Company Registration No. SC122343 (Scotland)
Dunninald Estate Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
Dunninald Estate Limited
Company information
Directors
Edward Stansfeld
Mary Stansfeld
Secretary
Edward Stansfeld
Company number
SC122343
Registered office
Dunninald
Montrose
Angus
DD10 9TD
Accountants
Saffery LLP
9 Haymarket Square
Edinburgh
EH3 8RY
Bankers
The Royal Bank of Scotland plc
Brothock Bridge
Arbroath
DD11 1NP
Solicitors
Turcan Connell
Princes Exchange
1 Earl Grey Street
Edinburgh
EH3 9EE
Dunninald Estate Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
4 - 9
Dunninald Estate Limited
Statement of financial position
As at 30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,403,895
7,196
Investment properties
4
7,860,999
9,681,165
Investments
5
-
0
137,834
13,264,894
9,826,195
Current assets
Stocks
84,280
-
Debtors
6
66,133
27,398
Cash at bank and in hand
39,771
17,071
190,184
44,469
Creditors: amounts falling due within one year
7
(99,692)
(25,284)
Net current assets
90,492
19,185
Total assets less current liabilities
13,355,386
9,845,380
Creditors: amounts falling due after more than one year
8
(11,433)
(11,953)
Provisions for liabilities
11
(2,715,199)
(1,836,492)
Net assets
10,628,754
7,996,935
Capital and reserves
Called up share capital
9
475,000
475,000
Share premium account
716,754
716,754
Fair value reserve
10
8,789,978
8,018,150
Profit and loss reserves
647,022
(1,212,969)
Total equity
10,628,754
7,996,935

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Dunninald Estate Limited
Statement of financial position (continued)
As at 30 September 2024
2

For the financial year ended 30 September 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 23 June 2025 and are signed on its behalf by:
Edward Stansfeld
Director
Company Registration No. SC122343
Dunninald Estate Limited
Statement of changes in equity
For the year ended 30 September 2024
3
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 October 2022
475,000
716,754
8,018,150
(1,172,387)
8,037,517
Year ended 30 September 2023:
Loss and total comprehensive income
-
-
-
(40,582)
(40,582)
Balance at 30 September 2023
475,000
716,754
8,018,150
(1,212,969)
7,996,935
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
2,631,819
2,631,819
Other movements
-
-
771,828
(771,828)
-
Balance at 30 September 2024
475,000
716,754
8,789,978
647,022
10,628,754
Dunninald Estate Limited
Notes to the financial statements
For the year ended 30 September 2024
4
1
Accounting policies
Company information

Dunninald Estate Limited is a private company limited by shares incorporated in Scotland. The registered office is Dunninald, Montrose, Angus, DD10 9TD.

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.

1.3
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:

Land and buildings
not depreciated
Plant and machinery
3 - 15 years

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.

1.4
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. Changes in fair value are recognised in profit or loss.

1.5
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.

Dunninald Estate Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
5

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.

1.6
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.

1.7
Cash at bank and in hand

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.

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.

Dunninald Estate Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
6
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
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.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Dunninald Estate Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
7
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2023 - 5).

3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
-
0
82,801
82,801
Additions
-
0
66,763
66,763
Disposals
-
0
(8,185)
(8,185)
Transfers
5,350,000
(6,014)
(6,014)
At 30 September 2024
5,350,000
135,365
5,485,365
Depreciation and impairment
At 1 October 2023
-
0
75,605
75,605
Depreciation charged in the year
-
0
20,064
20,064
Eliminated in respect of disposals
-
0
(8,185)
(8,185)
Transfers
-
0
(6,014)
(6,014)
At 30 September 2024
-
0
81,470
81,470
Carrying amount
At 30 September 2024
5,350,000
53,895
5,403,895
At 30 September 2023
-
0
7,196
7,196

The fair value of in hand farm assets has been arrived at on the basis of a valuation carried out on 15 May 2025 by Bell Ingram Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In hand farm assets have been transferred to fixed assets from investment properties.

4
Investment property
2024
£
Fair value
At 1 October 2023
9,681,164
Additions
29,744
Transfers
(5,350,000)
Revaluations
3,500,091
At 30 September 2024
7,860,999
Dunninald Estate Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
4
Investment property (continued)
8

Investment property comprises tenanted arable land, farm buildings, residential properties, woodlands and a development site. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 15 May 2025 by Bell Ingram Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In hand farm assets have been transferred to fixed assets.

5
Fixed asset investments
2024
2023
£
£
Investments
-
137,834
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2023
137,834
Additions
47,836
Valuation changes
(2,803)
Disposals
(182,867)
At 30 September 2024
-
Carrying amount
At 30 September 2024
-
At 30 September 2023
137,834
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
27,653
5,818
Other debtors
38,480
21,580
66,133
27,398
Dunninald Estate Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
9
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
35,643
12,358
Taxation and social security
714
1,473
Other creditors
63,335
11,453
99,692
25,284
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
11,433
11,953
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
475,000 Ordinary shares of £1 each
475,000
475,000
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
8,018,150
8,018,150
Other movements
771,828
-
At the end of the year
8,789,978
8,018,150
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