Company registration number SC462486 (Scotland)
LAGAVULIN FACILITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LAGAVULIN FACILITIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
LAGAVULIN FACILITIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
2,450,000
1,650,000
Cash at bank and in hand
65,058
829,832
2,515,058
2,479,832
Creditors: amounts falling due within one year
4
(182,314)
(182,230)
Net current assets
2,332,744
2,297,602
Capital and reserves
Called up share capital
2,000,000
2,000,000
Profit and loss reserves
332,744
297,602
Total equity
2,332,744
2,297,602
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 2023 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.
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 17 December 2023 and are signed on its behalf by:
Scott Grier
Director
Company Registration No. SC462486
LAGAVULIN FACILITIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
2,000,000
262,805
2,262,805
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
34,797
34,797
Balance at 31 March 2022
2,000,000
297,602
2,297,602
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
35,142
35,142
Balance at 31 March 2023
2,000,000
332,744
2,332,744
LAGAVULIN FACILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Lagavulin Facilities Limited is a private company limited by shares incorporated in Scotland. The registered office is 48 St Vincent Street, Glasgow, G2 5HS.
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
Turnover
Turnover represents amounts receivable for providing finance and loans.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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.
1.4
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LAGAVULIN FACILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,450,000
1,650,000
4
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
8,152
16,230
Other creditors
174,162
166,000
182,314
182,230
5
Related party transactions
LAGAVULIN FACILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Related party transactions
(Continued)
- 5 -
Included within other debtors is a loan of £1,900,000 (2022: £1,200,000) to Lagavulin Asset Management Limited, a company which is controlled by Mrs Frieda Grier, Christopher Ian Grier and Geoffrey Scott Grier.
Also included within other debtors is a loan of £250,000 (2022: £250,000) to Prestwick Assets Limited which is controlled by Lagavulin Properties Limited which is in turn controlled by Christopher Ian Grier and Geoffrey Scott Grier.
Another loan included within other debtors is a loan of £300,000 (2022: £200,000) to Lagavulin Properties Limited, a company which is controlled by Christopher Ian Grier and Geoffrey Scott Grier.
6
Directors' transactions
A director provided a loan to the company in the sum of £174,162 (2022: £166,000). The loan is interest-free.