Silverfin false false 30/09/2024 01/10/2023 30/09/2024 A C Gordon Lennox 01/01/1993 Z V Gordon Lennox 01/06/2009 27 June 2025 The principal activity of the Company during the financial year was that of the management of Fishings, Property and Farming. SC037651 2024-09-30 SC037651 bus:Director1 2024-09-30 SC037651 bus:Director2 2024-09-30 SC037651 2023-09-30 SC037651 core:CurrentFinancialInstruments 2024-09-30 SC037651 core:CurrentFinancialInstruments 2023-09-30 SC037651 core:Non-currentFinancialInstruments 2024-09-30 SC037651 core:Non-currentFinancialInstruments 2023-09-30 SC037651 core:ShareCapital 2024-09-30 SC037651 core:ShareCapital 2023-09-30 SC037651 core:SharePremium 2024-09-30 SC037651 core:SharePremium 2023-09-30 SC037651 core:RevaluationReserve 2024-09-30 SC037651 core:RevaluationReserve 2023-09-30 SC037651 core:CapitalRedemptionReserve 2024-09-30 SC037651 core:CapitalRedemptionReserve 2023-09-30 SC037651 core:OtherCapitalReserve 2024-09-30 SC037651 core:OtherCapitalReserve 2023-09-30 SC037651 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC037651 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC037651 core:OtherResidualIntangibleAssets 2023-09-30 SC037651 core:OtherResidualIntangibleAssets 2024-09-30 SC037651 core:LandBuildings 2023-09-30 SC037651 core:OtherPropertyPlantEquipment 2023-09-30 SC037651 core:LandBuildings 2024-09-30 SC037651 core:OtherPropertyPlantEquipment 2024-09-30 SC037651 core:CostValuation 2023-09-30 SC037651 core:DisposalsRepaymentsInvestments 2024-09-30 SC037651 core:CostValuation 2024-09-30 SC037651 bus:OrdinaryShareClass1 2024-09-30 SC037651 2023-10-01 2024-09-30 SC037651 bus:FilletedAccounts 2023-10-01 2024-09-30 SC037651 bus:SmallEntities 2023-10-01 2024-09-30 SC037651 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC037651 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC037651 bus:Director1 2023-10-01 2024-09-30 SC037651 bus:Director2 2023-10-01 2024-09-30 SC037651 core:OtherResidualIntangibleAssets core:BottomRangeValue 2023-10-01 2024-09-30 SC037651 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-10-01 2024-09-30 SC037651 core:LandBuildings core:TopRangeValue 2023-10-01 2024-09-30 SC037651 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 SC037651 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-10-01 2024-09-30 SC037651 2022-10-01 2023-09-30 SC037651 core:OtherResidualIntangibleAssets 2023-10-01 2024-09-30 SC037651 core:LandBuildings 2023-10-01 2024-09-30 SC037651 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 SC037651 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 SC037651 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC037651 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC037651 1 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC037651 (Scotland)

G.C. GORDON LENNOX ESTATE COMPANY LTD. (THE)

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

G.C. GORDON LENNOX ESTATE COMPANY LTD. (THE)

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

G.C. GORDON LENNOX ESTATE COMPANY LTD. (THE)

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
G.C. GORDON LENNOX ESTATE COMPANY LTD. (THE)

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 3,612,876 3,343,704
Tangible assets 4 3,492,390 3,520,816
Investments 5 0 83,297
7,105,266 6,947,817
Current assets
Debtors
- due within one year 6 271,696 282,579
- due after more than one year 6 311,078 276,474
Cash at bank and in hand 59,128 30,724
641,902 589,777
Creditors: amounts falling due within one year 7 ( 847,067) ( 716,841)
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 ( 6,710,742) ( 6,505,781)
Net assets 189,359 314,972
Capital and reserves
Called-up share capital 9 86,941 86,941
Share premium account 1,963,059 1,963,059
Revaluation reserve 168,385 168,385
Capital redemption reserve 9,054 9,054
Other reserves 16,000 16,000
Profit and loss account ( 2,054,080 ) ( 1,928,467 )
Total shareholders' funds 189,359 314,972

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of G.C. Gordon Lennox Estate Company Ltd. (The) (registered number: SC037651) were approved and authorised for issue by the Board of Directors on 27 June 2025. They were signed on its behalf by:

A C Gordon Lennox
Director
G.C. GORDON LENNOX ESTATE COMPANY LTD. (THE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
G.C. GORDON LENNOX ESTATE COMPANY LTD. (THE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

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. 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

Turnover represents amounts receivable for the management of Fishings, Property and Farming net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

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.

Taxation

Current tax
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.

Intangible assets

Fishing rights are written off in equal annual instalments over their estimated useful economic life of 50 years.

Other intangible assets 0 - 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 25 % reducing balance
10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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.

Fixed asset investments

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

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

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 20

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 October 2023 3,917,270 3,917,270
Additions 349,057 349,057
At 30 September 2024 4,266,327 4,266,327
Accumulated amortisation
At 01 October 2023 573,566 573,566
Charge for the financial year 79,885 79,885
At 30 September 2024 653,451 653,451
Net book value
At 30 September 2024 3,612,876 3,612,876
At 30 September 2023 3,343,704 3,343,704

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2023 4,186,526 759,198 4,945,724
Additions 97,444 6,750 104,194
Disposals 0 ( 3,595) ( 3,595)
At 30 September 2024 4,283,970 762,353 5,046,323
Accumulated depreciation
At 01 October 2023 853,599 571,309 1,424,908
Charge for the financial year 83,969 47,082 131,051
Disposals 0 ( 2,026) ( 2,026)
At 30 September 2024 937,568 616,365 1,553,933
Net book value
At 30 September 2024 3,346,402 145,988 3,492,390
At 30 September 2023 3,332,927 187,889 3,520,816

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 October 2023 83,297 83,297
Disposals ( 83,297) ( 83,297)
At 30 September 2024 0 0
Carrying value at 30 September 2024 0 0
Carrying value at 30 September 2023 83,297 83,297

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 165,925 156,153
Other debtors 105,771 126,426
271,696 282,579
Debtors: amounts falling due after more than one year
Amounts owed by related parties 311,078 276,474

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 88,006 119,722
Trade creditors 70,896 80,030
Other taxation and social security 27,278 23,494
Obligations under finance leases and hire purchase contracts 25,121 22,412
Other creditors 635,766 471,183
847,067 716,841

The bank loans and overdraft are secured by way of a fixed and floating charge over the company's assets.

Obligations due under hire purchase contracts are secured over the assets to which the agreements relate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 338,588 399,589
Obligations under finance leases and hire purchase contracts 38,783 57,971
Other creditors 6,333,371 6,048,221
6,710,742 6,505,781

The bank loans are secured by way of a fixed and floating charge over the company's assets.

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.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
86,941 Ordinary shares of £ 1.00 each 86,941 86,941

10. Related party transactions

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.

11. Events after the Balance Sheet date

During the year to 30 September 2024, the Company entered into an arrangement with a third party to jointly acquire Heritable property and Sporting rights for a total consideration of £450,000. Under the terms of their agreement, the Company acquired the relevant assets (in full) and recognised a corresponding liability of £450,000, as the intention was to assign 50% of the ownership in these assets to the third party, post year-end in lieu of repayment of half of the loan balance. Subsequent to the year-end, this disposal was formalised, with £225,000 of liabilities being repaid in exchange for 50% ownership of the relevant Heritable property and Sporting rights.