Lunderston Bay Limited Filleted accounts for Companies House (small and micro)

LUNDERSTON BAY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC187370

Lunderston Bay Limited

Filleted Unaudited Abridged Financial Statements

31 July 2022

Lunderston Bay Limited

Abridged Statement of Financial Position

31 July 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5	2,417,947	2,451,582
Investments	6	1,046,479	1,177,688
		------------	------------
		3,464,426	3,629,270

Current assets

Stocks	119,447	112,472
Debtors	18,028	12,998
Cash at bank and in hand	245,415	273,392
	---------	---------
	382,890	398,862

Creditors: amounts falling due within one year	122,976		145,638
	---------		---------
Net current assets		259,914	253,224
		------------	------------
Total assets less current liabilities		3,724,340	3,882,494
		------------	------------
Net assets		3,724,340	3,882,494
		------------	------------

Capital and reserves

Called up share capital	7	96,775	96,775
Revaluation reserve	8	808,079	826,872
Profit and loss account	8	2,819,486	2,958,847
		------------	------------
Shareholders funds		3,724,340	3,882,494
		------------	------------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 July 2022 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 July 2022 in accordance with Section 444(2A) of the Companies Act 2006.

Lunderston Bay Limited

Abridged Statement of Financial Position (continued)

31 July 2022

These abridged financial statements were approved by the board of directors and authorised for issue on 19 March 2023 , and are signed on behalf of the board by:

Mrs Alexandra J Simpson

Director

Company registration number: SC187370

Lunderston Bay Limited

Notes to the Abridged Financial Statements

Year ended 31 July 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Union Plaza (6th Floor), 1 Union Wynd, Aberdeen, AB10 1DQ.

2. Statement of compliance

These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company has made a loss of £158,154 for the year, following a profit of £60,983 in the prior year. After a review of the current performance of the company, the directors consider that the going concern basis continues to be appropriate in the preparation of the company's annual financial statements, for the following reasons; The directors have reviewed the commercial operations of the company and have undertaken a series of measures designed to improve profitability, and reduce overall trading losses. Additionally, the directors have implemented a 5 year strategic plan to stabilise, re-invigorate and maintain running of the estate. In 2015, the company invested in a portfolio of managed funds worth £1.2m. The company withdraws a monthly cash sum from the investment portfolio to support its trading operations and to allow the company to meet its ongoing financial obligations. The impact of the Covid-19 pandemic has resulted in a downturn in the economy, specifically the tourism sector in Scotland. The company does however consider that the lockdown restrictions continue to have a minor impact on turnover generated from livestock and non-residential rental income. Accordingly, the directors consider that the company will have sufficient financial resources to meet all of its obligations for at least the 12 months period from the date of approval of these accounts.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accruals Management estimate requirements for accruals using post year end information and information available from detailed budgets. This identifies costs and income that are expected to be incurred or received for goods and services provided by and to other parties relating to the period reported on.

Revenue recognition

The turnover shown included in the Statement of Comprehensive Income represents the value of sales of livestock, shooting rights and felled timber during the year, exclusive of Value Added Tax. Other operating income reflects rents to tenants, holiday lets, rent of land within the Estate and maintenance contracts.

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. An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss.

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:

Freehold property	-	2% straight line
Plant & machinery	-	20% straight line
Motor vehicles	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stock, which comprises livestock, is valued at current market values.

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. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 2 ).

5. Tangible assets

	£
Cost
At 1 August 2021	3,095,412
Additions	1,920
	------------
At 31 July 2022	3,097,332
	------------
Depreciation
At 1 August 2021	643,830
Charge for the year	35,555
	------------
At 31 July 2022	679,385
	------------
Carrying amount
At 31 July 2022	2,417,947
	------------
At 31 July 2021	2,451,582
	------------

Tangible assets held at valuation

In April 2013, the company's Freehold Property was valued by Alastair D Logan, F.I.A (Scot) of Caledonian Marts (Stirling) Ltd. The directors revalued the Freehold Property in line with that valuation, and the surplus was credited to the Revaluation reserve. Included in the carrying value above are revalued properties held at value of £1,463,762 (2021 - £1,497,800) and revalued land held at value of £951,700 (2021 - £951,700).

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	£
At 31 July 2022
Aggregate cost	2,549,889
Aggregate depreciation	(1,186,637)
	------------
Carrying value	1,363,252
	------------

At 31 July 2021
Aggregate cost	2,549,889
Aggregate depreciation	(1,136,959)
	------------
Carrying value	1,412,930
	------------

6. Investments

	£
Cost/valuation
At 1 August 2021	1,177,688
Additions at cost	13,681
Disposal proceeds	( 58,406)
Fair value adjustment	( 86,484)
	------------
At 31 July 2022	1,046,479
	------------
Impairment
At 1 August 2021 and 31 July 2022	–
	------------
Carrying amount
At 31 July 2022	1,046,479
	------------
At 31 July 2021	1,177,688
	------------

Investments held at valuation

Listed investments were valued using the share price at the balance sheet date.

In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	£
At 31 July 2022
Aggregate cost	1,110,051
Aggregate depreciation	–
	------------
Carrying value	1,110,051
	------------

At 31 July 2021
Aggregate cost	1,153,421
Aggregate depreciation	–
	------------
Carrying value	1,153,421
	------------

7. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 0.25 each	387,099	96,775	387,099	96,775
	---------	--------	---------	--------

8. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

9. Related party transactions

Dr James Kinloch was a director and the controlling shareholder until his death on 30 April 2013. Mrs Alexandera J. Simpson is the sole Executrix of Dr Kinloch's estate. Accordingly, the company is controlled by Mrs Alexandera J. Simpson, who is a director. Mrs Alexandera J. Simpson was charged rent of £2,679 (2021 - £nil) by the company in the year, which amount had been debited to the directors' current account. At the year end, the balance on the directors' current account due by the company was £107,103 (2021 - £110,154). The balance is repayable on demand with no interest charged. The balance is disclosed within Creditors: amounts falling due within one year.