Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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7,105,266 | 6,947,817 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 6 |
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- due after more than one year | 6 |
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Cash at bank and in hand |
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641,902 | 589,777 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (205,165) | (127,064) | ||
Total assets less current liabilities | 6,900,101 | 6,820,753 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Revaluation reserve |
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Capital redemption reserve |
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Other reserves |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of G.C. Gordon Lennox Estate Company Ltd. (The) (registered number:
A C Gordon Lennox
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
G.C. Gordon Lennox Estate Company Ltd. (The) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Gordon Castle, Fochabers, Morayshire, IV32 7PQ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
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. Although the company has net current liabilities, the ultimate controlling party has agreed to financially support the company to ensure all liabilities are met and they will not seek repayment of the loan balance due to them until sufficient funds are in place.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Other intangible assets |
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Land and buildings |
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Plant and machinery etc. |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Redeemable preference shares are recognised at transaction price and presented as financial liabilities payable over one year. The redeemable preference shares do not have a specified end date, and can be redeemed at the discretion of the Directors.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2023 |
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Additions |
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At 30 September 2024 |
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Accumulated amortisation | |||
At 01 October 2023 |
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Charge for the financial year |
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At 30 September 2024 |
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Net book value | |||
At 30 September 2024 |
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At 30 September 2023 |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 October 2023 |
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Additions |
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Disposals |
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At 30 September 2024 |
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Accumulated depreciation | |||||
At 01 October 2023 |
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Charge for the financial year |
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Disposals |
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At 30 September 2024 |
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Net book value | |||||
At 30 September 2024 |
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At 30 September 2023 |
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Listed investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 October 2023 |
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Disposals | (
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At 30 September 2024 |
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Carrying value at 30 September 2024 |
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Carrying value at 30 September 2023 |
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2024 | 2023 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Amounts owed by related parties |
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2024 | 2023 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Obligations due under hire purchase contracts are secured over the assets to which the agreements relate.
2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Included within other creditors are redeemable preference shares totalling £359,185 (2023 - £359,185) which are secured by a floating charge over the company's assets.
Obligations due under hire purchase contracts are secured over the assets to which the agreements relate.
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with owners holding a participating interest in the entity
2024 | 2023 | ||
£ | £ | ||
Amounts due to key management personnel | 2,053,205 | 2,002,009 |
The above loan balances are unsecured and have no fixed repayment terms. Interest at 5.50% was charged on these balances until 6 June 2023, thereafter no interest has been charged on these balances.
Other related party transactions
2024 | 2023 | ||
£ | £ | ||
Amounts due from entities under common control | 311,078 | 276,474 |
The above loans are unsecured, interest free and have no fixed repayment terms.