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COMPANY REGISTRATION NUMBER: SC187370
Lunderston Bay Limited
Filleted Unaudited Abridged Financial Statements
31 July 2024
Lunderston Bay Limited
Abridged Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,424,266
2,383,057
Investments
6
1,030,707
1,002,527
------------
------------
3,454,973
3,385,584
Current assets
Stocks
113,648
118,122
Debtors
25,448
19,646
Cash at bank and in hand
109,827
203,148
---------
---------
248,923
340,916
Creditors: amounts falling due within one year
124,282
117,140
---------
---------
Net current assets
124,641
223,776
------------
------------
Total assets less current liabilities
3,579,614
3,609,360
------------
------------
Net assets
3,579,614
3,609,360
------------
------------
Capital and reserves
Called up share capital
7
96,775
96,775
Revaluation reserve
8
770,493
789,286
Profit and loss account
8
2,712,346
2,723,299
------------
------------
Shareholders funds
3,579,614
3,609,360
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Lunderston Bay Limited
Abridged Statement of Financial Position (continued)
31 July 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 4 April 2025 , and are signed on behalf of the board by:
Mrs Alexandra J Simpson
Director
Company registration number: SC187370
Lunderston Bay Limited
Notes to the Abridged Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Union Plaza (6th Floor), 1 Union Wynd, Aberdeen, AB10 1DQ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has made a loss of £29,746 for the year (2023 - £114,980 loss). Following a review of the current performance of the business, the directors consider that the going concern status continues to be appropriate following the preparation of the company's annual financial accounts, for the following reasons: - Commercial operations have been reviewed and the directors have undertaken a series of measures to improve profitability from non-farming activities. - The company has a portfolio of managed funds (see note 10). Monthly drawdowns from these funds of £4k support trading operations and assist the company in meeting its ongoing financial commitments. - Accordingly, the directors consider that the company has sufficient financial resources to meet all of its financial obligations for at least the next twelve month period from the date of approval of these accounts. - Finally, our vision is to create a resilient and profitable agriculture enterprise that fosters a sustainable future for the land and provides continued health and wellbeing of our people and livestock - all of which are paramount to our success.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accruals Management estimate requirements for accruals using post year end information and information available from detailed budgets. This identifies costs and income that are expected to be incurred or received for goods and services provided by and to other parties relating to the period reported on.
Revenue recognition
The turnover shown included in the Statement of Comprehensive Income represents the value of sales of livestock, shooting rights and felled timber during the year, exclusive of Value Added Tax. Other operating income reflects rents to tenants, holiday lets, rent from land within the Estate and Government grants.
Tangible assets
Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant & machinery
-
20% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stock, which comprises livestock, is valued at current market values.
Government grants
Grants received relating to revenue items are credited to the profit and loss account when they are received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
£
Valuation
At 1 August 2023
3,097,332
Additions
79,360
------------
At 31 July 2024
3,176,692
------------
Depreciation
At 1 August 2023
714,275
Charge for the year
38,151
------------
At 31 July 2024
752,426
------------
Carrying amount
At 31 July 2024
2,424,266
------------
At 31 July 2023
2,383,057
------------
Tangible assets held at valuation
In April 2013, the company's Freehold Property was valued by Alastair D Logan, F.I.A (Scot) of Caledonian Marts (Stirling) Ltd. The directors revalued the Freehold Property in line with that valuation, and the surplus was credited to the Revaluation reserve. Included in the carrying value above are revalued properties held at value of £1,471,353 (2023 - £1,429,724) and revalued land held at value of £951,700 (2023 - £951,700). Land is not being depreciated.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 July 2024
Aggregate cost
2,549,889
Aggregate depreciation
(1,285,997)
------------
Carrying value
1,263,892
------------
At 31 July 2023
Aggregate cost
2,549,889
Aggregate depreciation
(1,236,317)
------------
Carrying value
1,313,572
------------
6. Investments
£
Cost/valuation
At 1 August 2023
1,002,527
Additions at cost
17,054
Disposal proceeds
( 57,287)
Fair value adjustment
68,413
------------
At 31 July 2024
1,030,707
------------
Impairment
At 1 August 2023 and 31 July 2024
------------
Carrying amount
At 31 July 2024
1,030,707
------------
At 31 July 2023
1,002,527
------------
Investments held at valuation
Listed investments were valued using the share price at the balance sheet date.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 July 2024
Aggregate cost
1,020,632
Aggregate depreciation
------------
Carrying value
1,020,632
------------
At 31 July 2023
Aggregate cost
1,061,339
Aggregate depreciation
------------
Carrying value
1,061,339
------------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.25 each
387,099
96,775
387,099
96,775
---------
--------
---------
--------
8. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
9. Related party transactions
The company is under the control of Mrs Alexandra J. Simpson, who is a director. Mrs Simpson was charged rent of £4,029 (2023 - £4,329) by the company in the year. At the year end, the balance due by the company to Mrs Simpson was £98,775 (2023 - £102,799). There is no interest charged to the company on this balance and it is repayable on demand. The balance is disclosed within Creditors: amounts falling due within one year.