Lunderston Bay Limited Small abridged accounts

LUNDERSTON BAY LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Lunderston Bay Limited 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 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: SC187370

Lunderston Bay Limited

Filleted Unaudited Abridged Financial Statements

31 July 2017

Lunderston Bay Limited

Abridged Financial Statements

Year ended 31 July 2017

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Statement of changes in equity	4

Notes to the abridged financial statements	5

Lunderston Bay Limited

Officers and Professional Advisers

The board of directors	Mrs Alexandra J Simpson
	Mr Brett W Simpson

Company secretary	Mrs Alexandra J Simpson

Registered office	Union Plaza (6th Floor)
	1 Union Wynd
	Aberdeen
	AB10 1DQ

Accountants	FourM Limited
	Chartered Accountants
	Stannergate House
	41 Dundee Road West
	Broughty Ferry
	Dundee
	DD5 1NB

Bankers	Clydesdale Bank PLC
	865 Shettleston Road
	Glasgow
	G32 7NS

Solicitors	Burness Paull LLP
	Union Plaza (6th Floor)
	1 Union Wynd
	Aberdeen
	AB10 1DQ

Lunderston Bay Limited

Abridged Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5	2,600,617	2,623,911
Investments	6	1,191,004	963,647
		------------	------------
		3,791,621	3,587,558

Current assets

Stocks	90,195	83,588
Debtors	15,149	13,745
Cash at bank and in hand	153,847	248,759
	---------	---------
	259,191	346,092

Creditors: amounts falling due within one year	130,369		127,046
	---------		---------
Net current assets		128,822	219,046
		------------	------------
Total assets less current liabilities		3,920,443	3,806,604
		------------	------------
Net assets		3,920,443	3,806,604
		------------	------------

Lunderston Bay Limited

Abridged Statement of Financial Position (continued)

31 July 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	7	96,775	96,775
Revaluation reserve	8	902,044	920,837
Profit and loss account	8	2,921,624	2,788,992
		------------	------------
Members funds		3,920,443	3,806,604
		------------	------------

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 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 2017 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 .

These abridged financial statements were approved by the board of directors and authorised for issue on 11 December 2017 , and are signed on behalf of the board by:

Mrs Alexandra J Simpson

Director

Company registration number: SC187370

Lunderston Bay Limited

Statement of Changes in Equity

Year ended 31 July 2017

		Called up share capital	Revaluation reserve	Profit and loss account	Total
		£	£	£	£
At 1 August 2015		96,775	939,630	2,920,359	3,956,764

Loss for the year				( 150,160)	( 150,160)
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	( 18,793)	18,793	–
		--------	---------	------------	------------
Total comprehensive income for the year		–	( 18,793)	( 131,367)	( 150,160)

At 31 July 2016		96,775	920,837	2,788,992	3,806,604

Profit for the year				113,839	113,839
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	( 18,793)	18,793	–
		--------	---------	------------	------------
Total comprehensive income for the year		–	( 18,793)	132,632	113,839

		--------	---------	------------	------------
At 31 July 2017		96,775	902,044	2,921,624	3,920,443
		--------	---------	------------	------------

Lunderston Bay Limited

Notes to the Abridged Financial Statements

Year ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in United Kingdom. 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 the provisions of FRS 102 Section 1A, '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. 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 profit of £113,839 for the year, following a loss of £150,160 for the prior year. The profit in the year is attributable to the profit on disposal of the investment of £141,026 and a trading loss of £27,187. Despite the levels of trading losses and the requirement for ongoing financial support, 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. 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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 in the profit and loss account 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 and revenue grants received in the year. Grants received relating to revenue items are credited to the profit and loss account when they are received.

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.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 2 ).

5. Tangible assets

	£
Cost
At 1 August 2016	3,137,178
Disposals	( 33,418)
	------------
At 31 July 2017	3,103,760
	------------
Depreciation
At 1 August 2016	513,267
Charge for the year	23,294
Disposals	( 33,418)
	------------
At 31 July 2017	503,143
	------------
Carrying amount
At 31 July 2017	2,600,617
	------------
At 31 July 2016	2,623,911
	------------

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 £1,631,040 and revalued land held at value of £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 2017
Aggregate cost	2,549,889
Aggregate depreciation	(938,178)
	------------
Carrying value	1,611,711
	------------

At 31 July 2016
Aggregate cost	2,549,889
Aggregate depreciation	(888,498)
	------------
Carrying value	1,661,391
	------------

6. Investments

	£
Cost
At 1 August 2016	963,647
Additions	1,805,284
Disposals	( 1,577,927)
	------------
At 31 July 2017	1,191,004
	------------
Impairment
At 1 August 2016 and 31 July 2017	–
	------------
Carrying amount
At 31 July 2017	1,191,004
	------------
At 31 July 2016	963,647
	------------

7. Called up share capital

Issued, called up and fully paid

	2017		2016
	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 Alexandra J. Simpson is the sole Executrix of Dr Kinloch's estate. Accordingly, the company is controlled by Mrs Alexandra J. Simpson, who is a director. Mrs Alexandra J. Simpson was charged rent of £3,000 (2016 - £5,000) by the company in the year, which amount has been debited to the directors' current account. At the year end, the balance on the directors' current account due by the company was £115,601 (2016 - £118,601).

10. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.