Company Registration No. SC081978 (Scotland)
Barskimming Estates Limited
Unaudited financial statements
for the year ended 31 October 2024
Pages for filing with the registrar
Barskimming Estates Limited
Company information
Directors
Hon C W Galbraith
James Galbraith
Lady Strathclyde
The Lord Strathclyde
Company number
SC081978
Registered office
9 Haymarket Square
Edinburgh
EH3 8RY
Accountants
Saffery LLP
9 Haymarket Square
Edinburgh
EH3 8RY
Bankers
The Royal Bank of Scotland plc
30 Sandgate
Kilmarnock
Ayr
KA7 1BY
Solicitors
Brodies LLP
Capital Square
58 Morrison Street
Edinburgh
EH3 8BP
Barskimming Estates Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Barskimming Estates Limited
Statement of financial position
As at 31 October 2024
31 October 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,263,713
2,080,526
Investment property
5
666,231
666,231
2,929,944
2,746,757
Current assets
Debtors
6
72,810
340,397
Investments
7
15,356
14,588
Cash at bank and in hand
17,642
226,471
105,808
581,456
Creditors: amounts falling due within one year
8
(2,434,443)
(2,696,253)
Net current liabilities
(2,328,635)
(2,114,797)
Total assets less current liabilities
601,309
631,960
Creditors: amounts falling due after more than one year
9
(912,006)
(932,877)
Net liabilities
(310,697)
(300,917)
Capital and reserves
Called up share capital
535,019
535,019
Profit and loss reserves
(845,716)
(835,936)
Total equity
(310,697)
(300,917)
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 31 October 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.
Barskimming Estates Limited
Statement of financial position (continued)
As at 31 October 2024
31 October 2024
2
The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
The Lord Strathclyde
Director
Company Registration No. SC081978
Barskimming Estates Limited
Notes to the financial statements
For the year ended 31 October 2024
3
1
Accounting policies
Company information
Barskimming Estates Limited is a private company limited by shares incorporated in Scotland. The registered office is 9 Haymarket Square, Edinburgh, EH3 8RY.
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
Going concern
The company is reliant on the continued support from its parent undertaking, to whom loans are payable as detailed in Note 11. The directors have produced the financial statements using the going concern basis of accounting since the parent company loan is not expected to be called for repayment whilst this may jeopardise the interests of any other creditor.true
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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:
Heritable property
0 - 10% Straight line
Plant and machinery
20% Straight line
Cottage and farm furnishings
15% Straight line
Barskimming Estates Limited
Notes to the financial statements (continued)
For the year ended 31 October 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 profit or loss.
1.5
Investment property
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. Changes in fair value are recognised in profit or loss.
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). 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.
1.7
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.
1.8
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 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.
Barskimming Estates Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
5
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, 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.
1.9
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.
1.10
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.
Barskimming Estates Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
6
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.
1.11
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.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting 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.
Barskimming Estates Limited
Notes to the financial statements (continued)
For the year ended 31 October 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
5
5
4
Tangible fixed assets
Heritable property
Plant and machinery
Cottage and farm furnishings
Total
£
£
£
£
Cost
At 1 November 2023
2,441,897
52,973
9,694
2,504,564
Additions
203,316
11,360
214,676
At 31 October 2024
2,645,213
64,333
9,694
2,719,240
Depreciation and impairment
At 1 November 2023
375,996
38,348
9,694
424,038
Depreciation charged in the year
26,771
4,718
31,489
At 31 October 2024
402,767
43,066
9,694
455,527
Carrying amount
At 31 October 2024
2,242,446
21,267
2,263,713
At 31 October 2023
2,065,901
14,625
2,080,526
5
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
666,231
Investment property comprises a Kwik Fit garage in Penicuik. The fair value of the investment property has been arrived at on the basis of a valuation carried out on acquisition on 8 January 2021 by independent Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors confirm that this valuation is still appropriate as at 31 October 2024.
Barskimming Estates Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
8
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
60,988
59,794
Other debtors
11,822
280,603
72,810
340,397
7
Current asset investments
2024
2023
£
£
Other investments
15,356
14,588
The current asset investments have a historic book cost of £3,277 (2023: £3,277).
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,974
6,100
Amounts due to group undertakings
1,506,802
1,506,802
Amounts due to related parties
807,056
1,074,820
Other taxation and social security
3,032
2,927
Other creditors
108,579
105,604
2,434,443
2,696,253
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
912,006
932,877
The company has granted The Royal Bank of Scotland plc a standard security in respect of all sums due or to become due to the bank, secured over the Barskimming Estate.
The company has granted The Royal Bank of Scotland plc a floating charge in respect of all sums due to to become due to the bank, secured over all property of the company.
10
Related party transactions
Barskimming Estates Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
10
Related party transactions (continued)
9
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Auchendrane Estates Limited
1,506,802
1,506,802
The Lord Strathclyde
400,685
658,114
Hon C W Galbraith
406,371
416,706
11
Parent company
The company is a subsidiary undertaking of Auchendrane Estates Limited, a company registered in Scotland with a registered office at Level 4, 9 Haymarket Square, Edinburgh, EH3 8RY.
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