Fordie Estates Limited SC274753 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is ownership of an estate for forestry, farming and holiday accommodation. Digita Accounts Production Advanced 6.30.9574.0 true true false SC274753 2023-10-01 2024-09-30 SC274753 2024-09-30 SC274753 core:CurrentFinancialInstruments 2024-09-30 SC274753 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 SC274753 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 SC274753 core:Goodwill 2024-09-30 SC274753 core:FurnitureFittingsToolsEquipment 2024-09-30 SC274753 core:LandBuildings 2024-09-30 SC274753 core:MotorVehicles 2024-09-30 SC274753 core:OtherPropertyPlantEquipment 2024-09-30 SC274753 bus:SmallEntities 2023-10-01 2024-09-30 SC274753 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC274753 bus:FilletedAccounts 2023-10-01 2024-09-30 SC274753 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 SC274753 bus:RegisteredOffice 2023-10-01 2024-09-30 SC274753 bus:Director4 2023-10-01 2024-09-30 SC274753 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC274753 core:RevaluationReserve core:LandBuildings 2023-10-01 2024-09-30 SC274753 core:IntangibleAssetsOtherThanGoodwill 2023-10-01 2024-09-30 SC274753 core:FurnitureFittings 2023-10-01 2024-09-30 SC274753 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 SC274753 core:Land 2023-10-01 2024-09-30 SC274753 core:LandBuildings 2023-10-01 2024-09-30 SC274753 core:MotorVehicles 2023-10-01 2024-09-30 SC274753 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 SC274753 core:PlantMachinery 2023-10-01 2024-09-30 SC274753 1 2023-10-01 2024-09-30 SC274753 countries:Scotland 2023-10-01 2024-09-30 SC274753 2023-09-30 SC274753 core:Goodwill 2023-09-30 SC274753 core:FurnitureFittingsToolsEquipment 2023-09-30 SC274753 core:LandBuildings 2023-09-30 SC274753 core:MotorVehicles 2023-09-30 SC274753 core:OtherPropertyPlantEquipment 2023-09-30 SC274753 2022-10-01 2023-09-30 SC274753 2023-09-30 SC274753 core:CurrentFinancialInstruments 2023-09-30 SC274753 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 SC274753 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 SC274753 core:Goodwill 2023-09-30 SC274753 core:FurnitureFittingsToolsEquipment 2023-09-30 SC274753 core:LandBuildings 2023-09-30 SC274753 core:MotorVehicles 2023-09-30 SC274753 core:OtherPropertyPlantEquipment 2023-09-30 iso4217:GBP xbrli:pure

Registration number: SC274753

Fordie Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Fordie Estates Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Fordie Estates Limited

(Registration number: SC274753)
Balance Sheet as at 30 September 2024

Note

30 September
2024
£

30 September
2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

17,488,029

15,211,592

Investment property

6

1,300,000

1,300,000

 

18,788,030

16,511,593

Current assets

 

Stocks

7

1,532

2,691

Debtors

8

1,376,222

126,378

Cash at bank and in hand

 

373,861

99,727

 

1,751,615

228,796

Creditors: Amounts falling due within one year

9

(254,602)

(69,632)

Net current assets

 

1,497,013

159,164

Total assets less current liabilities

 

20,285,043

16,670,757

Creditors: Amounts falling due after more than one year

9

(17,771,633)

(14,720,681)

Net assets

 

2,513,410

1,950,076

Capital and reserves

 

Called up share capital

2,250,100

2,250,100

Revaluation reserve

30,025

78,775

Retained earnings

233,285

(378,799)

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.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for each financial year in accordancce with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

 

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 Board on 25 June 2025 and signed on its behalf by:
 

.........................................
J Elsworth
Director

 

Fordie Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
C/o Foresight Group LLP
Clarence House
133 George Street
Edinburgh
EH2 4JS

These financial statements were authorised for issue by the Board on 25 June 2025.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

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)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

4

Intangible assets

Fishing rights
 £

Total
£

Cost or valuation

At 1 October 2023

1

1

At 30 September 2024

1

1

Amortisation

Carrying amount

At 30 September 2024

1

1

At 30 September 2023

1

1

 

Fordie Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Forestry assets
£

Total
£

Cost or valuation

At 1 October 2023

7,573,684

1,071,274

46,655

7,077,491

15,769,104

Revaluations

(48,750)

-

-

623,410

574,660

Additions

528,360

5,761

-

1,349,310

1,883,431

Transfer to stocks

-

-

-

(147,300)

(147,300)

At 30 September 2024

8,053,294

1,077,035

46,655

8,902,911

18,079,895

Depreciation

At 1 October 2023

-

541,737

15,775

-

557,512

Charge for the year

-

26,634

7,720

-

34,354

At 30 September 2024

-

568,371

23,495

-

591,866

Carrying amount

At 30 September 2024

8,053,294

508,664

23,160

8,902,911

17,488,029

At 30 September 2023

7,573,684

529,537

30,880

7,077,491

15,211,592

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 30 September 2024

Land and buildings are valued at the estimated amount for which they would exchange on the date of the valuation in an arm's length transaction based on a fair market valuation carried out by Savills.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £8,023,269 (2023 - £7,553,931).

6

Investment properties

30 September
2024
£

At 1 October 2023 and 30 September 2024

1,300,000

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.

7

Stocks

30 September
2024
£

30 September
2023
£

Other inventories

1,532

2,691

8

Debtors

Current

30 September
2024
£

30 September
2023
£

Trade debtors

57,625

5,804

Prepayments

46,535

47,362

Other debtors

1,272,062

73,212

 

1,376,222

126,378

 

Fordie Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

30 September
2024
£

30 September
2023
£

Due within one year

Trade creditors

199,857

41,432

Taxation and social security

2,825

2,249

Accruals and deferred income

21,450

6,981

Other creditors

30,470

18,970

254,602

69,632

Creditors: amounts falling due after more than one year

30 September
2024
£

30 September
2023
£

Due after one year

Amounts owed to group undertakings

17,771,633

14,720,681

Amounts owed to group undertakings are unsecured, interest free and have no fixed date for repayment.

10

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
£

Surplus/deficit on property, plant and equipment revaluation

(48,750)

(48,750)

11

Parent and ultimate parent undertaking

The company's immediate parent is Blackmead Forestry Limited, incorporated in England & Wales.

 The ultimate parent is Averon Park Limited, incorporated in England & Wales.