Company Registration No. SC268420 (Scotland)
ALCHEMIST ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
ALCHEMIST ESTATES LIMITED
COMPANY INFORMATION
Director
Mr B Gillies
Secretary
Mrs J Cruden
Company number
SC268420
Registered office
Titanium 1
King's Inch Place
Renfrew
PA4 8WF
Accountants
Campbell Dallas Limited
Titanium 1
King's Inch Place
Renfrew
PA4 8WF
ALCHEMIST ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ALCHEMIST ESTATES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,248
2,773
Investment properties
3
220,000
220,000
Investments
4
2
2
223,250
222,775
Current assets
Debtors
5
1,605,654
3,060,342
Cash at bank and in hand
98,134
52,847
1,703,788
3,113,189
Creditors: amounts falling due within one year
6
(1,736,734)
(2,988,471)
Net current (liabilities)/assets
(32,946)
124,718
Total assets less current liabilities
190,304
347,493
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
189,304
346,493
Total equity
190,304
347,493
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 25 March 2019
Mr B Gillies
Director
Company Registration No. SC268420
ALCHEMIST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 2 -
1
Accounting policies
Company information
Alchemist Estates Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Titanium 1, King's Inch Place, Renfrew, PA4 8WF.
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, 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
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Fixtures and fittings
20% Reducing Balance
Computers
20% 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
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
ALCHEMIST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 3 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
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.
1.8
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.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2017
29,905
14,161
44,066
Additions
-
1,287
1,287
At 30 June 2018
29,905
15,448
45,353
Depreciation and impairment
At 1 July 2017
29,905
11,388
41,293
Depreciation charged in the year
-
812
812
At 30 June 2018
29,905
12,200
42,105
Carrying amount
At 30 June 2018
-
3,248
3,248
At 30 June 2017
-
2,773
2,773
ALCHEMIST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 4 -
3
Investment property
2018
£
Fair value
At 1 July 2017 and 30 June 2018
220,000
If the investment property portfolio had not been revalued, it would have been included at a cost of £220,000 (2017 - £220,000). Investment properties were valued on an open market basis by Mr Brian Gillies. Mr Gillies is a Chartered Surveyor.
4
Fixed asset investments
2018
2017
£
£
Investments
2
2
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2017 & 30 June 2018
2
Carrying amount
At 30 June 2018
2
At 30 June 2017
2
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
275,100
275,100
Other debtors
1,330,554
2,785,242
1,605,654
3,060,342
ALCHEMIST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
528
180
Taxation and social security
9,476
1,336,848
Other creditors
1,726,730
1,651,443
1,736,734
2,988,471
7
Securities
The Royal Bank of Scotland plc holds a bond and floating charge over all assets of the company in respect of monies due or becoming due to the bank.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts due to related parties
£
£
Other related parties
1,740,777
1,638,531
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts due from related parties
£
£
Other related parties
1,604,671
3,059,942
Loans due to / from related parties are unsecured, interest free and have no fixed terms of repayment.