REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2021 |
for |
Crandale Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2021 |
for |
Crandale Limited |
Crandale Limited (Registered number: SC393265) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Crandale Limited |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
18 North Silver Street |
Aberdeen |
AB10 1JU |
Crandale Limited (Registered number: SC393265) |
Balance Sheet |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Crandale Limited (Registered number: SC393265) |
Balance Sheet - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Crandale Limited (Registered number: SC393265) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Crandale Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts. |
Turnover and other income recognition |
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows: |
Rental Property |
Rental Income and property management fees are based on quarterly rental periods, in accordance with property rental agreements. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment. |
Government grants |
During the year the company benefitted from government grants of £2,819 (2020 - nil) in the form of interest on government backed loans. |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
Investment property |
Investment property for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred tax is provided on any gains at the rate expected to apply when the property is sold. |
Investment properties are revalued at the discretion of the director, Mark Cavanagh, on open market basis. |
The fair value of the investment properties as at 31 December 2021 was £1,660,171 (2020 - £1,070,000) and an amount of Nil (2020: £185,931) has been debited to the Income Statement as a loss on the revaluation of the tangible asset. |
Crandale Limited (Registered number: SC393265) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly to equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax on revalued investment properties is measured using the rates allowances that apply to the sale of the asset. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Debtor and creditors receivable / payable within one year |
Debtor and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
Crandale Limited (Registered number: SC393265) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
Additions |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Investment property is not depreciated. |
Fair value at 31 December 2021 is represented by: |
£ |
Valuation in 2013 | 244,473 |
Valuation in 2014 | 200,000 |
Valuation in 2015 | (98,091 | ) |
Valuation in 2016 | (155,000 | ) |
Valuation in 2017 | (191,382 | ) |
Valuation in 2020 | (185,931 | ) |
Cost | 1,848,702 |
1,662,771 |
Crandale Limited (Registered number: SC393265) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
6. | INVESTMENT PROPERTY - continued |
If the investment property held had not been revalued it would have been included at the following historical cost: |
31.12.21 | 31.12.20 |
£ | £ |
Cost | 1,846,102 | 1,255,931 |
Investment property was valued on an open market basis on 31 December 2021 by Mark Cavanagh, the director . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 357,595 | 373,390 |
Crandale Limited (Registered number: SC393265) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
Hire purchase contracts | 35,082 | 11,342 |
The bank loan is secured against the properties: 12 Abercrombie Court, Prospect Road, Arnhall Business Park, Westhill, Aberdeenshire; 210 Blythe Road, London and 55 School Hill, Aberdeen. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
Ordinary | 1.00 | 2 | 2 |