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COMPANY REGISTRATION NUMBER: 08994078
Ecosse Estates Limited
Filleted Unaudited Financial Statements
30 June 2024
Ecosse Estates Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Ecosse Estates Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ecosse Estates Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ecosse Estates Limited for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Ecosse Estates Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Ecosse Estates Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ecosse Estates Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Ecosse Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ecosse Estates Limited. You consider that Ecosse Estates Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ecosse Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
13 June 2025
Ecosse Estates Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
11,555,946
10,489,337
Current assets
Stocks
131,609
Debtors
6
551,269
575,472
Cash at bank and in hand
15,599
214,575
---------
---------
698,477
790,047
Creditors: amounts falling due within one year
7
708,702
803,969
---------
---------
Net current liabilities
10,225
13,922
-------------
-------------
Total assets less current liabilities
11,545,721
10,475,415
Creditors: amounts falling due after more than one year
8
3,100,196
2,921,479
Provisions
Taxation including deferred tax
1,585,333
1,380,379
-------------
-------------
Net assets
6,860,192
6,173,557
-------------
-------------
Capital and reserves
Called up share capital
1,000
1,000
Non-distributable reserves
5,021,161
4,406,299
Profit and loss account
1,838,031
1,766,258
------------
------------
Shareholders funds
6,860,192
6,173,557
------------
------------
These 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 statement of comprehensive income has not been delivered.
For the year ending 30 June 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 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 financial statements .
Ecosse Estates Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
Mr B H Caplan
Director
Company registration number: 08994078
Ecosse Estates Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 5 Bollinway, Hale, Altrincham, Cheshire, WA150NZ, England.
2. Statement of compliance
These 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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Income 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 is recognised in respect of all timing differences at the reporting 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.
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. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be 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:
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost or valuation
At 1 July 2023
10,474,500
22,000
11,091
10,507,591
Additions
253,184
465
253,649
Disposals
( 22,000)
( 22,000)
Revaluations
819,816
819,816
-------------
--------
--------
-------------
At 30 June 2024
11,547,500
11,556
11,559,056
-------------
--------
--------
-------------
Depreciation
At 1 July 2023
17,830
424
18,254
Charge for the year
2,686
2,686
Disposals
( 17,830)
( 17,830)
-------------
--------
--------
-------------
At 30 June 2024
3,110
3,110
-------------
--------
--------
-------------
Carrying amount
At 30 June 2024
11,547,500
8,446
11,555,946
-------------
--------
--------
-------------
At 30 June 2023
10,474,500
4,170
10,667
10,489,337
-------------
--------
--------
-------------
The company's investment properties were valued by the directors at £11,547,500 (2023: £10,474,500) at 30th June 2024, after taking appropriate professional advice. In accordance with FRS 102, investment properties are shown at fair value, any surplus or deficit being transferred to non-distributable reserve. Accordingly, such assets are not depreciated as this would conflict in the Directors' opinion, with the requirement to give a true and fair view.
6. Debtors
2024
2023
£
£
Trade debtors
28,905
29,241
Other debtors
522,364
546,231
---------
---------
551,269
575,472
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
229,600
Trade creditors
37,374
12,858
Corporation tax
127,368
182,899
Social security and other taxes
2,620
2,814
Other creditors
311,740
605,398
---------
---------
708,702
803,969
---------
---------
Bank of Scotland Plc and Together Commercial Finance Limited have been granted standard securities containing negative pledge over the property portfolio in respect of term loan borrowings.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,100,000
2,920,000
Other creditors
196
1,479
------------
------------
3,100,196
2,921,479
------------
------------
9. Directors' advances, credits and guarantees
As at the 30th June 2024 £244,308 (2023 £546,916) was owed to key management personnel. As at 30th June 2024 the company was owed £162,325 (2023: £175,951) by entities under common control As at 30th June 2024 the company owed £33,777 (2023: £21,777) to entities under common control. The balances above are interest free, unsecured and have no fixed date for repayment.
10. Controlling party
The company was under the control of Mr R A Caplan and Mr B H Caplan during the current period.