Company Registration No. SC228455 (Scotland)
ALTNAHARRA ESTATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ALTNAHARRA ESTATE LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 10
ALTNAHARRA ESTATE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
2024
2023
£
£
Turnover
655,289
646,134
Cost of sales
(56,964)
(81,434)
Gross profit
598,325
564,700
Administrative expenses
(342,478)
(370,908)
Other operating income
168,749
112,037
Profit before taxation
424,596
305,829
Tax on profit
(107,808)
(71,989)
Profit for the financial year
316,788
233,840
Retained earnings brought forward
462,495
228,655
Retained earnings carried forward
779,283
462,495
The statement of income and retained earnings has been prepared on the basis that all operations are continuing.
ALTNAHARRA ESTATE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,543,107
5,586,883
Investments
5
60,510
68,588
6,603,617
5,655,471
Current assets
Stocks
2,800
13,680
Debtors
6
75,318
37,539
Cash at bank and in hand
127,005
449,958
205,123
501,177
Creditors: amounts falling due within one year
7
(625,009)
(276,929)
Net current (liabilities)/assets
(419,886)
224,248
Total assets less current liabilities
6,183,731
5,879,719
Creditors: amounts falling due after more than one year
8
(66,960)
(79,736)
Net assets
6,116,771
5,799,983
Capital and reserves
Called up share capital
9
5,337,488
5,337,488
Profit and loss reserves
10
779,283
462,495
Total equity
6,116,771
5,799,983
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
James J Gray
Director
Company Registration No. SC228455
ALTNAHARRA ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Altnaharra Estate Limited is a private company limited by shares incorporated in Scotland. The registered office is West Sinclairhills Farm, Memsie, Fraserburgh, Aberdeenshire, AB43 7AL.
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 pound (£).
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements report net current liabilities of £0.3m (2023:true net current assets of £0.2m) which includes a related party balance of £0.3m. However, the financial statements have been prepared on a going concern basis as the related party has issued a letter pledging not to recall the debt for a minimum of 12 months from the date of issuing these financial statements..
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.
Livestock sales is recognised on the delivery of the livestock to the customer.
Revenue from shooting, fishing and accommodation is recognised at the point where the service was performed.
Rental income is recognised for the period that the rent covers.
Income received from rock extraction is recognised at the point when the external surveyor confirms the amount of rock extracted from the rock pits.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Land not depreciated, Buildings 2% straight line basis
Plant and machinery
15% straight line basis
Fixtures, fittings & equipment
15% straight line basis
Motor vehicles
25% straight line basis
Assets in the course of construction are not depreciated.
ALTNAHARRA ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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 the profit and loss account.
1.5
Fixed asset investments
Interests in associates are initially measured at cost and subsequently measured at the carrying value increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition less any accumulated impairment losses.
The share of profit or loss is recognised within administration costs in the profit and loss account.
The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
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.
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).
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Net realisable value is calculated as estimated selling price less costs to complete and sale.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
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 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.
ALTNAHARRA ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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, 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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ALTNAHARRA ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Government grants
Government grants are recognised in other operating income within profit and loss at the fair value of the asset received or receivable (usually cash) 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.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Buildings cost and depreciation
FRS 102 requires land and buildings to be accounted for separately, even when they are acquired together. As the company acquired significant land and buildings together in previous years, this has required the directors to estimate the original cost of buildings, separate this cost from the cost of land, and depreciate the buildings over their estimated useful life. This estimate was carried out with the assistance of qualified surveyors and has resulted in £973,000 of the total cost of land and buildings being allocated to buildings and depreciated over its 50 year useful life.
ALTNAHARRA ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
9
The directors are not remunerated within this company.
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
5,856,270
878,727
6,734,997
Additions
990,500
28,378
1,018,878
Disposals
(25,391)
(25,391)
At 30 April 2024
6,846,770
881,714
7,728,484
Depreciation and impairment
At 1 May 2023
354,297
793,817
1,148,114
Depreciation charged in the year
38,228
24,426
62,654
Eliminated in respect of disposals
(25,391)
(25,391)
At 30 April 2024
392,525
792,852
1,185,377
Carrying amount
At 30 April 2024
6,454,245
88,862
6,543,107
At 30 April 2023
5,501,973
84,910
5,586,883
Included within land and buildings are assets under construction with cost of £990,500 (2023 - £1,026,014) that are not depreciated.
5
Fixed asset investments
2024
2023
£
£
Investments in unlisted partnerships
60,510
68,588
ALTNAHARRA ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments in unlisted partnerships
£
Cost
At 1 May 2023
68,588
Capital withdrawn
(49,363)
Share of profit
41,285
At 30 April 2024
60,510
Carrying amount
At 30 April 2024
60,510
At 30 April 2023
68,588
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
75,318
37,539
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
314,490
6,907
Corporation tax
107,808
75,302
Other taxation and social security
2,216
2,124
Other creditors
200,495
192,596
625,009
276,929
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
66,960
79,736
ALTNAHARRA ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A Ordinary Shares of £1 each
3
3
3
3
Class B Ordinary Shares of £1 each
5,337,485
5,337,485
5,337,485
5,337,485
5,337,488
5,337,488
5,337,488
5,337,488
A ordinary shares are entitled to voting rights and shares rank pari passu.
B ordinary shares have no voting rights and shares rank pari passu.
10
Profit and loss reserves
The profit and loss reserve represents the cumulative historic profits and losses, net of dividends and other adjustments.
11
Controlling party
There is no controlling party.
ALTNAHARRA ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Matthew Kaye and the auditor was Johnston Carmichael LLP.
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