Company Registration No. SC627324 (Scotland)
CREST INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 7 JULY 2021
PAGES FOR FILING WITH REGISTRAR
CREST INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CREST INVESTMENTS LIMITED
BALANCE SHEET
AS AT 7 JULY 2021
07 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
3
99
280
Current assets
Debtors
5
390
200
Cash at bank and in hand
1,701
83,978
2,091
84,178
Creditors: amounts falling due within one year
6
(1,000)
(11,593)
Net current assets
1,091
72,585
Net assets
1,190
72,865
Capital and reserves
Called up share capital
7
300
300
Profit and loss reserves
890
72,565
Total equity
1,190
72,865
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 period ended 7 July 2021 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 period 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 15 September 2021 and are signed on its behalf by:
R M Petrie
Director
Company Registration No. SC627324
CREST INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 7 JULY 2021
- 2 -
1
Accounting policies
Company information
Crest Investments Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Maidencraig House, 192 Queensferry Road, Edinburgh, EH4 2BN.
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
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources 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.
The directors have considered the Covid-19 pandemic as part of their going concern review and believe that any potential implications arising do not materially impact the company's going concern status.
1.3
Reporting period
The company
shortened
its accounting period from 31 July 202
1 to 7 July 2021
to
facilitate a material business transaction in the group. Therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
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
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
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.
CREST INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 7 JULY 2021
1
Accounting policies
(Continued)
- 3 -
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 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.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any
losses arising from impairment are recognised in the profit and loss account in other operating expenses.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
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.
1.9
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
CREST INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 7 JULY 2021
1
Accounting policies
(Continued)
- 4 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the
period
was 0
(2020 - 0).
3
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
99
280
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 August 2020
280
Disposals
(181)
At 7 July 2021
99
Carrying amount
At 7 July 2021
99
At 31 July 2020
280
CREST INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 7 JULY 2021
- 5 -
4
Subsidiaries
Details of the company's subsidiaries at 7 July 2021 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Crest Investments Dumbarton Limtied
1
Ordinary
100
Registered office addresses (all UK unless otherwise indicated):
1
Maidencraig House, 192 Queensferry Road, Edinburgh, EH3 6AD
On the 6th July 2021 the company disposed of its shareholdings in AB Amenity Assets Limited and Crest Investments Dalkeith Limited.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
390
200
6
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
7,093
Other creditors
1,000
4,500
1,000
11,593
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
8
Related party transactions
The directors are of the opinion that all related party transactions are concluded under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.