Company Registration No. SC080236 (Scotland)
CULLODEN BUILDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
CULLODEN BUILDERS LIMITED
COMPANY INFORMATION
Director
S Urquhart
Secretary
S Urquhart
Company number
SC080236
Registered office
Pollensa
Blackpark
INVERNESS
IV3 8PW
Accountants
Johnston Carmichael LLP
Clava House
Cradlehall Business Park
INVERNESS
IV2 5GH
CULLODEN BUILDERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CULLODEN BUILDERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
395
526
Investment properties
4
1,745,000
1,745,000
Investments
5
508,741
485,244
2,254,136
2,230,770
Current assets
Debtors
6
298,819
280,057
Cash at bank and in hand
344,371
199,985
643,190
480,042
Creditors: amounts falling due within one year
7
(62,076)
(68,358)
Net current assets
581,114
411,684
Total assets less current liabilities
2,835,250
2,642,454
Provisions for liabilities
Deferred tax liability
89,281
92,474
(89,281)
(92,474)
Net assets
2,745,969
2,549,980
Capital and reserves
Called up share capital
8
1,000
1,000
Revaluation reserve
9
1,022,979
895,465
Profit and loss reserves
1,721,990
1,653,515
Total equity
2,745,969
2,549,980
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
CULLODEN BUILDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 2 -
For the financial year ended 31 March 2018 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 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 and signed by the director and authorised for issue on 8 November 2018
S Urquhart
Director
Company Registration No. SC080236
CULLODEN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Culloden Builders Limited is a private company limited by shares incorporated in Scotland. The registered office is Pollensa, Blackpark, Inverness, IV3 8PW.
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 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 rental income, and is shown net of VAT. The income is recorded on the accruals basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
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 the profit and loss account.
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
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).
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
CULLODEN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
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.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled.
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 and are subsequently carried at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised.
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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.
CULLODEN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including the director) employed by the company during the year was 2 (2017 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 and 31 March 2018
657
Depreciation and impairment
At 1 April 2017
131
Depreciation charged in the year
131
At 31 March 2018
262
Carrying amount
At 31 March 2018
395
At 31 March 2017
526
CULLODEN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
4
Investment property
2018
£
Fair value
At 1 April 2017
1,745,000
Disposals
(115,000)
Revaluations
115,000
At 31 March 2018
1,745,000
On 3 May 2018 the company's investment properties were valued by Graham & Sibbald Chartered Surveyors at an open market value of £1,745,000. The director believes that the value of £1,745,000 is an appropriate valuation as at 31 March 2018.
5
Fixed asset investments
2018
2017
£
£
Investments
508,741
485,244
Movements in fixed asset investments
Listed investments
£
Cost or valuation
At 1 April 2017
485,244
Additions
9,249
Valuation changes
15,823
Disposals
(1,575)
At 31 March 2018
508,741
Carrying amount
At 31 March 2018
508,741
At 31 March 2017
485,244
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
6,396
335
Corporation tax recoverable
39,218
45,924
Other debtors
253,205
233,798
298,819
280,057
CULLODEN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
50
1,041
Corporation tax
30,666
27,150
Other taxation and social security
126
45
Other creditors
31,234
40,122
62,076
68,358
Included within other creditors is a secured loan of £10,474 (2017 - £10,591).
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Revaluation reserve
2018
2017
£
£
At beginning of year
895,465
888,714
Transfer to retained earnings
127,514
6,751
At end of year
1,022,979
895,465
10
Events after the reporting date
Subsequent to the year end a dividend of £111,110 was declared. The company also bought back 100 shares for a consideration of £64,700.
CULLODEN BUILDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
11
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2018
Balance
Amounts owed by related parties
£
Other related parties
120,000
2017
Balance
Amounts owed in previous period
£
Other related parties
20,000
12
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
211,969
108,030
(193,332)
126,667
211,969
108,030
(193,332)
126,667