Company registration number SC367954 (Scotland)
ARNAGE ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
ARNAGE ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ARNAGE ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,792
1,043
Investment properties
4
4,431,606
4,911,606
4,434,398
4,912,649
Current assets
Debtors
5
6,011
10,302
Cash at bank and in hand
64,662
25,312
70,673
35,614
Creditors: amounts falling due within one year
6
(108,277)
(98,092)
Net current liabilities
(37,604)
(62,478)
Total assets less current liabilities
4,396,794
4,850,171
Creditors: amounts falling due after more than one year
7
(3,697,356)
(4,317,947)
Net assets
699,438
532,224
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
699,436
532,222
Total equity
699,438
532,224
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2025 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.
ARNAGE ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
S JONES
S Jones
Director
Company Registration No. SC367954
ARNAGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
Arnage Estates Limited is a private company limited by shares incorporated in Scotland. The registered office is Arnage Castle, Ellon, Aberdeenshire, Scotland, AB41 8PY.
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
Going concern
Atruet 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.
1.3
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from rental income is recognised in the period in which it relates to.
1.4
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:
Fixtures and fittings
25% straight line
Computer equipment
25% straight line
1.5
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. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
ARNAGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
Financial instruments
The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.8
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
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 profit and loss account 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
2
2
ARNAGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2024
26,307
26,307
Additions
3,033
3,033
Disposals
(26,307)
(26,307)
At 31 March 2025
3,033
3,033
Depreciation and impairment
At 1 April 2024
25,264
25,264
Depreciation charged in the year
272
241
513
Eliminated in respect of disposals
(25,536)
(25,536)
At 31 March 2025
241
241
Carrying amount
At 31 March 2025
2,792
2,792
At 31 March 2024
1,043
1,043
4
Investment property
2025
£
Fair value
At 1 April 2024
4,911,606
Disposals
(480,000)
At 31 March 2025
4,431,606
The 2025 valuations were made by the directors, on an open market value basis.
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,700
Prepayments and accrued income
2,311
10,302
6,011
10,302
ARNAGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,025
1,936
Corporation tax
56,414
46,854
Other taxation and social security
7,061
7,349
Accruals and deferred income
42,777
41,953
108,277
98,092
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
3,697,356
4,317,947
8
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2025
2024
£
£
Within one year
275,253
277,309
Between two and five years
1,185,973
1,159,524
In over five years
2,436,443
2,730,480
3,897,669
4,167,313
9
Related party transactions
During the year, the company made advances of £620,591 to the directors. No credits were received which resulted in amounts due by the company at the year end of £3,697,356 (2024 - £4,317,947). The loan is unsecured and interest free with no fixed repayment terms in place.