Benmore Estate Limited
Benmore Estate Limited
Registered number: SC192048
Financial Statements
For The Year Ended 31 December 2023
Gillespie's
Chartered Accountants
33 Leslie Street
Blairgowrie
Perthshire
PH10 6AW
Benmore Estate Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—8 |
Benmore Estate Limited
Balance Sheet
As At
31 December 2023
Balance Sheet
Registered number:
SC192048
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| Investments | 6 |
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| CURRENT ASSETS | |||||
| Stocks | 7 |
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| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 13 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 14 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 17,123,752 | 13,833,204 | |||
Benmore Estate Limited
Balance Sheet (continued)
As At
31 December 2023
On behalf of the board
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Director
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The notes on pages 3 to 8 form part of these financial statements.
Benmore Estate Limited
Notes to the Financial Statements
For The Year Ended 31 December 2023
Notes to the Financial Statements
1.
General Information
Benmore Estate Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC192048
. The registered office is Princes Exchange, 1 Earl Grey Street, Edinburgh, Midlothian, EH3 9EE.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from property rental, the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to Website costs. These are amortised to profit and loss account over their estimated economic life of 10 years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation.
Land and buildings are not in general depreciated, however the Hydro Scheme installation which in total cost £2,594,532; Hatchery costs of £1,028,265; Island Pods costs of £1,084,456; Coffee Pod costs £16,995 and Knock Water Supply costs £37,565 are being depreciated on a 5% Straight Line basis.
New Bridge costs at Rhoal £160,334, SLT Glenforsa £109,000 and Glenforsa £246,748, and roadworks £72,300 are being depreciated at 10% reducing balance.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Roads & Fencing |
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2.5.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Benmore Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7.
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was:
| 2023 | 2022 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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| Directors |
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Benmore Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
4.
Intangible Assets
| Other | |||
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| £ | |||
| Cost | |||
| As at 1 January 2023 |
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| As at 31 December 2023 |
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| Amortisation | |||
| As at 1 January 2023 |
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| Provided during the period |
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| As at 31 December 2023 |
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| Net Book Value | |||
| As at 31 December 2023 |
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| As at 1 January 2023 |
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5.
Tangible Assets
| Land & Property | ||||
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| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2023 |
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| Additions |
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| Disposals |
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| As at 31 December 2023 |
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| Depreciation | ||||
| As at 1 January 2023 |
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| Provided during the period |
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| Disposals |
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| As at 31 December 2023 |
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| Net Book Value | ||||
| As at 31 December 2023 |
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| As at 1 January 2023 |
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| Roads & Fencing | Total | |
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| £ | £ | |
| Cost | ||
| As at 1 January 2023 |
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| Additions |
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| Disposals |
( |
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| As at 31 December 2023 |
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...CONTINUED
Benmore Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
| Depreciation | ||
| As at 1 January 2023 |
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| Provided during the period |
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| Disposals |
( |
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| As at 31 December 2023 |
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| Net Book Value | ||
| As at 31 December 2023 |
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| As at 1 January 2023 |
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6.
Investments
| Listed | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2023 |
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| Additions |
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| Disposals |
( |
| Revaluations |
( |
| As at 31 December 2023 |
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| Provision | |
| As at 1 January 2023 |
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| As at 31 December 2023 |
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| Net Book Value | |
| As at 31 December 2023 |
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| As at 1 January 2023 |
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Investments relate to shares held within Investment Portfolios managed by Mr T P Radford. Revaluation reflects the unrealised gains/losses between original purchase price at cost and market value at the period end.
7.
Stocks
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Finished goods |
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8.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors | - |
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| VAT |
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Benmore Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
9.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Credit card balance |
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| AMC loans <1 year |
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| Accrued expenses |
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| Coronavirus Business Interruption Loan within one year |
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10.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | - |
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| Loan from Mr T. P. Radford |
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| AMC Loan Hydro |
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| Coronavirus Business Interruption Loan after one year |
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11.
Secured Creditors
Agricultural Mortgage Corporation plc hold both a floating charge over the property and undertakings of the company and a standard security over the property known as Benmore Forest Estate, both in regards to the mortgages from AMC plc.
On 12 January 2022, the Bank of Scotland was granted a floating charge over the company assets.
Of the creditors falling due within and after more than one year the following amounts are secured.
Bank Loan - Coronavirus Business Interruption Loan
Other Creditor - Agricultural Mortgage Corporation plc
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 109,848 | 151,515 | |
| Other Creditors | 1,262,868 | 1,337,892 |
12.
Obligations Under Finance Leases and Hire Purchase
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
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| Later than one year and not later than five years | - |
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Benmore Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
13.
Deferred Taxation
The provision for deferred taxation is due to timing effect of accelerated capital allowances
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 986,548 | 523,983 | |
15.
Directors Advances, Credits and Guarantees
Included within creditors is the following loan from a director:
| As at 1 January 2023 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 December 2023 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Timothy Radford |
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The above loan is unsecured, interest free and repayable on demand.
16.
Related Party Transactions
During the years ended 31 December 2023, Benmore Estate Limited paid management fees of £72,000 (2022 - £60,000) to T P Radford, the Managing Director and sole shareholder of Benmore Estate Limited.
17.
Ultimate Controlling Party
The company's controlling party is
Timothy Piers Radford
by virtue of his ownership of 100% of the issued share capital in the company.