Company Registration No. SC012762 (Scotland)
Moray Estates Properties Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
Moray Estates Properties Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
Moray Estates Properties Limited
Statement of financial position
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,656
Tangible assets
4
3,090,353
2,890,445
Investment property
5
63,728,084
64,012,913
Investments
6
5,897,750
5,897,750
72,723,843
72,801,108
Current assets
Stocks
7,891
5,542
Debtors
7
435,274
487,187
Cash at bank and in hand
18,683
443,165
511,412
Creditors: amounts falling due within one year
8
(3,288,493)
(3,369,772)
Net current liabilities
(2,845,328)
(2,858,360)
Total assets less current liabilities
69,878,515
69,942,748
Creditors: amounts falling due after more than one year
9
(3,117,584)
(3,240,814)
Provisions for liabilities
11
(11,826,361)
(12,010,037)
Net assets
54,934,570
54,691,897
Capital and reserves
Called up share capital
189,002
189,002
Revaluation reserve
12
2,355,685
2,130,685
Profit and loss reserves
52,389,883
52,372,210
Total equity
54,934,570
54,691,897
Moray Estates Properties Limited
Statement of financial position (continued)
As at 30 June 2024
2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 26 March 2025 and are signed on its behalf by:
Lord Moray
Director
Company Registration No. SC012762
Moray Estates Properties Limited
Statement of changes in equity
For the year ended 30 June 2024
3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
189,002
2,130,685
50,793,792
53,113,479
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
1,578,418
1,578,418
Balance at 30 June 2023
189,002
2,130,685
52,372,210
54,691,897
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
242,673
242,673
Transfers
-
225,000
(225,000)
-
Balance at 30 June 2024
189,002
2,355,685
52,389,883
54,934,570
Moray Estates Properties Limited
Notes to the financial statements
For the year ended 30 June 2024
4
1
Accounting policies
Company information
Moray Estates Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 5 Atholl Crescent, Edinburgh, EH3 8EJ.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
20% per annum straight line basis
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost or deemed cost less depreciation and any impairment losses.
Moray Estates Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
5
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0% to 2% per annum straight line basis
Tenants improvements
10% per annum straight line basis
Plant and equipment
3% to 25% per annum straight line or reducing balance basis
Motor vehicles
10% to 25% per annum straight line or reducing balance basis
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.
1.5
Investment properties
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 gain on revaluation is recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Moray Estates Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
6
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
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.
1.10
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 statement of financial position 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, 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and 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. 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.
Moray Estates Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
7
1.11
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.
1.12
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 income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Moray Estates Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
8
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
15
3
Intangible fixed assets
Other
£
Cost
At 1 July 2023
Additions
9,570
At 30 June 2024
9,570
Amortisation and impairment
At 1 July 2023
Amortisation charged for the year
1,914
At 30 June 2024
1,914
Carrying amount
At 30 June 2024
7,656
At 30 June 2023
Moray Estates Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
9
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2023
2,839,837
399,586
3,239,423
Disposals
(94,196)
(94,196)
Transfers
250,000
250,000
At 30 June 2024
3,089,837
305,390
3,395,227
Depreciation and impairment
At 1 July 2023
68,947
280,031
348,978
Depreciation charged in the year
15,223
34,798
50,021
Eliminated in respect of disposals
(94,125)
(94,125)
At 30 June 2024
84,170
220,704
304,874
Carrying amount
At 30 June 2024
3,005,667
84,686
3,090,353
At 30 June 2023
2,770,890
119,555
2,890,445
Land and buildings were revalued at March 1977 on an existing use basis. All subsequent additions are included at cost and a revaluation model is no longer applied.
The historic cost of these assets is as follows:
2024
2023
£
£
Historic cost
226,668
201,668
Accumulated depreciation
(54,786)
(39,563)
Carrying value
171,882
162,105
The revaluation surpluses are disclosed in note 12.
Moray Estates Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
10
5
Investment property
2024
£
Fair value
At 1 July 2023
64,012,913
Transfers
(250,000)
Disposals
(229,829)
Net gains from fair value adjustments
195,000
At 30 June 2024
63,728,084
Investment property includes all let farms, let houses and all commercial land and property. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 30 June 2024 by the board of directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The historical cost of investment properties held at fair value is £5,948,069 (2023 - £5,975,569).
6
Fixed asset investments
2024
2023
£
£
Investments
5,897,750
5,897,750
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 July 2023 & 30 June 2024
5,893,564
4,186
5,897,750
Carrying amount
At 30 June 2024
5,893,564
4,186
5,897,750
At 30 June 2023
5,893,564
4,186
5,897,750
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
144,754
153,291
Amounts owed by group undertakings
185,715
180,315
Other debtors
104,805
153,581
435,274
487,187
Moray Estates Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
11
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
362,860
495,282
Trade creditors
275,776
217,322
Corporation tax
10,462
Other taxation and social security
46,441
40,679
Other creditors
2,592,954
2,616,489
3,288,493
3,369,772
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,469,627
2,566,595
Other creditors
647,957
674,219
3,117,584
3,240,814
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
2,069,619
2,174,859
10
Loans and overdrafts
2024
2023
£
£
Bank loans
2,566,594
2,658,216
Bank overdrafts
265,893
403,661
2,832,487
3,061,877
Payable within one year
362,860
495,282
Payable after one year
2,469,627
2,566,595
The bank loans and overdrafts are secured by a floating charge over the assets of the company.
Moray Estates Properties Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
12
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
11,826,361
12,010,037
12
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,130,685
2,130,685
Transfer from profit and loss reserves
225,000
At the end of the year
2,355,685
2,130,685
13
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
12,659
10,368
14
Parent company
The parent undertaking of the company is Moray Estates Properties Holdings Limited, a private limited company registered in the United Kingdom. The registered office of Moray Estates Properties Holdings Limited is 5 Atholl Crescent, Edinburgh, EH3 8EJ.
The company's ultimate controlling party is Lord Doune.
2024-06-302023-07-01false26 March 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityJ Stuart Lord MorayMalvina, Countess of MorayCatherine, Countess of MorayLord DouneAndrew HowardSimon LeslieColin YoungAlastair MartinGillespie Macandrew Secretaries LimitedfalsefalseSC0127622023-07-012024-06-30SC0127622024-06-30SC0127622023-06-30SC012762core:IntangibleAssetsOtherThanGoodwill2024-06-30SC012762core:IntangibleAssetsOtherThanGoodwill2023-06-30SC012762core:LandBuildings2024-06-30SC012762core:OtherPropertyPlantEquipment2024-06-30SC012762core:LandBuildings2023-06-30SC012762core:OtherPropertyPlantEquipment2023-06-30SC012762core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-30SC012762core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30SC012762core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-30SC012762core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-30SC012762core:CurrentFinancialInstruments2024-06-30SC012762core:CurrentFinancialInstruments2023-06-30SC012762core:Non-currentFinancialInstruments2024-06-30SC012762core:Non-currentFinancialInstruments2023-06-30SC012762core:ShareCapital2024-06-30SC012762core:ShareCapital2023-06-30SC012762core:RevaluationReserve2024-06-30SC012762core:RevaluationReserve2023-06-30SC012762core:RetainedEarningsAccumulatedLosses2024-06-30SC012762core:RetainedEarningsAccumulatedLosses2023-06-30SC012762core:ShareCapital2022-06-30SC012762core:RevaluationReserve2022-06-30SC012762core:RetainedEarningsAccumulatedLosses2022-06-30SC0127622022-06-30SC012762core:RevaluationReserve2023-06-30SC012762bus:Director12023-07-012024-06-30SC012762core:RetainedEarningsAccumulatedLosses2022-07-012023-06-30SC0127622022-07-012023-06-30SC012762core:RetainedEarningsAccumulatedLosses2023-07-012024-06-30SC012762core:RevaluationReserve2023-07-012024-06-30SC012762core:RevaluationReserve2022-07-012023-06-30SC012762core:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-30SC012762core:ComputerSoftware2023-07-012024-06-30SC012762core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-012024-06-30SC012762core:LandBuildingscore:LongLeaseholdAssets2023-07-012024-06-30SC012762core:PlantMachinery2023-07-012024-06-30SC012762core:MotorVehicles2023-07-012024-06-30SC012762core:IntangibleAssetsOtherThanGoodwill2023-06-30SC012762core:LandBuildings2023-06-30SC012762core:OtherPropertyPlantEquipment2023-06-30SC0127622023-06-30SC012762core:LandBuildings2023-07-012024-06-30SC012762core:OtherPropertyPlantEquipment2023-07-012024-06-30SC012762bus:PrivateLimitedCompanyLtd2023-07-012024-06-30SC012762bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-30SC012762bus:FRS1022023-07-012024-06-30SC012762bus:AuditExemptWithAccountantsReport2023-07-012024-06-30SC012762bus:Director22023-07-012024-06-30SC012762bus:Director32023-07-012024-06-30SC012762bus:Director42023-07-012024-06-30SC012762bus:Director52023-07-012024-06-30SC012762bus:Director62023-07-012024-06-30SC012762bus:Director72023-07-012024-06-30SC012762bus:Director82023-07-012024-06-30SC012762bus:CompanySecretary12023-07-012024-06-30SC012762bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP