REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Polly Estates Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Polly Estates Limited |
Polly Estates Limited (Registered number: SC035177) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
Polly Estates Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: | Mrs N D Davies |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
9 Ardross Street |
Inverness |
IV3 5NN |
Polly Estates Limited (Registered number: SC035177) |
Report of the Directors |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the operation of Inverpolly Estate. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
BY ORDER OF THE DIRECTORS: |
Polly Estates Limited (Registered number: SC035177) |
Income Statement |
for the Year Ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
73,868 | 118,122 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
81,456 | 143,915 |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
Polly Estates Limited (Registered number: SC035177) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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. |
Polly Estates Limited (Registered number: SC035177) |
Balance Sheet - continued |
31 December 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Polly Estates Limited (Registered number: SC035177) |
Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Polly Estates Limited (Registered number: SC035177) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Polly Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
All fixed assets, with the exception of the initial land and buildings, are recorded at cost. The initial land and buildings are recorded at revaluation. |
Depreciation is calculated so as to write off the cost or revaluation of an asset, less its estimated residual value, over the useful life of that asset as follows: |
Original land and buildings | at revaluation |
Ladysmith Street | 1% straight line |
Building improvements | 1% straight line |
Sheds and agricultural buildings | 4% straight line |
Plant and machinery | from 10% to 20% reducing value |
Investment property |
Investment property is shown at depreciated value. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 balance sheet date. |
Polly Estates Limited (Registered number: SC035177) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Investments |
Investments are stated at cost. |
Operating lease agreement |
Rental applications to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
Polly Estates Limited (Registered number: SC035177) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Included in cost of land and buildings is freehold land of £ 1,041,677 (2021 - £ 1,041,677 ) which is not depreciated. |
The valuation of the land and buildings has applied the transitional rules in accordance with Financial Reporting standards for smaller entities. |
The directors are of the view that the revaluation figure stated below is significantly below market value but no further revaluation is currently planned. (see Note 1, Accounting Policies, Deferred taxation.) |
In respect of certain fixed assets stated at valuations, the comparable historic cost and depreciation are as follows: |
2021 | 2020 |
£ | £ |
Net book value at end of year | 1,041,677 | 1,041,677 |
Historic cost | 132,249 | 132,249 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Polly Estates Limited (Registered number: SC035177) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 | 10,020 |
Charge for year | 1,830 |
At 31 December 2022 | 11,850 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
8. | STOCKS |
2022 | 2021 |
£ | £ |
Cattle Herd | 25,900 | 29,600 |
Trading Herd |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
VAT |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 17,903 | 30,811 |
Accruals and deferred income |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary shares | 1 | 10,000 | 10,000 |
Polly Estates Limited (Registered number: SC035177) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
At 31 December 2022 |
Included in the retained earnings is £924,670 of revaluation reserve which is non-distributable. |
13. | RELATED PARTY DISCLOSURES |
No transactions with related parties were undertaken such as require to be disclosed under Financial Reporting standard 8. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties of Polly Estates Ltd throughout the year under review and the previous year were: Mr David Davies by way of his directorship; and Mrs Nicola Davies by way of her directorship . |