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REGISTERED NUMBER: SC762391 (Scotland)















Unaudited Financial Statements

for the Period 15 March 2023 to 31 March 2024

for

Glenkindie Estates Limited

Glenkindie Estates Limited (Registered number: SC762391)






Contents of the Financial Statements
for the Period 15 March 2023 to 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glenkindie Estates Limited

Company Information
for the Period 15 March 2023 to 31 March 2024







DIRECTORS: Mr C P Bently
Mrs C C Bently





REGISTERED OFFICE: C/O Turcan Connell
Princes Exchange
1 Earl Grey Street
Edinburgh
EH3 9EE





REGISTERED NUMBER: SC762391 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Glenkindie Estates Limited (Registered number: SC762391)

Balance Sheet
31 March 2024

Notes £    £   
FIXED ASSETS
Intangible assets 4 27,082
Tangible assets 5 1,068,579
Investment property 6 25,279,754
26,375,415

CURRENT ASSETS
Stocks 6,400
Debtors 7 389,565
Cash at bank 164,131
560,096
CREDITORS
Amounts falling due within one year 8 28,568,197
NET CURRENT LIABILITIES (28,008,101 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,632,686

)

CAPITAL AND RESERVES
Called up share capital 1
Retained earnings (1,632,687 )
SHAREHOLDERS' FUNDS (1,632,686 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Glenkindie Estates Limited (Registered number: SC762391)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





Mr C P Bently - Director


Glenkindie Estates Limited (Registered number: SC762391)

Notes to the Financial Statements
for the Period 15 March 2023 to 31 March 2024

1. STATUTORY INFORMATION

Glenkindie Estates Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

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 measured reliably.

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 contact can be measured reliably.

Glenkindie Estates Limited (Registered number: SC762391)

Notes to the Financial Statements - continued
for the Period 15 March 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

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 matter intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value of their estimated useful lives, on a reducing balance and straight line basis.

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 the profit or loss.

Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value.

Glenkindie Estates Limited (Registered number: SC762391)

Notes to the Financial Statements - continued
for the Period 15 March 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a pubic entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
- at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments

Financial assets that are 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 Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective date determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in financial costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Taxation
Tax is recognised in profit or loss 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.

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.

Glenkindie Estates Limited (Registered number: SC762391)

Notes to the Financial Statements - continued
for the Period 15 March 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
Additions 1 27,081 27,082
At 31 March 2024 1 27,081 27,082
NET BOOK VALUE
At 31 March 2024 1 27,081 27,082

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
Additions 167,164 982,242 207,963 10,103 1,367,472
Disposals - - (15,000 ) - (15,000 )
At 31 March 2024 167,164 982,242 192,963 10,103 1,352,472
DEPRECIATION
Charge for period 33,433 196,448 51,991 2,021 283,893
At 31 March 2024 33,433 196,448 51,991 2,021 283,893
NET BOOK VALUE
At 31 March 2024 133,731 785,794 140,972 8,082 1,068,579

Glenkindie Estates Limited (Registered number: SC762391)

Notes to the Financial Statements - continued
for the Period 15 March 2023 to 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 25,279,754
At 31 March 2024 25,279,754
NET BOOK VALUE
At 31 March 2024 25,279,754

The directors consider the valuation of £25,279,754 is in line with the current property market. A valuation of specific properties was carried out by Ran Morgan Consultancy Ltd in November 2022.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 9,726
Other debtors 379,839
389,565

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 134,702
Amounts owed to group undertakings 28,252,894
Taxation and social security 6,281
Other creditors 174,320
28,568,197

Amounts owed to related parties are unsecured, interest free and repayable on demand.

9. COMMITMENTS UNDER OPERATING LEASES

The company had no commitments under non-cancellable operating leases at the balance sheet date.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption from disclosing related party transactions under paragraph 33.1A from the provisions of FRS102, on the grounds that at 31 March 2024 it was a wholly owned subsidiary.

11. ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate parent undertaking as at the year ended 31 March 2024 was C&C Bently Holdings LLC, a company incorporated in the United States of America.