022-01-31 SC627961 core:PlantMachinery 2023-02-01 2024-01-31 SC627961 core:FurnitureFittings 2023-02-01 2024-01-31 SC627961 core:MotorVehicles 2023-02-01 2024-01-31 SC627961 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC627961 bus:Director1 2023-02-01 2024-01-31 SC627961 bus:Director2 2023-02-01 2024-01-31 SC627961 core:PlantMachinery 2023-01-31 SC627961 core:FurnitureFittings 2023-01-31 SC627961 core:MotorVehicles 2023-01-31 SC627961 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 SC627961 core:PlantMachinery 2024-01-31 SC627961 core:FurnitureFittings 2024-01-31 SC627961 core:MotorVehicles 2024-01-31 SC627961 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 SC627961 core:WithinOneYear 2024-01-31 SC627961 core:WithinOneYear 2023-01-31 SC627961 core:AfterOneYear 2024-01-31 SC627961 core:AfterOneYear 2023-01-31 SC627961 core:ShareCapital 2024-01-31 SC627961 core:ShareCapital 2023-01-31 SC627961 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC627961 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC627961 core:CostValuation core:Non-currentFinancialInstruments 2023-01-31 SC627961 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-01-31 SC627961 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-01-31 SC627961 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-01-31 SC627961 core:CostValuation core:Non-currentFinancialInstruments 2024-01-31 SC627961 core:Non-currentFinancialInstruments 2024-01-31 SC627961 core:Non-currentFinancialInstruments 2023-01-31 SC627961 core:PlantMachinery 2023-01-31 SC627961 core:FurnitureFittings 2023-01-31 SC627961 core:MotorVehicles 2023-01-31 SC627961 bus:Director1 2023-01-31 SC627961 bus:Director1 2024-01-31 SC627961 bus:Director2 2023-01-31 SC627961 bus:Director2 2024-01-31 SC627961 bus:Director1 2022-01-31 SC627961 bus:Director1 2023-01-31 SC627961 bus:Director2 2022-01-31 SC627961 bus:Director2 2023-01-31 SC627961 bus:Director1 2022-02-01 2023-01-31 SC627961 bus:Director2 2022-02-01 2023-01-31 SC627961 bus:SmallEntities 2023-02-01 2024-01-31 SC627961 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 SC627961 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC627961 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC627961 bus:FullAccounts 2023-02-01 2024-01-31 SC627961 bus:OrdinaryShareClass1 2024-01-31 SC627961 bus:OrdinaryShareClass1 2023-01-31 SC627961 core:ComputerEquipment 2023-02-01 2024-01-31 SC627961 core:ComputerEquipment 2023-01-31 SC627961 core:ComputerEquipment 2024-01-31
COMPANY REGISTRATION NUMBER: SC627961
LOGIEALMOND ESTATE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
LOGIEALMOND ESTATE LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
377,366
374,306
Investments
6
20,566,773
19,381,718
---------------
---------------
20,944,139
19,756,024
Current assets
Debtors
7
13,752,428
10,325,533
Cash at bank and in hand
64,704
224,382
---------------
---------------
13,817,132
10,549,915
Creditors: amounts falling due within one year
8
35,488,523
31,868,267
---------------
---------------
Net current liabilities
21,671,391
21,318,352
---------------
---------------
Total assets less current liabilities
( 727,252)
( 1,562,328)
Creditors: amounts falling due after more than one year
9
3,947
11,841
----------
-------------
Net liabilities
( 731,199)
( 1,574,169)
----------
-------------
Capital and reserves
Called up share capital
10
4
4
Profit and loss account
( 731,203)
( 1,574,173)
----------
-------------
Shareholders deficit
( 731,199)
( 1,574,169)
----------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LOGIEALMOND ESTATE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
R N Flavell
S M Flavell
Director
Director
Company registration number: SC627961
LOGIEALMOND ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Estate Office, Kindrumpark Farm, Logiealmond, Perth, PH1 3TD, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has sufficient liquid resources to continue as a going concern for the foreseeable future and the directors believe the company will be able to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. This assumption has been continued as the economy is hit by the world economic impact of the war in Ukraine.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
288,873
253,393
116,940
7,659
666,865
Additions
( 51,733)
26,278
112,070
26,250
1,188
114,053
---------
----------
----------
----------
-------
----------
At 31 Jan 2024
( 51,733)
315,151
365,463
143,190
8,847
780,918
---------
----------
----------
----------
-------
----------
Depreciation
At 1 Feb 2023
129,488
93,932
67,273
1,866
292,559
Charge for the year
44,310
50,462
14,736
1,485
110,993
---------
----------
----------
----------
-------
----------
At 31 Jan 2024
173,798
144,394
82,009
3,351
403,552
---------
----------
----------
----------
-------
----------
Carrying amount
At 31 Jan 2024
( 51,733)
141,353
221,069
61,181
5,496
377,366
---------
----------
----------
----------
-------
----------
At 31 Jan 2023
159,385
159,461
49,667
5,793
374,306
---------
----------
----------
----------
-------
----------
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 February 2023
2
19,381,716
19,381,718
Additions
1
3,143,937
3,143,938
Disposals
( 2,342,390)
( 2,342,390)
Revaluations
383,507
383,507
----
---------------
---------------
At 31 January 2024
3
20,566,770
20,566,773
----
---------------
---------------
Impairment
At 1 February 2023 and 31 January 2024
----
---------------
---------------
Carrying amount
At 31 January 2024
3
20,566,770
20,566,773
----
---------------
---------------
At 31 January 2023
2
19,381,716
19,381,718
----
---------------
---------------
7. Debtors
2024
2023
£
£
Trade debtors
8,066
Amounts owed by group undertakings and undertakings in which the company has a participating interest
13,265,889
9,851,979
Other debtors
478,473
473,554
---------------
---------------
13,752,428
10,325,533
---------------
---------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
149,208
129,466
Social security and other taxes
481
525
Other creditors
35,338,834
31,738,276
---------------
---------------
35,488,523
31,868,267
---------------
---------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,947
11,841
-------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R N Flavell
( 15,845,792)
( 1,794,070)
( 17,639,862)
S M Flavell
( 15,845,792)
( 1,794,070)
( 17,639,862)
---------------
-------------
---------------
( 31,691,584)
( 3,588,140)
( 35,279,724)
---------------
-------------
---------------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R N Flavell
( 13,136,389)
( 2,709,404)
(15,845,793)
S M Flavell
( 13,136,388)
( 2,709,403)
(15,845,791)
---------------
-------------
---------------
( 26,272,777)
( 5,418,807)
( 31,691,584)
---------------
-------------
---------------