Registration number:
Crombiehall Properties Limited
for the Period from 29 February 2020 to 28 February 2021
Crombiehall Properties Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Crombiehall Properties Limited
Company Information
Director |
K F M Crombie |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Crombiehall Properties Limited
for the Period Ended 28 February 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Crombiehall Properties Limited for the period ended 28 February 2021 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.
This report is made solely to the Board of Directors of Crombiehall Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Crombiehall Properties Limited and state those matters that we have agreed to state to the Board of Directors of Crombiehall Properties Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crombiehall Properties Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Crombiehall Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Crombiehall Properties Limited. You consider that Crombiehall Properties Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Crombiehall Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Bathgate
West Lothian
EH48 2UP
Crombiehall Properties Limited
(Registration number: SC575555)
Balance Sheet as at 28 February 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
860,000 |
875,000 |
|
Other reserves |
79,785 |
- |
|
Profit and loss account |
(30,184) |
(23,733) |
|
Shareholders' funds |
909,601 |
851,267 |
For the financial period ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Crombiehall Properties Limited
(Registration number: SC575555)
Balance Sheet as at 28 February 2021
Approved and authorised by the
......................................... |
Crombiehall Properties Limited
Notes to the Unaudited Financial Statements for the Period from 29 February 2020 to 28 February 2021
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts
receivable from rental of properties to third parties in the normal course of business, net of discounts, VAT and other related taxes.
Revenue from rental of properties is recognised when services have been provided and the right to consideration has been earned.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Crombiehall Properties Limited
Notes to the Unaudited Financial Statements for the Period from 29 February 2020 to 28 February 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% on cost |
Investment property
Subsequently, investment properties are measured at fair value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise. As these gains are unrealised they are not available for distribution to members and are therefore held in other reserves.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Crombiehall Properties Limited
Notes to the Unaudited Financial Statements for the Period from 29 February 2020 to 28 February 2021
Provisions
Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.
Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost, including transaction costs. The investment is not remeasured except where impairment has been identified.
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the period was
Crombiehall Properties Limited
Notes to the Unaudited Financial Statements for the Period from 29 February 2020 to 28 February 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 29 February 2020 |
|
|
At 28 February 2021 |
|
|
Depreciation |
||
At 29 February 2020 |
|
|
Charge for the period |
|
|
At 28 February 2021 |
|
|
Carrying amount |
||
At 28 February 2021 |
|
|
At 28 February 2020 |
|
|
Investment properties |
2021 |
|
At 29 February |
|
Fair value adjustments |
|
At 28 February |
|
The director has assessed the investment properties and based on current market conditions is confident that the investment properties are included within the accounts at fair value.
There has been no valuation of investment property by an independent valuer.
Crombiehall Properties Limited
Notes to the Unaudited Financial Statements for the Period from 29 February 2020 to 28 February 2021
Investments |
2021 |
2020 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 29 February 2020 |
|
At 29 February 2020 |
|
Carrying amount |
|
At 28 February 2021 |
|
At 28 February 2020 |
|
During the prior period the properties held within North Edinburgh Properties B Limited were transferred to Crombiehall Properties Limited. At this point the subidiary had no assets therefore the director felt it would be prudent to write down the value of the investment.
Debtors |
Note |
2021 |
2020 |
|
Trade debtors |
|
|
|
Amounts owed by subsidiary |
- |
|
|
Prepayments |
|
|
|
Other debtors |
- |
|
|
|
|
Crombiehall Properties Limited
Notes to the Unaudited Financial Statements for the Period from 29 February 2020 to 28 February 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Taxation and social security |
|
- |
|
Accruals and deferred income |
|
|
|
|
|
Loans and borrowings |
2021 |
2020 |
|
Current loans and borrowings |
||
Other borrowings |
|
- |
Related party transactions |
Transactions with the director |
2021 |
At 29 February 2020 |
Repayments by director |
At 28 February 2021 |
Interest free loan (to)/from director |
( |
|
|
2020 |
At 1 October 2018 |
Advances to directors |
At 28 February 2020 |
Interest free loan (to)/from director |
- |
( |
( |