| REGISTERED NUMBER: |
| Drygrange Estate Company Limited |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| REGISTERED NUMBER: |
| Drygrange Estate Company Limited |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| Drygrange Estate Company Limited (Registered number: SC169910) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Drygrange Estate Company Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 9 Ainslie Place |
| Edinburgh |
| Midlothian |
| EH3 6AT |
| BANKERS: |
| High Street |
| Earlston |
| TD4 6BT |
| Drygrange Estate Company Limited (Registered number: SC169910) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium | 9 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| 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 each financial year and of its profit or loss for each financial year in accordance 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. |
| Drygrange Estate Company Limited (Registered number: SC169910) |
| Balance Sheet - continued |
| 30 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Drygrange Estate Company Limited (Registered number: SC169910) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Drygrange Estate Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors going concern assessment covers the period of at least 12 months from the date of signing of these financial statements. |
| Turnover and revenue recognition |
| Turnover represents property rental, shooting and fishing rents, farming income, timber sales and wayleaves, all of which are net of value added tax. |
| Property rent is recognised in accordance with the lease agreement. Shooting and fishing rents are recognised in line with the dates of the rental period. Rent paid in advance is shown separately as deferred income. Farming income and timber sales are recognised at the point of sale and wayleave income is recognised when it is received. |
| Where entitlement is not conditional on a specific performance by the company, grants are recognised when the company becomes unconditionally entitled. Where related to performance and specific deliverables, grants are accounted for as the company earns the right to consideration by its performance. |
| Investment income is recognised when receivable. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery | - |
| All fixed assets are recorded at cost. Where events or changes in circumstances indicate that the carrying amount of a fixed asset exceeds the recoverable amount, the asset is subject to an impairment charge equal to the excess. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Drygrange Estate Company Limited (Registered number: SC169910) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments comprise financial assets and financial liabilities which are recognised when the company becomes a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS102 and are accounted for at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial. |
| Financial assets at cost comprise cash, trade debtors, amounts owed by associates and other debtors. Financial liabilities comprise bank loans and overdrafts, trade creditors, accruals and other creditors. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Fixed asset investments |
| Fixed asset investments are accounted for at fair value and gains and losses on revaluation are recognised in the income statement and transferred to the fair value reserve. Deferred taxation is provided on any gains or losses arising and is recognised in the fair value reserve. |
| Government grants |
| Government grants in relation to tangible fixed asset are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. |
| Drygrange Estate Company Limited (Registered number: SC169910) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Provisions |
| Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| Judgements and key sources of estimation uncertainty |
| In the application of the businesses accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Included in cost of land and buildings is land which is subject to impairment review but otherwise not depreciated. |
| The director considers the total market value of land and buildings to be equal to or above net book value. |
| Drygrange Estate Company Limited (Registered number: SC169910) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 30 September 2024 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2024 | 3,635,326 | 41,608 | 3,676,934 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Cost or valuation at 30 September 2024 is represented by: |
| Shares in |
| group |
| undertakings |
| £ |
| Cost | 1 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| Drygrange Estate Company Limited (Registered number: SC169910) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | SECURED DEBTS |
| Bank loans and overdrafts are owed to the Royal Bank of Scotland and are secured by a bond and floating charge over all property and assets present and future of the company, including uncalled capital, and a standard security over certain land owed by the company with a value of £2,123,000. |
| In addition, there is a standard security over the same land in respect of amounts that would become payable to the previous owner were any of the land to be sold for development before 2038. |
| 9. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 October 2023 | 4,049,583 |
| Deficit for the year | ( |
) | ( |
) |
| At 30 September 2024 | 4,001,714 |