Company Registration No. SC212072 (Scotland)
Angus Estates Limited
Unaudited financial statements
for the year ended 30 April 2024
Pages for filing with the registrar
Angus Estates Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Angus Estates Limited
Balance sheet
As at 30 April 2024
30 April 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
958,671
602,154
Investments
4
1,768,807
1,768,757
2,727,478
2,370,911
Current assets
Stocks
562,436
521,058
Debtors
6
3,429,565
1,886,760
Cash at bank and in hand
5,660
15,155
3,997,661
2,422,973
Creditors: amounts falling due within one year
7
(4,579,661)
(2,725,744)
Net current liabilities
(582,000)
(302,771)
Total assets less current liabilities
2,145,478
2,068,140
Creditors: amounts falling due after more than one year
8
(436,738)
(449,786)
Net assets
1,708,740
1,618,354
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
1,708,640
1,618,254
Total equity
1,708,740
1,618,354
Angus Estates Limited
Balance sheet (continued)
As at 30 April 2024
30 April 2024
2
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 financial statements were approved and signed by the director and authorised for issue on 24 January 2025
Simon Laird
Director
Company Registration No. SC212072
Angus Estates Limited
Notes to the financial statements
For the year ended 30 April 2024
3
1
Accounting policies
Company information
Angus Estates Limited is a private company limited by shares incorporated in Scotland. The registered office is East Memus Office, By Forfar, Angus, DD8 3TY.
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
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. The company has net current liabilities at the balance sheet date but the main creditor is a subsidiary undertaking which will not seek repayment unless cashflow allows.
1.3
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.
1.4
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:
Plant and machinery
20% reducing balance
Biomass heating system
10% reducing balance
Motor vehicles
25% 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.
1.5
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.
Angus Estates Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
4
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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
Angus Estates Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
5
1.9
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, 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.
1.10
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.
Angus Estates Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
6
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
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.
1.15
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
9
Angus Estates Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
7
3
Tangible fixed assets
Plant and machinery
Biomass heating system
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
596,360
139,500
184,204
920,064
Additions
115,199
171,119
243,261
529,579
Disposals
(4,341)
(34,610)
(38,951)
At 30 April 2024
707,218
310,619
392,855
1,410,692
Depreciation and impairment
At 1 May 2023
179,086
51,132
87,692
317,910
Depreciation charged in the year
92,183
15,470
49,183
156,836
Eliminated in respect of disposals
(22,725)
(22,725)
At 30 April 2024
271,269
66,602
114,150
452,021
Carrying amount
At 30 April 2024
435,949
244,017
278,705
958,671
At 30 April 2023
417,274
88,368
96,512
602,154
The net book value of other tangible fixed assets includes £472,145 (2023: £375,296) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £97,557 (2023: £71,682) for the year.
4
Fixed asset investments
2024
2023
£
£
Investments
1,768,807
1,768,757
Angus Estates Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
4
Fixed asset investments (continued)
8
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 May 2023
1,768,757
Additions
50
At 30 April 2024
1,768,807
Carrying amount
At 30 April 2024
1,768,807
At 30 April 2023
1,768,757
5
Significant undertakings
The company also has significant holdings in undertakings:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Thurso River Limited
Scotland
Freshwater fishing
Ordinary
100.00
-
Westwater Estates Limited
Scotland
Development and sale of real estate
Ordinary
33.33
-
Ulbster Arms Limited
Scotland
Hotelier
Ordinary
95.00
-
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
267,590
41,228
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,789,700
1,482,124
Other debtors
1,372,275
363,408
3,429,565
1,886,760
Angus Estates Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
9
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
66,888
23,653
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,218,088
2,323,659
Taxation and social security
80,010
7,967
Other creditors
204,675
360,465
4,579,661
2,725,744
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
24,226
50,298
Other creditors
412,512
399,488
436,738
449,786
The company has granted a standard security in favour of Angus Estates (Carnoustie) LLP, secured over all sums due or to become due in respect of Carlogie. The company also granted a fixed charge in favour of Close Leasing Limited, secured over the company's shareholding in White Top Energy Limited.
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Related party transactions
During the year the company borrowed £2,243,105 (2023: £1,796,196) from related entities and repaid £526,058 (2023: £2,265,566).
During the year the company advanced £873,370 (2023: £212,262) to related entities and repayments of £12,762 (2023: £1,323,175) were received.