KILCONQUHAR CASTLE ESTATE LIMITED

Company Registration Number:
SC054046 (Scotland)

Unaudited abridged accounts for the year ended 30 June 2024

Period of accounts

Start date: 01 July 2023

End date: 30 June 2024

KILCONQUHAR CASTLE ESTATE LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Balance sheet
Notes

KILCONQUHAR CASTLE ESTATE LIMITED

Balance sheet

As at 30 June 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 2,314,315 2,055,697
Total fixed assets: 2,314,315 2,055,697
Current assets
Stocks: 520,150 936,483
Debtors:   519,752 526,160
Cash at bank and in hand: 1,644,625 1,483,193
Total current assets: 2,684,527 2,945,836
Creditors: amounts falling due within one year:   (2,272,767) (2,483,122)
Net current assets (liabilities): 411,760 462,714
Total assets less current liabilities: 2,726,075 2,518,411
Creditors: amounts falling due after more than one year:   (685,232) (852,790)
Total net assets (liabilities): 2,040,843 1,665,621
Capital and reserves
Called up share capital: 61,200 61,200
Profit and loss account: 1,979,643 1,604,421
Shareholders funds: 2,040,843 1,665,621

The notes form part of these financial statements

KILCONQUHAR CASTLE ESTATE LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 11 June 2025
and signed on behalf of the board by:

Name: J Vance
Status: Director

The notes form part of these financial statements

KILCONQUHAR CASTLE ESTATE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services supplied.

Tangible fixed assets and depreciation policy

The company has not provided for depreciation in respect of freehold property, as it is considered as at 30th June 2016, that the useful economic lives and residual values of these buildings were such that any depreciation charge would be immaterial. The logic supporting this decision is that the company regularly refurbishes its villas, residential suites and leisure facilities, thereby extending the useful economic lives more or less indefinitely and preserving the residual values of the company's assets. This change of accounting policy is further supported by a current valuation of the freehold property, which is far in excess of the current book value of these assets. The effect of not providing for depreciation on freehold property based on previous charges is £18,639. This amount is deemed immaterial in relation to the current valuation and the revised higher residual value placed on the freehold property and in light of the continuous level of maintenance undertaken. The directors believe that this change in policy gives a fairer representation of the financial position of the company at 30th June 2016

Other accounting policies

Corporation Tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference Hire purchase and leasing commitments Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Operating Lease Agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease. Going concern At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Financial Instruments The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares 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 financial 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. Financial assets are derecognised only when contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and subsequently all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Basic financial liabilities, including trade and other creditors, bank loans and other loans, are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial assets and liabilities are derecognised when the contractual rights to the cash flows from the asset expire or are settled and when the company’s contractual obligations expire or are discharged or cancelled.

KILCONQUHAR CASTLE ESTATE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

2. Employees

2024 2023
Average number of employees during the period 35 35

KILCONQUHAR CASTLE ESTATE LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible Assets

Total
Cost £
At 01 July 2023 3,935,326
Additions 344,887
At 30 June 2024 4,280,213
Depreciation
At 01 July 2023 1,879,629
Charge for year 86,269
At 30 June 2024 1,965,898
Net book value
At 30 June 2024 2,314,315
At 30 June 2023 2,055,697