ST FILLANS HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
Company registration number SC701951 (Scotland)
PAGES FOR FILING WITH REGISTRAR
ST FILLANS HOLDINGS LTD
COMPANY INFORMATION
Director
Mr W Gorol
Company number
SC701951
Registered office
c/o William Duncan + Co Ltd
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
Accountants
William Duncan + Co Ltd
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
ST FILLANS HOLDINGS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
ST FILLANS HOLDINGS LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ST FILLANS HOLDINGS LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of St Fillans Holdings Ltd for the period ended 30 November 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts
This report is made solely to the Board of Directors of St Fillans Holdings Ltd, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of St Fillans Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of St Fillans Holdings Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St Fillans Holdings Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that St Fillans Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of St Fillans Holdings Ltd. You consider that St Fillans Holdings Ltd 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 financial statements of St Fillans Holdings Ltd. 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 financial statements.
William Duncan + Co Ltd
3 March 2023
Chartered Accountants
38 Beansburn
Kilmarnock
East Ayrshire
Scotland
KA3 1RL
ST FILLANS HOLDINGS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
2022
Notes
£
£
Fixed assets
Tangible assets
4
25,000
Investment properties
5
796,665
821,665
Current assets
Debtors
6
68,693
Cash at bank and in hand
81,443
150,136
Creditors: amounts falling due within one year
7
(1,248,046)
Net current liabilities
(1,097,910)
Net liabilities
(276,245)
Capital and reserves
Called up share capital
8
2
Profit and loss reserves
(276,247)
Total equity
(276,245)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 and signed by the director and authorised for issue on 3 March 2023
Mr W Gorol
Director
Company Registration No. SC701951
ST FILLANS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 3 -
1
Accounting policies
Company information
St Fillans Holdings Ltd is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
c/o William Duncan + Co Ltd, 38 Beansburn, Kilmarnock, East Ayrshire, Scotland, KA3 1RL.
1.1
Reporting period
These financial statements cover the period from 18th June 2021 to 30th November 2022.
1.2
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
Although the balance sheet shows net liabilities of £276,245, the going concern basis of preparation is appropriate as the director continues to support the business with personal loans.
true
1.4
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:
Plant and equipment
10% on cost
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
.
1.5
Investment properties
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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.
ST FILLANS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
No significant judgements have had to be made by the director in preparing these financial statements.
The director has made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Total
ST FILLANS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 18 June 2021
Additions
200,000
Disposals
(50,000)
At 30 November 2022
150,000
Depreciation and impairment
At 18 June 2021
Depreciation charged in the period
26,965
Impairment losses
103,750
Eliminated in respect of disposals
(5,715)
At 30 November 2022
125,000
Carrying amount
At 30 November 2022
25,000
5
Investment property
2022
£
Fair value
At 18 June 2021
Additions
796,665
At 30 November 2022
796,665
Investment property refers to the Loch Earn Hotel and Visitor Centre. In the opinion of the director, the above represents the fair value of the property at the balance sheet date.
6
Debtors
2022
Amounts falling due within one year:
£
Trade debtors
6,301
Other debtors
62,392
68,693
ST FILLANS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 6 -
7
Creditors: amounts falling due within one year
2022
£
Trade creditors
72,792
Other creditors
1,175,254
1,248,046
8
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
2
2
9
Events after the reporting date
On 14 December 2022, the company entered into an agreement to dispose of brewery equipment with a net book value of £25,000 for consideration of £25,000.
10
Related party transactions
Gyleworks Ltd
A company of which W. Gorol is a director.
During the period covered by these financial statements, Gyleworks Ltd made loans of £50,000 and received repayments of £3,420, resulting in a balance of £46,580 owed to Gyleworks Ltd at the balance sheet date.
SIME Investments Ltd
A company of which W. Gorol is a director.
During the period covered by these financial statements, SIME Investments Ltd made loans of £9,881, which remained payable to SIME Investments Ltd at the balance sheet date.
These balances are interest-free and have no fixed date of repayment.
11
Directors' transactions
During the period to 30 November 2022, W. Gorol made loans of £1,115,792 to the company. These loans remain payable to the director at the balance sheet date.
No interest is being charged on this balance and the balance is repayable on demand.