Company registration number 00734610 (England and Wales)
SCRUTTON ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SCRUTTON ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
SCRUTTON ESTATES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
106,323,906
106,334,149
Investments
5
5,945,497
7,423,241
112,269,403
113,757,390
Current assets
Stocks
13,030
13,126
Debtors
6
10,286,982
8,479,171
Cash at bank and in hand
192,931
239,783
10,492,943
8,732,080
Creditors: amounts falling due within one year
7
(6,185,770)
(1,933,813)
Net current assets
4,307,173
6,798,267
Total assets less current liabilities
116,576,576
120,555,657
Creditors: amounts falling due after more than one year
8
(2,775,000)
(3,375,000)
Provisions for liabilities
(21,154,141)
(21,212,866)
Net assets
92,647,435
95,967,791
Capital and reserves
Called up share capital
10
132,695
132,695
Capital redemption reserve
19,839
19,839
Other reserves
567,247
567,247
Profit and loss reserves
91,927,654
95,248,010
Total equity
92,647,435
95,967,791
SCRUTTON ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr T J Scrutton
Director
Company registration number 00734610 (England and Wales)
SCRUTTON ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
132,695
19,839
567,247
87,859,991
88,579,772
Reclassification of investment
-
-
0
-
(32,515)
(32,515)
As restated
132,695
19,839
567,247
87,827,476
88,547,257
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
7,871,181
7,871,181
Dividends
-
-
-
(450,647)
(450,647)
Balance at 30 April 2023
132,695
19,839
567,247
95,248,010
95,967,791
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
-
(2,869,709)
(2,869,709)
Dividends
-
-
-
(450,647)
(450,647)
Balance at 30 April 2024
132,695
19,839
567,247
91,927,654
92,647,435
SCRUTTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Scrutton Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Cambus Road, London, E16 4AY.

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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services supplied net of VAT and trade discounts.

Turnover from the supply of services represents the value of services provided under the contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

1.3
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:

Investment properties
Not depreciated
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
25% Straight line
Computer equipment
33% Straight line
Motor vehicles
25% 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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

1.4
Fixed asset investments

Fixed asset investments relate to listed investments and are included at fair value.

SCRUTTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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.

 

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
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.

1.8
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 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.

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.

SCRUTTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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.

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.

1.9
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SCRUTTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
10
4
Tangible fixed assets
Investment properties
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 May 2023
106,304,253
180,585
106,484,838
Disposals
-
0
(64,297)
(64,297)
At 30 April 2024
106,304,253
116,288
106,420,541
Depreciation and impairment
At 1 May 2023
-
0
150,689
150,689
Depreciation charged in the year
-
0
10,243
10,243
Eliminated in respect of disposals
-
0
(64,297)
(64,297)
At 30 April 2024
-
0
96,635
96,635
Carrying amount
At 30 April 2024
106,304,253
19,653
106,323,906
At 30 April 2023
106,304,253
29,896
106,334,149

The investment properties were revalued on 2 August 2021 by McDowalls Independent Chartered Surveyors (RICS member) who are not connected with the company. The basis of valuation used was existing market knowledge of values, taking into account existing tenancies.

 

McDowalls subsequently revisited and revised the valuation of the properties on 29 March 2023, as at the 2 August 2021 valuation date.

 

SCRUTTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Tangible fixed assets
(Continued)
- 8 -

Land and buildings are carried at valuation. If land and building were measured using the cost model, the carrying amounts would have been as follows:

2024
2023
£
£
Cost
9,290,692
9,290,692
Accumulated depreciation
-
-
Carrying value
9,290,692
9,290,692
5
Fixed asset investments
2024
2023
£
£
Managed investment Funds
5,945,497
7,423,241
Fixed asset investments revalued

Investment funds above are managed by Investec and are shown at their market value. The book costs of the investments are £4,946,990 (2023: £6,180,167).

 

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2023
7,423,241
538,155
Disposals
(2,015,899)
At 30 April 2024
5,945,497
Carrying amount
At 30 April 2024
5,945,497
At 30 April 2023
7,423,241
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
313,573
207,102
Corporation tax recoverable
2,564,044
2,034,020
Other debtors (see note 11)
7,409,365
6,238,049
10,286,982
8,479,171
SCRUTTON 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
£
£
Trade creditors
157,148
33,774
Corporation tax
1,998,208
1,883,795
Other taxation and social security
20,070
5,688
Other creditors
4,010,344
10,556
6,185,770
1,933,813
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,775,000
3,375,000

Other creditors is a long term loan from Investec secured on the company's managed investment funds. Interest is payable on this loan at 1.35% above the Bank of England base rate.

 

The loan is repayable in full after 5 years.

9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
5,789
3,375
Investment property
20,959,235
20,959,235
Investments
189,117
250,256
21,154,141
21,212,866
2024
Movements in the year:
£
Liability at 1 May 2023
21,212,866
Credit to profit or loss
(58,725)
Liability at 30 April 2024
21,154,141
SCRUTTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
36,284 'A' ordinary shares of £1 each
36,284
36,284
32,534 'B' ordinary shares of £1 each
32,534
32,534
31,343 'C' ordinary shares of £1 each
31,343
31,343
32,534 'D' ordinary shares of £1 each
32,534
32,534
132,695
132,695

Ordinary 'A' Shares

 

The ordinary 'A' shares carry an entitlement to a dividend, the amount being at the discretion of the company. On winding up, the holders of the ordinary 'A' shares are entitled to a return of capital up to the aggregate (in respect of each share) of the nominal value of each held by them and the sum of £183. The ordinary 'A' shares carry 100% of the voting rights.

 

Ordinary 'B' Shares

 

Ordinary 'B' shares carry no entitlement to dividends. On winding up, the holders of the ordinary 'B' shares are entitled to a return of capital up to the aggregate (in respect of each share) of the nominal value of each share held by them and the sum of £815. These rights only apply after the holders of the ordinary 'A' shares have been paid in full. The ordinary 'B' shares carry no voting rights.

 

Ordinary 'C' Shares

 

Ordinary 'C' shares carry no entitlement to dividends. On winding up, the holders of the ordinary 'C' shares are entitled to a return of capital up to the aggregate (in respect of each share) of the nominal value of each share held by them and the sum of £2,425. These rights only apply after the holders of the ordinary 'A' shares and ordinary 'B' shareholders have been paid in full. The ordinary 'C' shares carry no voting rights.

 

Ordinary 'D' Shares

 

The ordinary 'D' shares carry no entitlement to dividends. On winding up, the holders of ordinary 'D' shares are entitled to 100% of any remaining surplus after amounts due to ordinary 'A' shares, and ordinary 'B' and 'C' shareholders. The ordinary 'D' shares carry no voting rights.

11
Directors' transactions

Dividends totalling £450,647 (2023 - £450,647) were paid in the year in respect of shares held by the company's directors.

Included in other debtors are loans made to directors of £7,383,456, of which £179,016 was made on formal terms.


 

 

 

 

 

SCRUTTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
12
Prior period adjustment
Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Fixed asset investments
(4,085,322)
(1,355,144)
Debtors
5,369,969
1,457,875
Creditors
(1,317,162)
(368,004)
Total adjustments
(32,515)
(265,273)
Equity as previously reported
88,579,772
96,233,064
Equity as adjusted
88,547,257
95,967,791
Analysis of the effect upon equity
Profit and loss reserves
(32,515)
(232,758)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Other interest received
(232,629)
Social security costs
(5,593)
Taxation
24,522
Interest on overdue taxation
(19,058)
Total adjustments
(232,758)
Profit as previously reported
8,103,939
Profit as adjusted
7,871,181
Notes to reconciliation
Reclassification of loan

The accounts have been restated to incorporate the impact of a misclassification of a loan to a director as a commercial loan. The change has resulted in profits available for distribution at 30 April 2023 reducing by £265,273.

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