Company Registration No. SC584308 (Scotland)
37 CORSTORPHINE ROAD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
37 CORSTORPHINE ROAD LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
37 CORSTORPHINE ROAD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
169,230
156,625
Debtors
2
288,259
285,000
Cash at bank and in hand
37,064
61,251
494,553
502,876
Creditors: amounts falling due within one year
3
(505,717)
(506,676)
Net current liabilities
(11,164)
(3,800)
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
(11,264)
(3,900)
Total equity
(11,164)
(3,800)
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 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 8 October 2020 and are signed on its behalf by:
Mr S Cook
Director
Company Registration No. SC584308
37 CORSTORPHINE ROAD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 21 December 2017
-
-
-
Period ended 31 March 2019:
Loss and total comprehensive income for the period
-
(3,900)
(3,900)
Issue of share capital
4
100
-
100
Balance at 31 March 2019
100
(3,900)
(3,800)
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
(7,364)
(7,364)
Balance at 31 March 2020
100
(11,264)
(11,164)
37 CORSTORPHINE ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
37 Corstorphine Road Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
18 Walker Street, Edinburgh, United Kingdom, EH3 7LP.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Although the financial statements have net current liabilities of £11,164 they have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion, the directors have agreed to financially support the company to ensure that all liabilities are met as they fall due.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
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.
1.5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including tr
ansaction costs.
37 CORSTORPHINE ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
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 are recognised at transaction price
.
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.
1.6
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.
2
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
288,259
285,000
3
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
372
3,059
Other creditors
505,345
503,617
505,717
506,676
4
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
50 "A" Ordinary of £1 each
50
50
50 "B" Ordinary of £1 each
50
50
100
100
On incorporation and within the prior year accounts, 50 A Ordinary shares and 50 B Ordinary shares were allotted and fully paid.
37 CORSTORPHINE ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
5
Financial commitments, guarantees and contingent liabilities
At the balance sheet date the company has entered into a contract which, should the suspensive conditions be satisfied, would obligate the purchase of a property for a minimum amount of £2,325,000. The suspensive conditions have not been satisfied as at the date of approval of these financial statements.
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2020
2019
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
500,157
500,157
The above balance is interest free and has no fixed terms of repayment.