Company registration number SC647544 (Scotland)
CLANRANALD INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023
PAGES FOR FILING WITH REGISTRAR
CLANRANALD INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CLANRANALD INVESTMENTS LIMITED
BALANCE SHEET
AS AT 30 MAY 2023
30 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,600
Investment property
4
105,456
107,056
Current assets
Debtors
5
3,839
Cash at bank and in hand
6,052
10
9,891
10
Creditors: amounts falling due within one year
6
(122,577)
(3,212)
Net current liabilities
(112,686)
(3,202)
Net liabilities
(5,630)
(3,202)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(5,640)
(3,212)
Total equity
(5,630)
(3,202)
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 30 May 2023 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.
The 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 31 October 2023 and are signed on its behalf by:
Mr C D Macdonald
Director
Company Registration No. SC647544
CLANRANALD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023
- 2 -
1
Accounting policies
Company information
Clanranald Investments Limited is a private company limited by shares incorporated in Scotland. The registered office is Ardroe, 76/77 Achmelvich, Lochinver, IV27 4JB.
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 amounts 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
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 inclusive of VAT. 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.
1.3
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:
Fixtures and fittings
20% 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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
CLANRANALD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 31 May 2022
Additions
2,000
At 30 May 2023
2,000
Depreciation and impairment
At 31 May 2022
Depreciation charged in the year
400
At 30 May 2023
400
Carrying amount
At 30 May 2023
1,600
At 30 May 2022
4
Investment property
2023
£
Fair value
At 31 May 2022
Additions
105,456
At 30 May 2023
105,456
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,839
CLANRANALD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
- 4 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
613
Other creditors
120,710
2,294
Accruals and deferred income
1,254
918
122,577
3,212