COMPANY REGISTRATION NUMBER:
SC706558
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 March 2025
Fixed assets
|
Tangible assets |
4 |
|
16,963,623 |
17,346,537 |
|
|
|
|
|
Current assets
|
Stocks |
21,421 |
|
19,840 |
|
Debtors |
5 |
142,786 |
|
102,929 |
|
Cash at bank and in hand |
382,195 |
|
177,593 |
|
--------- |
|
--------- |
|
546,402 |
|
300,362 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
18,980,213) |
|
(
18,965,271) |
|
------------- |
|
------------- |
|
Net current liabilities |
|
(
18,433,811) |
(
18,664,909) |
|
|
------------- |
------------- |
|
Total assets less current liabilities |
|
(
1,470,188) |
(
1,318,372) |
|
|
------------ |
------------ |
|
Net liabilities |
|
(
1,470,188) |
(
1,318,372) |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
100 |
|
Profit and loss account |
|
(
1,470,288) |
(
1,318,472) |
|
|
------------ |
------------ |
|
Shareholders deficit |
|
(
1,470,188) |
(
1,318,372) |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Statement of Financial Position (continued) |
|
31 March 2025
These financial statements were approved by the
board of directors
and authorised for issue on
3 December 2025
, and are signed on behalf of the board by:
Company registration number:
SC706558
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Southfield Drive, Elgin, Moray, IV30 6GR.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
25% straight line |
|
Fixtures and fittings |
- |
10% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A
financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Land & buildings |
Plant and machinery |
Fencing |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
At 1 April 2024 |
17,230,823 |
18,444 |
117,283 |
17,366,550 |
|
Additions |
47,532 |
42,500 |
– |
90,032 |
|
Disposals |
(
455,000) |
– |
– |
(
455,000) |
|
------------- |
-------- |
--------- |
------------- |
|
At 31 March 2025 |
16,823,355 |
60,944 |
117,283 |
17,001,582 |
|
------------- |
-------- |
--------- |
------------- |
|
Depreciation |
|
|
|
|
|
At 1 April 2024 |
– |
9,334 |
10,679 |
20,013 |
|
Charge for the year |
– |
7,268 |
10,678 |
17,946 |
|
------------- |
-------- |
--------- |
------------- |
|
At 31 March 2025 |
– |
16,602 |
21,357 |
37,959 |
|
------------- |
-------- |
--------- |
------------- |
|
Carrying amount |
|
|
|
|
|
At 31 March 2025 |
16,823,355 |
44,342 |
95,926 |
16,963,623 |
|
------------- |
-------- |
--------- |
------------- |
|
At 31 March 2024 |
17,230,823 |
9,110 |
106,604 |
17,346,537 |
|
------------- |
-------- |
--------- |
------------- |
|
|
|
|
|
5.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Trade debtors |
23,863 |
11,622 |
|
Other debtors |
118,923 |
91,307 |
|
--------- |
--------- |
|
142,786 |
102,929 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
218,702 |
234,095 |
|
Loans |
11,361,632 |
11,015,200 |
|
Other creditors |
7,399,879 |
7,715,976 |
|
------------- |
------------- |
|
18,980,213 |
18,965,271 |
|
------------- |
------------- |
|
|
|
A balance of £0 (2024 - £1,499,994) included in other creditors is secured by a bond and floating charge over the land and buildings.
7.
Related party transactions
The directors, who are all members of the same family, provided loans to the company of £6,902,916 (2024 - £5,905,879). These loans are interest free and are repayable on demand. A partnership involving a director and a family member provided a loan to the company of £3,967,450 (2024 - £3,967,450). This loan is interest free and repayable on demand. A member of the same family as the directors provided a loan to the company of £1,000,000 (2024 - £1,000,000). Interest at 3% is due on this loan and £30,000 (2024 - £29,583) was accrued for the period with £96,750 (2024 - £66,750) outstanding at the year end. The loan is repayable on demand. A trust, of which one of the directors is a beneficiary, provided a loan of £2,000,000 (2024 - £2,000,000) to the company. Interest of 2.5% is due on this loan and £50,000 (2024 - £49,306) was accrued for the period with £163,889 (2024 - £113,889) outstanding at the year end. The loan is repayable on demand. A trust, of which one of the directors is a beneficiary, provided a loan of £3,126,823 (2023 - £3,000,000) to the company. Interest of 3% rolled up is due on this loan and £93,804 (2024 - £91,073) was accrued for the period with £93,804 (2024 - £91,073) outstanding at the year end. The loan is repayable on demand. A trust, of which one of the directors is a beneficiary, provided a loan of £225,000 to the company during the year. Interest will be accrued monthly at base rate and rolled up over the period of the loan. Interest of £11,205 was accrued in the year and £11,205 was outstanding at the year end. The loan is repayable on demand. A trust, of which one of the directors is a beneficiary, provided a loan of £1,042,360 (2024 - £1,012,000) to the company. Interest at 3% rolled up is due on the loan and £31,270 (2024 - £30,360) was accrued for the period with £31,270 (2024 - £30,360) outstanding at the year end. The loan is repayable on demand. Costs of £27,611 (2024 - £37,803) were paid to a company controlled by one of the directors. The costs related to office estate management & architectural expenses.