REGISTERED NUMBER: SC012241 (Scotland)

Financial Statements For The Year Ended 31 December 2024

for

Keir & Cawder Estates Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A H Stirling

S G MacGillvray

SECRETARY:

Ms D Robertson

REGISTERED OFFICE:

Keir Estate Office

Craigarnhall

Bridge Of Allan

Stirling

FK9 4NG

REGISTERED NUMBER:

SC012241 (Scotland)

ACCOUNTANTS:

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

6,983,146

8,112,292

Investments

5

1,138,014

1,136,014

8,121,160

9,248,306

CURRENT ASSETS

Stocks

1,131,248

1,131,248

Debtors

6

63,235

70,641

Cash at bank and in hand

21,400

21,400

1,215,883

1,223,289

CREDITORS

Amounts falling due within one year

7

5,707,720

6,192,122

NET CURRENT LIABILITIES

(4,491,837

)

(4,968,833

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,629,323

4,279,473

CREDITORS

Amounts falling due after more than one year

8

(747,426

)

(782,185

)

PROVISIONS FOR LIABILITIES

(467,070

)

(467,070

)

NET ASSETS

2,414,827

3,030,218

CAPITAL AND RESERVES

Called up share capital

6,470

6,470

Revaluation reserve

1,045,167

1,043,167

Retained earnings

1,363,190

1,980,581

2,414,827

3,030,218

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2026 and were signed on its behalf by:

A H Stirling - Director

1.	STATUTORY INFORMATION

Keir & Cawder Estates Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Heritable property - not depreciated

Plant & Machinery - 15% straight line

Motor Vehicles - 25% reducing balance

Fixtures & Fittings - 25% straight line

Office Equipment - 25% straight line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Land is not depreciated. The Directors do not consider it necessary to depreciate buildings on the basis that they are maintained to a high standard. Whilst this is a departure from the Companies Act 2006, the Directors believe that it is necessary in order to provide a true and fair view.

Investments in subsidiaries

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Stocks

Land held for resale is stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Pension costs and other post-retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Debtors

Short-term· debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixed

Fixtures

Freehold

plant and

and

property

equipment

fittings

£

£

£

COST OR VALUATION

At 1 January 2024

8,095,485

47,419

2,920

Disposals

(1,124,378

)

-

-

At 31 December 2024

6,971,107

47,419

2,920

DEPRECIATION

At 1 January 2024

-

41,773

2,920

Charge for year

-

1,960

-

At 31 December 2024

-

43,733

2,920

NET BOOK VALUE

At 31 December 2024

6,971,107

3,686

-

At 31 December 2023

8,095,485

5,646

-

Motor

Office

vehicles

Equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

41,499

27,286

8,214,609

Disposals

-

-

(1,124,378

)

At 31 December 2024

41,499

27,286

7,090,231

DEPRECIATION

At 1 January 2024

33,688

23,936

102,317

Charge for year

1,953

855

4,768

At 31 December 2024

35,641

24,791

107,085

NET BOOK VALUE

At 31 December 2024

5,858

2,495

6,983,146

At 31 December 2023

7,811

3,350

8,112,292

Cost or valuation at 31 December 2024 is represented by:

Fixed

Fixtures

Freehold

plant and

and

property

equipment

fittings

£

£

£

Valuation in 2024

6,971,107

47,419

2,920

Motor

Office

vehicles

Equipment

Totals

£

£

£

Valuation in 2024

41,499

27,286

7,090,231

If heritable property had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

43,000

43,000

Value of land in freehold land and buildings

8,095,485

8,095,485

Heritable property were valued on an open market basis on 31 October 2018 by Messrs Rettie & Co, Chartered Surveyors .

Included within heritable property is land held at a value of £122,000.

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

1,097,954

38,060

1,136,014

Revaluations

2,000

-

2,000

At 31 December 2024

1,099,954

38,060

1,138,014

NET BOOK VALUE

At 31 December 2024

1,099,954

38,060

1,138,014

At 31 December 2023

1,097,954

38,060

1,136,014

Cost or valuation at 31 December 2024 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2024

1,099,954

38,060

1,138,014

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

12,041

5,200

Amounts owed by related party

41,827

26,537

Tax

-

708

VAT

9,367

14,196

Prepayments and accrued income

-

24,000

63,235

70,641

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

4,193,559

4,521,420

Trade creditors

60,675

63,146

Social security and other taxes

741

2,256

Other creditors

76,498

48,700

Amounts owed to related party

941,222

1,164,752

Accrued expenses

435,025

391,848

5,707,720

6,192,122

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

747,426

782,185

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

3,600,000

3,600,000

The bank loans are secured by a floating charge over all the assets of the Company. Standard securities are also held over Keir Estate, Craigarnhall and land at Morar, Highlands.

10.	RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption offered in FRS 102 not to disclose transaction entered into by two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

At the reporting date, an amount of £41,827 (2023 - £26,537 due from) was due from Responsible Power Systems Limited, a Company with a Director in common.

At the reporting date, included in amounts due to related parties is an amount of £11,651 (2023 - £46,410) owed to/ (from) Mr A Stirling, Director, in respect of a loan provided to the Company and an amount of £735,775 (2023 - £735,775) owed to Mrs S Stirling, Director's wife, for a loan advanced to the Company. The loans have no fixed repayment date.

Furthermore, included in accruals is amount of of £435,025 (2023 - £385,263) owed to Mrs S Stirling in respect of accrued interest. The Directors have guaranteed that the loan will not be recalled within 12 months from the signing of the financial statements.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is A H Stirling.