Company Registration No. SC558564 (Scotland)
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
unaudited financial statements
for the year ended 31 March 2020
Pages for filing with Registrar
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
Statement of financial position
as at 31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,752
85,968
Current assets
Debtors
4
4,863
22,974
Cash at bank and in hand
57,807
21,940
62,670
44,914
Creditors: amounts falling due within one year
5
(51,802)
(13,148)
Net current assets
10,868
31,766
Total assets less current liabilities
26,620
117,734
Creditors: amounts falling due after more than one year
6
(653,826)
(720,000)
Net liabilities
(627,206)
(602,266)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(627,207)
(602,267)
Total equity
(627,206)
(602,266)
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
Statement of financial position (continued)
as at 31 March 2020
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 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.
The financial statements were approved by the board of directors and authorised for issue on 19 June 2020 and are signed on its behalf by:
D Thomson
Director
Company Registration No. SC558564
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
Notes to the financial statements
for the year ended 31 March 2020
- 3 -
1
Accounting policies
Company information
Crandeen Property Ltd. is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
17 Victoria Street, Aberdeen, AB10 1PU.
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
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources
, and financial support from its parent company,
to continue in operational existence for the foreseeable future. Thus
t
he directors continue 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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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
recover
ed
.
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
1
Accounting policies (continued)
- 4 -
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:
Leasehold improvements
10% Straight line
Fixtures & fittings
20% Straight line
Computer equipment
Straight line over 3 years
Motor vehicles
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
.
1.5
Impairment of fixed assets
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
Cash at bank and in hand
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.
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
1
Accounting policies (continued)
- 5 -
1.7
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.
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.
1.8
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.
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.
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
1
Accounting policies (continued)
- 6 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
6
8
3
Tangible fixed assets
Leasehold improvements
Fixtures & fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2019
13,299
21,689
21,641
69,801
126,430
Disposals
-
(5,581)
(21,641)
(69,801)
(97,023)
At 31 March 2020
13,299
16,108
-
-
29,407
Depreciation and impairment
At 1 April 2019
2,660
8,403
11,949
17,450
40,462
Depreciation charged in the year
1,330
3,408
1,202
2,181
8,121
Eliminated in respect of disposals
-
(2,146)
(13,151)
(19,631)
(34,928)
At 31 March 2020
3,990
9,665
-
-
13,655
Carrying amount
At 31 March 2020
9,309
6,443
-
-
15,752
At 31 March 2019
10,639
13,286
9,692
52,351
85,968
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
- 7 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
60
13,205
Unpaid share capital
1
1
Other debtors
4,802
3,166
Prepayments and accrued income
-
6,602
4,863
22,974
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
-
1,372
Amounts owed to group undertakings
45,116
-
Taxation and social security
-
3,247
Accruals and deferred income
6,686
8,529
51,802
13,148
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Amounts owed to group undertakings
653,826
720,000
Crandeen Property Ltd.
Formerly T/A Crandeen Limited
Notes to the financial statements (continued)
for the year ended 31 March 2020
- 8 -
7
Related party transactions
Abbeyfield Scotland Limited
Parent company
Crandeen Property Limited has a loan from Abbeyfield Scotland Limited which cannot exceed £720,000. Originally the repayments on this loan were due to commence in April 2020. The repayment terms have been renegotiated with effect from April 2020. Interest is currently being charged at a rate of base + 1%. During the year to 31 March 2020, the interest charged on the loans amounted to £15,763.
During the year, the motor vehicles, fixtures and fittings and computer equipment were transferred to Abbeyfield Scotland Limited for proceeds of £60,593. Crandeen has also made payments on behalf of Abbeyfield which amount to £5,581.
At the year end, the balance outstanding on the loan amounted to £653,826 (2019 - £720,000). This amount is included within creditors due after more than one year.
A current account is also in operation between the two companies. During the year, Crandeen received funds of £49,545 which were owed to Abbeyfield. After the deduction of vehicle costs incurred by Crandeen on behalf of Abbeyfield of £4,429, the remaining balance owing to Abbeyfield amounted to £45,116 (2019 - £nil). This amount is included within creditors due within one year.
8
Parent company
The company is controlled by the parent company, Abbeyfield Scotland Limited, a company incorporated in the UK.
Abbeyfield Scotland Limited's registered office address is 14 New Mart Road, Edinburgh, EH14 1RL.