|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2017 |
|
for |
|
Pitcastle Estate Management Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2017 |
|
for |
|
Pitcastle Estate Management Limited |
Pitcastle Estate Management Limited (Registered number: SC243198) |
|
Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Pitcastle Estate Management Limited |
|
Company Information |
for the Year Ended 31 March 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Accountants |
5 Whitefriars Crescent |
Perth |
Perthshire |
PH2 0PA |
Pitcastle Estate Management Limited (Registered number: SC243198) |
|
Balance Sheet |
31 March 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
|
|
Tangible assets | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
|
|
NET LIABILITIES | ( |
) | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings | ( |
) | ( |
) |
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. |
Pitcastle Estate Management Limited (Registered number: SC243198) |
|
Balance Sheet - continued |
31 March 2017 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
Pitcastle Estate Management Limited (Registered number: SC243198) |
|
Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
|
|
1. | STATUTORY INFORMATION |
|
Pitcastle Estate Management Limited is a
|
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. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover represents income from farming, conference and sporting facilities, woodland grants, rental |
income and generation of electricity and the associated feed in tariff and is stated net of VAT. Turnover |
from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover |
from the supply of services represents the value of services provided in the period. Turnover from |
woodland grants is recognised when the business has met all the conditions which entitle it to payment. |
Turnover from generation of electricity and the associated feed in tariff is recognised at the contracted rate |
as electricity is generated. |
|
Agricultural grant entitlement |
The agricultural grant entitlement is being amortised evenly over its estimated useful life of 7 years. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at |
cost less any accumulated amortisation and any accumulated impairment losses. |
|
Tangible fixed assets |
|
Property improvements | - |
|
Plant and machinery | - |
|
Motor vehicles | - |
|
Hydro scheme | - |
|
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
|
Pitcastle Estate Management Limited (Registered number: SC243198) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
|
|
3. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the |
current or past reporting periods using the tax rates and laws that have been enacted or substantively |
enacted by the reporting date. |
|
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise |
indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is |
calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting |
date that are expected to apply to the reversal of the timing difference. |
|
With the exception of changes arising on the initial recognition of a business combination, the tax expense |
is presented either in profit or loss, other comprehensive income or equity depending on the transaction |
that resulted in the tax expense. |
|
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and |
depreciated over their useful lives. Obligations under such agreements are included in 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 constant periodic rates of charge on the net obligations outstanding |
in each period. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
|
Single farm payment scheme/basic payment scheme |
Payment received under the EU Single farm payment scheme/Basic payment scheme is recognised as |
income only when the business has met all the criteria which entitles it to the payment. This follows the |
end of the calendar year in which the claim was made. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Pitcastle Estate Management Limited (Registered number: SC243198) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
|
|
5. | INTANGIBLE FIXED ASSETS |
Agricultural |
grant |
entitlement |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
|
AMORTISATION |
At 1 April 2016 |
and 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
At 31 March 2016 |
|
|
6. | TANGIBLE FIXED ASSETS |
Property | Plant and | Motor | Hydro |
improvements | machinery | vehicles | scheme | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2016 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 March 2017 |
|
|
|
|
|
DEPRECIATION |
At 1 April 2016 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 March 2017 |
|
|
|
|
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
|
|
|
At 31 March 2016 |
|
|
|
|
|
Pitcastle Estate Management Limited (Registered number: SC243198) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
|
|
6. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
|
DEPRECIATION |
At 1 April 2016 |
|
Charge for year |
|
At 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
At 31 March 2016 |
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
|
|
Other creditors |
|
|
|
|
Pitcastle Estate Management Limited (Registered number: SC243198) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
|
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Hire purchase contracts |
|
|
|
The hire purchase debt is secured over the assets for which it was provided. |
|
The Coutts & Company bank holds a floating charge over the company's property, undertaking, assets |
(including uncalled capital) and rights owned now or in the future. |
|
11. | CAPITAL COMMITMENTS |
2017 | 2016 |
£ | £ |
Contracted but not provided for in the |
financial statements |
|
|
|
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
31 March 2016: |
|
2017 | 2016 |
£ | £ |
|
Balance outstanding at start of year | ( |
) |
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
|
13. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
|
14. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is S L C Robertson. |
|
15. | ULTIMATE PARENT COMPANY |
|
Robertson Holdings Limited (incorporated in Jersey) is regarded by the director as being the company's |
ultimate parent company. |
Pitcastle Estate Management Limited (Registered number: SC243198) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
|
|
16. | GOING CONCERN |
|
These financial statements have been prepared on the going concern basis. However, the company is reliant |
on the continued support of the Robertson family, to continue trading. |
|
17. | FIRST YEAR ADOPTION |
|
The company transitioned from UK GAAP to FRS 102 as at 1 April 2016. |
|