Company Registration No. SC610409 (Scotland)
CROICK HOLIDAY LETTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
CROICK HOLIDAY LETTING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CROICK HOLIDAY LETTING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,224
1,317
Current assets
Debtors
5
9,071
9,239
Cash at bank and in hand
8,080
859
17,151
10,098
Creditors: amounts falling due within one year
6
(19,140)
(18,703)
Net current liabilities
(1,989)
(8,605)
Total assets less current liabilities
235
(7,288)
Provisions for liabilities
Deferred tax liability
111
(111)
-
Net assets/(liabilities)
124
(7,288)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
24
(7,388)
Total equity
124
(7,288)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
CROICK HOLIDAY LETTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
For the financial year ended 31 December 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 21 September 2021 and are signed on its behalf by:
Mr J D E Hall
Mrs C S Hall
Director
Director
Company Registration No. SC610409
CROICK HOLIDAY LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Croick Holiday Letting Limited
(SC610409),
is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
7-11 Melville Street, Edinburgh, EH3 7PE.
The company operates from the following business address: Croick Estate, Ardgay, IV24 3BS.
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
The company has recorded a
true
profit
for the year-ended 31 December 2020
but had a net current liability positon
. It is recognised that the ability of the company to continue as a going concern is dependent on the on-going financial support of the directors. The directors have confirmed that loans due to them at the year-end will not be recalled until such a time as the company has surplus funds available to make repayments.
The directors have assessed the company's ability to continue to trade and to meet its liabilities as they fall due for a period of at least the next 12 months from the date of approval of these financial statements. The directors are confident that the company will have sufficient funds available and therefore these financial statements have been prepared on a going concern basis.
1.3
Reporting period
The company was incorporated on 9 October 2018 and begun trading on 14 December 2018. The comparative figures therefore reflect the result of the company in the period 14 December 2018 to 31 December 2019.
1.4
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
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation
.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Tenants improvements
5% straight line
Fixtures and fittings
20% straight Line
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
.
CROICK HOLIDAY LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.6
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).
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include deposits held at call wit
h banks.
1.8
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.
Basic financial assets
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
.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity
.
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
trade and other creditors
, 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
CROICK HOLIDAY LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2019 - 2
).
CROICK HOLIDAY LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
3
Taxation
2020
2019
£
£
Deferred tax
Origination and reversal of timing differences
111
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020
1,339
1,339
Additions
1,200
1,200
At 31 December 2020
1,200
1,339
2,539
Depreciation and impairment
At 1 January 2020
22
22
Depreciation charged in the year
30
263
293
At 31 December 2020
30
285
315
Carrying amount
At 31 December 2020
1,170
1,054
2,224
At 31 December 2019
1,317
1,317
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
8,781
7,321
Other debtors
290
1,918
9,071
9,239
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
900
Other creditors
19,140
17,803
19,140
18,703
CROICK HOLIDAY LETTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
8
Events after the reporting date
Post year-end the directors continue to carefully monitor the risks and uncertainties arising from the COVID-19 pandemic but believe the business is well placed to take action, should this be required, to mitigate the effects of any issues that may arise.
9
Related party transactions
2020
2019
Amounts due to related parties
£
£
Key management personnel
6,971
7,896
The above loans are unsecured, interest free and have no fixed terms of repayment.