REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
for |
Auchenforest Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
for |
Auchenforest Limited |
Auchenforest Limited (Registered number: SC153641) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Auchenforest Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
60 Constitution Street |
Edinburgh |
EH6 6RR |
Auchenforest Limited (Registered number: SC153641) |
Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
Auchenforest Limited (Registered number: SC153641) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the director and authorised for issue on |
Auchenforest Limited (Registered number: SC153641) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Auchenforest Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Turnover |
Turnover is measured at fair value of the consideration received or receivable and represents the amount receivable for goods supplied to customers in the normal course of business, excluding value added tax. The policy is to recognise a sale when the company obtains the right to consideration. |
Tangible fixed assets |
Land and buildings have been valued at fair value. Revaluations are undertaken each year, either professionally or by director assessment of market value based on expertise in the industry. |
Revaluation amounts are recognised through the profit and loss account, with an equivalent amount transferred from retained earnings to other reserves (a non-distributable reserve). |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Forestry profits are not subject to corporation tax. |
Deferred tax |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Auchenforest Limited (Registered number: SC153641) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Grants |
Grants in relation to financial support are realised to the profit and loss account over the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST OR VALUATION |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Cost or valuation at 31 December 2024 is represented by: |
Land and |
buildings |
£ |
Valuation in 2022 | 4,535,475 |
Cost | 619,525 |
5,155,000 |
There have been no indicators of impairment in the period under review. |
Freehold land and buildings were subject to independent, professional valuation at 14 October 2022. The valuation was undertaken by GOLDCREST Land & Forestry Group LLP, an independent, professional valuer that has recent experience in the location and class of property being revalued. |
At the balance sheet date, the directors feel this valuation remains appropriate with no material changes in the market value which require to be disclosed in the accounts. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Auchenforest Limited (Registered number: SC153641) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
31.12.24 | 31.12.23 |
£ | £ |
Deferred tax | 993,701 | 993,701 |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Balance at 31 December 2024 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2024 |
and 31 December 2024 |