Company Registration No. SC102604 (Scotland)
ABERFELDY DEVELOPMENT COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
ABERFELDY DEVELOPMENT COMPANY LTD
COMPANY INFORMATION
Directors
R Keith Moncrieff FRICS
Jennifer Moncrieff
Secretary
Jennifer Moncrieff
Company number
SC102604
Registered office
5 Orchard Brae
ABERFELDY
PH15 2BF
Accountants
Finlaysons
4 Albert Place
PERTH
PH2 8JE
Business address
5 Orchard Brae
ABERFELDY
PH15 2BF
Bankers
Bank of Scotland
10-16 King Edward Street
PERTH
PH1 5UT
ABERFELDY DEVELOPMENT COMPANY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ABERFELDY DEVELOPMENT COMPANY LTD
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
56
70
Investment properties
4
470,003
800,003
470,059
800,073
Current assets
Debtors
5
4
2,275
Cash at bank and in hand
3,659
88
3,663
2,363
Creditors: amounts falling due within one year
6
(202,144)
(440,276)
Net current liabilities
(198,481)
(437,913)
Total assets less current liabilities
271,578
362,160
Capital and reserves
Called up share capital
7
3
3
Revaluation reserve
8
61,190
124,293
Capital redemption reserve
1
1
Profit and loss reserves
210,384
237,863
Total equity
271,578
362,160
ABERFELDY DEVELOPMENT COMPANY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -

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 March 2017 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 Act with respect to accounting records and the preparation of financial statements.

The 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.

The financial statements were approved by the board of directors and authorised for issue on 19 December 2017 and are signed on its behalf by:
R Keith Moncrieff FRICS
Director
Company Registration No. SC102604
ABERFELDY DEVELOPMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information

Aberfeldy Development Company Ltd is a private company limited by shares incorporated in Scotland. The registered office is 5 Orchard Brae, ABERFELDY, PH15 2BF.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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:

Plant and machinery
20%  per annum 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.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.4
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.

1.5
Cash and cash equivalents

Cash at bank and in hand 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.

ABERFELDY DEVELOPMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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.

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 payments 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. Amounts 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.

1.7
Equity instruments

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

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

ABERFELDY DEVELOPMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was - (2016 - 0).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 March 2017
1,580
Depreciation and impairment
At 1 April 2016
1,510
Depreciation charged in the year
14
At 31 March 2017
1,524
Carrying amount
At 31 March 2017
56
At 31 March 2016
70
4
Investment property
2017
£
Fair value
At 1 April 2016
800,003
Disposals
(330,000)
At 31 March 2017
470,003

The fair value of the investment property has been provided by the director Mr R Keith Moncrieff, a member of the Royal Institute of Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

ABERFELDY DEVELOPMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
4
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2017
2016
£
£
Cost
408,810
675,708
Accumulated depreciation
-
-
Carrying amount
408,810
675,708
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
604
Other debtors
4
1,671
4
2,275
6
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
-
836
Other taxation and social security
3,974
-
Other creditors
198,170
439,440
202,144
440,276

The Bank of Scotland holds a standard security over the company's investment property in respect of borrowings by Macnaughtons of Pitlochry, a business owned by R Keith Moncrieff and Mrs Jennifer Moncrieff.

7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and not fully paid
6 Ordinary shares of 50p each
3
3
3
3
ABERFELDY DEVELOPMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
8
Revaluation reserve
2017
2016
£
£
At beginning of year
124,293
124,293
Other movements
(63,103)
-
At end of year
61,190
124,293
9
Related party transactions
Transactions with related parties

R Keith Moncrieff and Mrs Jennifer Moncrieff are partners in Macnaughtons of Pitlochry, a firm which leases premises from the company. The company charged rent of £22,088 to the partnership during the year (2016 - £20,000). During the year the company repaid £259,689 (2016 - £nil) of the loan borrowed from Macnaughtons of Pitlochry. At 31 March 2017 the company was due Macnaughtons of Pitlochry £120,613 (2016 - £380,302) which is included in Other creditors. This loan is interest free and is repayable at call.

 

At 31st March 2017 the company was due Macnaughtons Ltd, a company controlled by the directors £54,173 (2016 - £54,173) which is included in Other creditors. This loan is interest free and is repayable at call.

 

During the year the company sold a property to a pension scheme held for Mr Moncrieff for £330,000. This was the independent professional valuation of the property at the time of sale.

ABERFELDY DEVELOPMENT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
10
Directors' transactions

 

Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
  R Keith Moncrieff FRICS -
-
1,825
71,019
-
(71,306)
1,538
  Jennifer Moncrieff -
-
1,824
19
-
(305)
1,538
3,649
71,038
-
(71,611)
3,076

The above balances are included in Other creditors. The loans are unsecured, interest free and are repayable at call.

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