Registration number:
Fordie Estates Limited
for the Year Ended 30 September 2024
Fordie Estates Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fordie Estates Limited
(Registration number: SC274753)
Balance Sheet as at 30 September 2024
Note |
30 September |
30 September |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,250,100 |
2,250,100 |
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Revaluation reserve |
30,025 |
78,775 |
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Retained earnings |
233,285 |
(378,799) |
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Shareholders' funds |
2,513,410 |
1,950,076 |
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.
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The directors acknowledge their responsibilities for |
Fordie Estates Limited
(Registration number: SC274753)
Balance Sheet as at 30 September 2024 (continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Fordie Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except that, as disclosed in the accounting policies, certain assets are shown at fair value.
The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.
Prior period values have been reclassified to conform to the presentation in the current year. The reclassifications do not impact the reported profit in the prior period.
Going concern
The financial statements have been prepared on a going concern basis as a result of the continuing support of the parent company. The parent company will not seek repayment of its loan for the foreseeable future.
Fordie Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Depreciation
Tangible assets are stated in the balance sheet at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses except as disclosed below.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Land and buildings are carried at a revalued amount being the fair value at the date of revaluation less any subsequent depreciation and accumulated impairment losses. Any increase in the carrying value as a result of revaluation is recognised in other comprehensive income and accumulated in equity.
Forestry assets are classed as a biological asset and are accounted for under the fair value model. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
The directors assess the company’s tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the period. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through profit and loss but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Not depreciated |
Forestry assets |
Not depreciated |
Plant and machinery |
4-20% per annum reducing balance |
Furniture and fittings |
15% per annum reducing balance |
Motor vehicles |
25% per annum reducing balance |
Fordie Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
2 |
Accounting policies (continued) |
Carbon credits
Carbon credit valuations are based on the Ecosystem Marketplace collected trade data from UK Woodland Carbon Code and Peatland Code market participants who are project developers and resellers through the Ecosystem Marketplace Global Carbon Markets Hub. These are also subject to an accounting estimate that the Directors are satisfied with.
Investment property
Amortisation
Intangible assets are comprised entirely of Fishing rights. Fishing rights are in respect of an entitlement to fish on specific areas and for a specific period of the year.
Asset class |
Amortisation method and rate |
Fishing rights |
No amortisation |
The fishing rights have an indefinite life and the directors were of the opinion that these should not be amortised. The fishing rights are reviewed by the directors for impairment at each balance sheet date and any adjustment is written off to the profit and loss account.
The directors have assessed that the recoverable amount of the Fishing rights is estimated to be less than its carrying amount and have therefore impaired their value to £1.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Fordie Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Fishing rights |
Total |
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Cost or valuation |
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At 1 October 2023 |
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At 30 September 2024 |
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Amortisation |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Fordie Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Forestry assets |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Revaluations |
( |
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Additions |
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- |
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Transfer to stocks |
- |
- |
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( |
( |
At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
- |
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- |
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Charge for the year |
- |
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- |
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At 30 September 2024 |
- |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Included within the net book value of land and buildings above is £8,053,294 (2023 - £7,573,684) in respect of freehold land and buildings.
Fordie Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
5 |
Tangible assets (continued) |
The Directors carried out a fair value market valuation of the forestry assets as at 30 September 2024, based on a valuation performed by Savills on 31 March 2024. The Directors have approved the methodolgy used, as well as confirming their understanding of all underlying key assumptions applicable.
The valuations have been prepared in accordance with the RICS Valuations - Global Standards July 2017 (the 'Red Book') and incorporate the recommendations of the International Valuations Standrards.
Savills, in forming its opinion, makes various assumptions on the basis of current market conditions; the following are the key assumptions made:
Fair value of assets
• Savills employs a "comparable approach" by analysing comparable market value(s) of similar freehold forestry and afforestation assets from recent transactions, when assessing what fair value is reasonable to attribute to assets with similar features.
Planting land value
• Savills includes a reasonable view of the potential for afforestation sites' value uplift over time, rather than viewing the current value of these sites as only attributable to their current use.
• Savills takes account of the relevant stage of progress in the forestry grant application process when reaching a judgement.
Location and situation
• Savills takes account of the potential differences in market interest associated with different locations.
Winter storm vulnerability
• Savills makes assessment on the basis of the extent of damage suffered by sites due to extreme windblow incidents. where damage is extensive, Savills will make prudent adjustments to the value of the site , if it is evident that some of the affected timber may be hard to recover.
Development status of afforestation sites
• Due to the nature of operations for afforestation, Savills applies reassessments as to the value of an asset when a new milestone occurs.
Carbon credits
• The value associated with the carbon credits attached with establishment stage afforestation is excluded from the RICS Red Book valuation.
Fordie Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
5 |
Tangible assets (continued) |
Revaluation
The company's Land and buildings were revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Investment properties |
30 September |
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At 1 October 2023 and 30 September 2024 |
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The fair value was assessed on the basis of a valuation of land and buildings undertaken by Savills in March 2024. The directors believe that this reflects the fair value at the year end.
Stocks |
30 September |
30 September |
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Other inventories |
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Debtors |
Current |
30 September |
30 September |
Trade debtors |
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Prepayments |
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Other debtors |
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Fordie Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
30 September |
30 September |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
30 September |
30 September |
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Due after one year |
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Amounts owed to group undertakings |
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Amounts owed to group undertakings are unsecured, interest free and have no fixed date for repayment.
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
( |
( |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is