Company registration number SC349110 (Scotland)
CANONMILLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CANONMILLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CANONMILLS LIMITED
BALANCE SHEET
AS AT 30 MARCH 2023
30 March 2023
- 1 -
30 March 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Investment property
4
545,000
680,000
Current assets
Debtors
5
1,470
1,825
Cash at bank and in hand
4,682
3,220
6,152
5,045
Creditors: amounts falling due within one year
6
(387,896)
(356,818)
Net current liabilities
(381,744)
(351,773)
Total assets less current liabilities
163,256
328,227
Creditors: amounts falling due after more than one year
7
(141,786)
(322,536)
Provisions for liabilities
(5,000)
Net assets
16,470
5,691
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
16,469
5,690
Total equity
16,470
5,691
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 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 and in accordance with the provisions of FRS 102 - section 1A.
CANONMILLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2023
30 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 March 2024
Mrs K A McDougall
Director
Company registration number SC349110 (Scotland)
CANONMILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023
- 3 -
1
Accounting policies
Company information
Canonmills Limited is a private company limited by shares incorporated in Scotland. The registered office is 55 Osborne Place, Aberdeen, Aberdeenshire, Scotland, AB25 2BX.
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
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Revenue from services is recognised by reference to the stage of completion.
1.4
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 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.
1.6
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.
CANONMILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 and bank loans, 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 payments 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
CANONMILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
- 5 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revaluation of investment properties
The company carries its investment property at fair value, with changes in fair value being recognised in profit and loss. The investment properties are shown at their open market value, this being the directors assessment of the current worth of these properties based upon open market valuations of similar properties.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Total
1
1
4
Investment property
2023
£
Fair value
At 1 April 2022
680,000
Disposals
(135,000)
At 30 March 2023
545,000
Investment property is comprised of various commercial properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 March 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and by reviewing the annual rent yields. All investment properties have a charge held over them by the Bank of Scotland Plc.
CANONMILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,470
1,825
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
62,580
23,336
Trade creditors
4,375
1,800
Taxation and social security
7,703
7,081
Other creditors
313,238
324,601
387,896
356,818
Included within other creditors is a directors' loan account balance of £311,163 (2022 £322,677).
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
141,786
322,536
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
9
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Within one year
41,783
72,150
After one year
96,000
111,033
In over five years
196,000
220,000
333,783
403,183