Company Registration No. SC162535
BALNAFETTACH (ESTATES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BALNAFETTACH (ESTATES) LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BALNAFETTACH (ESTATES) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
266,488
275,779
Current assets
Stocks
3,447
2,276
Debtors
4
613
353
Cash at bank and in hand
2,379
8,925
6,439
11,554
Creditors: amounts falling due within one year
5
(5,610)
(2,706)
Net current assets
829
8,848
Total assets less current liabilities
267,317
284,627
Creditors: amounts falling due after more than one year
6
-
0
(4,998)
Provisions for liabilities
Deferred tax liability
7
67,945
67,945
(67,945)
(67,945)
Net assets
199,372
211,684
Capital and reserves
Allotted, issued and fully paid share capital
95
95
Profit and loss reserves
199,277
211,589
Total equity
199,372
211,684

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BALNAFETTACH (ESTATES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2021 and are signed on its behalf by:
Mr W M Cassells
Mrs S O V Cassells
Director
Director
Company Registration No. SC162535
BALNAFETTACH (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information

Balnafettach (Estates) Limited is a private company limited by shares incorporated in Scotland. The registered office is Balnafettach, Cromdale, Grantown on Spey, Moray, PH26 3LW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the date on which the financial statements were approved, the financial implications arising from the Coronavirus (Covid-19) outbreak which has affected the UK are still uncertain. The directors have taken appropriate action in response to government advice. The company will continue to take all reasonable steps to minimise costs to the business during periods of curtailment. true The directors will continue to review the impact of coronavirus on its activities and to assess the company's position as a going concern. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and accounts.

1.3
Turnover

Turnover represents revenue earned, excluding value added tax, from farming, shooting and fishing.

 

Revenue is recognised as earned when, significant risks and rewards of ownership have passed to the buyer and the amount of revenue can be reliably measured.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Heritable property
at varying rates on cost
Plant and machinery
25% reducing balance
Tractors
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

BALNAFETTACH (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies (Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BALNAFETTACH (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies (Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2020
2019
Number
Number
Total
-
0
-
0
BALNAFETTACH (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
3
Tangible fixed assets
Heritable property
Plant and machinery
Tractors
Total
£
£
£
£
Cost
At 1 January 2020
360,247
239,623
55,299
655,169
Additions
-
0
3,489
-
0
3,489
Disposals
-
0
(101,966)
-
0
(101,966)
At 31 December 2020
360,247
141,146
55,299
556,692
Depreciation and impairment
At 1 January 2020
100,381
226,893
52,116
379,390
Depreciation charged in the year
6,493
3,576
795
10,864
Eliminated in respect of disposals
-
0
(100,050)
-
0
(100,050)
At 31 December 2020
106,874
130,419
52,911
290,204
Carrying amount
At 31 December 2020
253,373
10,727
2,388
266,488
At 31 December 2019
259,866
12,730
3,183
275,779
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
613
353
5
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
-
0
4
Other creditors
5,610
2,702
5,610
2,706
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
-
4,998
BALNAFETTACH (ESTATES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2020
2019
Balances:
£
£
Deferred capital gain
67,945
67,945
There were no deferred tax movements in the year.
2020-12-31 2020-01-01 false 09 April 2021 CCH Software CCH Accounts Production 2021.100 The principle activity of the company in the year under review was that of Highland Cattle farming, shooting and fishing.
Mr William Marshall Cassells Mrs Stephanie Olivia V Cassells Mr W M Cassells
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