Company Registration No. SC087684 (Scotland)
GREENFIELD PROPERTIES (PERTH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
PAGES FOR FILING WITH REGISTRAR
GREENFIELD PROPERTIES (PERTH) LIMITED
COMPANY INFORMATION
Director
Dennis Robb
Company number
SC087684
Registered office
Greenfields
West Woodlands
PERTH
PH2 OPJ
Accountants
Finlaysons
4 Albert Place
PERTH
PH2 8JE
Bankers
The Royal Bank of Scotland plc
Perth Chief Office
12 Dunkeld Road
PERTH
PH1 5RB
Solicitors
Anderson Beaton Lamond
Bordeaux House
31 Kinnoull Street
PERTH
PH1 5EN
GREENFIELD PROPERTIES (PERTH) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
GREENFIELD PROPERTIES (PERTH) LIMITED
BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
118
147
Investment properties
4
1,283,054
1,283,054
1,283,172
1,283,201
Current assets
Debtors
5
-
575
Cash at bank and in hand
36,119
34,208
36,119
34,783
Creditors: amounts falling due within one year
6
(47,845)
(46,378)
Net current liabilities
(11,726)
(11,595)
Total assets less current liabilities
1,271,446
1,271,606
Provisions for liabilities
(182,468)
(182,468)
Net assets
1,088,978
1,089,138
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
902,395
902,395
Profit and loss reserves
186,581
186,741
Total equity
1,088,978
1,089,138
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
GREENFIELD PROPERTIES (PERTH) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities: • 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; • The director acknowledges his 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;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 18 January 2017 and are signed on its behalf by:
Dennis Robb
Director
Company Registration No. SC087684
GREENFIELD PROPERTIES (PERTH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2014
2
902,395
172,747
1,075,144
Year ended 31 May 2015:
Profit and total comprehensive income for the year
-
-
30,994
30,994
Dividends
-
-
(17,000)
(17,000)
Balance at 31 May 2015
2
902,395
186,741
1,089,138
Year ended 31 May 2016:
Profit and total comprehensive income for the year
-
-
29,840
29,840
Dividends
-
-
(30,000)
(30,000)
Balance at 31 May 2016
2
902,395
186,581
1,088,978
GREENFIELD PROPERTIES (PERTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
- 4 -
1
Accounting policies
Company information
Greenfield Properties (Perth) Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Greenfields, West Woodlands, PERTH, PH2 OPJ.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings.
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, 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.
These financial statements for the year ended 31 May 2016
are the
first
financial statements of Greenfield Properties (Perth) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2014. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
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.
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 as 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.
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 and intangible 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.
GREENFIELD PROPERTIES (PERTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
1
Accounting policies
(Continued)
- 5 -
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.
1.5
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.
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.
1.6
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 statement of financial position 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.
Financial instruments are recognised in the company's statement of financial position 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
GREENFIELD PROPERTIES (PERTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
1
Accounting policies
(Continued)
- 6 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Provision is made at current rates for taxation deferred in respect of all material timing differences except to the extent that, in the opinion of the directors, there is reasonable probability that the liability will not arise in the foreseeable future.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
GREENFIELD PROPERTIES (PERTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2015 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2015 and 31 May 2016
366
Depreciation and impairment
At 1 June 2015
219
Depreciation charged in the year
29
At 31 May 2016
248
Carrying amount
At 31 May 2016
118
At 31 May 2015
147
4
Investment property
2016
£
Fair value
At 1 June 2015 and 31 May 2016
1,283,054
Investment property comprises eight properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 1 June 2014 by the director, Dennis Robb. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Other debtors
-
575
GREENFIELD PROPERTIES (PERTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 8 -
6
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
77
-
Trade creditors
103
651
Corporation tax
7,459
7,757
Other creditors
40,206
37,970
47,845
46,378
7
Provisions for liabilities
2016
2015
£
£
Deferred tax liabilities
182,468
182,468
182,468
182,468
8
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
10,000 'A' ordinary shares of 0.01p each
1
1
10,000 'B' ordinary shares of 0.01p each
1
1
2
2
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 June
31 May
2014
2015
£
£
Equity as reported under previous UK GAAP
1,196,613
1,210,606
Adjustments arising from transition to FRS 102:
Increase in value of investment property
61,000
61,000
Deferred tax adjustment on transition
(182,468)
(182,468)
Equity reported under FRS 102
1,075,145
1,089,138
GREENFIELD PROPERTIES (PERTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
9
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Reconciliation of profit for the financial period
2015
£
Profit as reported under previous UK GAAP and under FRS 102
30,994
Notes to reconciliations on adoption of FRS 102
Investment properties
The investment properties were re-valued by the directors on the date of transition, by market reference to transaction prices of similar properties.
Deferred taxation
Deferred taxation has been provided for on the revaluation of investment properties at the date of transition. The directors had not provided for this under the previous accounting regime.
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Director's responsibilities: •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; •The director acknowledges his 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; •The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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