Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3122truetruefalse2023-01-01falseNo description of principal activity21trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC388493 2023-01-01 2023-12-31 SC388493 2022-01-01 2022-12-31 SC388493 2023-12-31 SC388493 2022-12-31 SC388493 c:RestatedAmount 2022-12-31 SC388493 c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 SC388493 d:CompanySecretary1 2023-01-01 2023-12-31 SC388493 d:Director1 2023-01-01 2023-12-31 SC388493 d:Director3 2023-01-01 2023-12-31 SC388493 d:Director4 2023-01-01 2023-12-31 SC388493 d:RegisteredOffice 2023-01-01 2023-12-31 SC388493 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 SC388493 c:Buildings c:LongLeaseholdAssets 2023-12-31 SC388493 c:Buildings c:LongLeaseholdAssets 2022-12-31 SC388493 c:PlantMachinery 2023-01-01 2023-12-31 SC388493 c:PlantMachinery 2023-12-31 SC388493 c:PlantMachinery 2022-12-31 SC388493 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC388493 c:MotorVehicles 2023-01-01 2023-12-31 SC388493 c:MotorVehicles 2023-12-31 SC388493 c:MotorVehicles 2022-12-31 SC388493 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC388493 c:FurnitureFittings 2023-01-01 2023-12-31 SC388493 c:FurnitureFittings 2023-12-31 SC388493 c:FurnitureFittings 2022-12-31 SC388493 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC388493 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC388493 c:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 SC388493 c:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 SC388493 c:CurrentFinancialInstruments 2023-12-31 SC388493 c:CurrentFinancialInstruments 2022-12-31 SC388493 c:Non-currentFinancialInstruments 2023-12-31 SC388493 c:Non-currentFinancialInstruments 2022-12-31 SC388493 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 SC388493 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 SC388493 c:ShareCapital 2023-12-31 SC388493 c:ShareCapital 2022-12-31 SC388493 c:SharePremium 2023-12-31 SC388493 c:SharePremium 2022-12-31 SC388493 c:RetainedEarningsAccumulatedLosses 2023-12-31 SC388493 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2022-12-31 SC388493 d:OrdinaryShareClass1 2023-01-01 2023-12-31 SC388493 d:OrdinaryShareClass1 2023-12-31 SC388493 d:OrdinaryShareClass1 2022-12-31 SC388493 d:FRS102 2023-01-01 2023-12-31 SC388493 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC388493 d:FullAccounts 2023-01-01 2023-12-31 SC388493 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC388493 c:PatentsTrademarksLicencesConcessionsSimilar c:OwnedIntangibleAssets 2023-01-01 2023-12-31 SC388493 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: SC388493












ARDFIN ESTATE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

ARDFIN ESTATE LIMITED

CONTENTS



Page
Company Information
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 12


 

ARDFIN ESTATE LIMITED
 
COMPANY INFORMATION


Directors
G J Coffey 
M Press 
W Macdonald 




Company secretary
Gillespie Macandrew Secretaties Limited



Registered number
SC388493



Registered office
5 Atholl Crescent

Edinburgh

EH3 8EJ




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:SC388493
ARDFIN ESTATE LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
175,763
204,454

Tangible assets
 5 
27,329,173
31,612,176

  
27,504,936
31,816,630

Non current assets
  

Debtors due after more than 1 year
 6 
1,689
19,807

Current assets
  

Stocks
  
1,090,059
1,103,158

Debtors due within 1 year
 6 
2,986,323
2,900,217

Cash at bank and in hand
  
497,788
216,097

  
4,574,170
4,219,472

Creditors: amounts falling due within one year
 7 
(65,760,642)
(65,957,526)

Net current liabilities
  
 
 
(61,186,472)
 
 
(61,738,054)

  

Net liabilities
  
(33,679,847)
(29,901,617)


Capital and reserves
  

Called up share capital 
 8 
1,282
945

Share premium account
  
13,218,719
9,849,056

Profit and loss account
  
(46,899,848)
(39,751,618)

Total deficit
  
(33,679,847)
(29,901,617)


Page 2


 
REGISTERED NUMBER:SC388493
ARDFIN ESTATE LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Press
Director

Date: 28 January 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

ARDFIN ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ardfin Estate Limited is a private company limited by shares incorporated in Scotland. Its registered office is 5 Atholl Crescent, Edinburgh, EH3 8EJ.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Notwithstanding the loss for the current year, the directors believe the company has sufficient resources to continue as a going concern for at least the next twelve months. The company has received a letter of financial support from its parent company, Ardfin Lodge Limited, confirming it will continue to provide support for a period of not less than twelve months from the date that these financial statements were approved. The directors have reviewed the financial information of the parent and its group and in their opinion, the group has sufficient reserves to provide such support. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Page 4

 

ARDFIN ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Revenue (continued)


Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Plant and machinery
-
15%
Motor vehicles
-
25%
Fixtures and fittings
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 

ARDFIN ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Page 6

 

ARDFIN ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.11

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, loans from fellow group companies 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Page 7

 

ARDFIN ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.12

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2022 - 21).

Page 8

 

ARDFIN ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Intellectual property

£



Cost


At 1 January 2023
286,907



At 31 December 2023

286,907



Amortisation


At 1 January 2023
82,453


Charge for the year on owned assets
28,691



At 31 December 2023

111,144



Net book value



At 31 December 2023
175,763



At 31 December 2022
204,454



Page 9

 

ARDFIN ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





As restated Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
53,818,088
2,495,749
1,887,925
5,765,436
63,967,198


Additions
211,618
240,627
227,034
16,254
695,533


Disposals
-
(50,685)
(385,659)
-
(436,344)



At 31 December 2023

54,029,706
2,685,691
1,729,300
5,781,690
64,226,387



Depreciation


At 1 January 2023
25,809,167
1,185,758
1,763,134
3,596,963
32,355,022


Charge for the year on owned assets
3,922,359
266,719
118,632
639,414
4,947,124


Disposals
-
(24,058)
(380,874)
-
(404,932)



At 31 December 2023

29,731,526
1,428,419
1,500,892
4,236,377
36,897,214



Net book value



At 31 December 2023
24,298,180
1,257,272
228,408
1,545,313
27,329,173



At 31 December 2022
28,008,921
1,309,991
124,791
2,168,473
31,612,176

A fixed charge is held over the property of the company.


6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
1,689
19,807

Due within one year

Trade debtors
152,076
29,394

Other debtors
2,562,021
2,586,766

Prepayments and accrued income
272,226
284,057

2,988,012
2,920,024


Page 10

 

ARDFIN ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: amounts falling due within one year

As restated
2023
2022
£
£

Other loans
2,765
2,765

Trade creditors
181,403
294,470

Amounts owed to group undertakings
59,798,004
59,548,421

Other taxation and social security
14,568
39,647

Other creditors
195,661
1,532

Accruals and deferred income
5,568,241
6,070,691

65,760,642
65,957,526


Amounts owed to group undertakings are interest free and repayable on demand.


8.


Share capital

2023
2022
£
£
Shares are classified as equity

Allotted, called up and fully paid



1,282 (2022 - 945) Ordinary shares of £1.00 each
1,282
945


During the year the following shares were issued:
On 18 January 2023 50 Ordinary shares of £1 were issued for consideration of £10,000 per share.
On 8 March 2023, 67 Ordinary shares of £1 were issued for consideration of £10,000 per share; and
On 22 June 2023, 100 Ordinary shares of £1 were issued for consideration of £10,000 per share.

Page 11

 

ARDFIN ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Prior year adjustment

A prior period adjustment has been recognised to correct the overstated value of the amounts owed to group undertakings and the understated amount of deferred income. Additionally, the company had incorrectly recognised long-term leasehold improvements as revenue expenses in previous years and hadn't correctly recognised sufficient long-term leasehold property depreciation costs in previous years.
The total cumulative effect of the above adjustments results in a decrease of £2m in the amount owed to group undertakings, an increase of £2m of deferred income, an increase in the long-term leasehold assets cost of £237,121 and an increase in the long-term leasehold depreciation brought forward of £800,438.
The total cumulative effect of the above adjustments results in a decrease of £2m in the amount owed to group undertakings, an increase of £2m in the deferred income, an increase of the long term  leasehold assets cost of £237,121 and an increase in the long term leasehold depreciation brought forward of £800,438.
The overall impact of the above was to increase the negative retained earnings brought forward at 1 January 2023 by £563,317. 

Reconciliation of changes to the balance sheet and retained earnings as at 31 December 2022



As previously reported
Adjustment
As restated

£
£
£

Amounts owed to group undertakings
 (61,548,421)
 2,000,000
 (59,548,421)

Deferred income
 (4,039,091)
 (2,000,000)
 (6,039,091)

Long term leasehold assets
 53,580,967
 237,121
 53,818,088

Long term leasehold depreciation
 (25,008,729)
 (800,438)
 (25,809,167)

 
 
 

 (37,015,274)
 (563,317)
 (37,578,591)



2022

£

Retained earnings as previously stated 
 (39,188,301)

Long term leasehold additions
 237,121

Long term leasehold depreciation
 (800,438)

 

Adjusted retained earnings
 (39,751,618)


10.


Post balance sheet events

Subsequent to the year end on 5 March 2024 200 Ordinary shares of £1 were issued for consideration of £10,000 per share.

 
Page 12