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Company registration number: SC277318
Earlsgate Property Investments Limited
Unaudited filleted financial statements
30 November 2021
Earlsgate Property Investments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Earlsgate Property Investments Limited
Directors and other information
Directors Alexander T Alexander
Paul E Kenny
Company number SC277318
Registered office Cavers Garden Farm
Hawick
Roxburghshire
TD9 8LN
Accountants Paterson Boyd & Co
Chartered Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
Bankers Virgin Money
83 George Street
Edinburgh
EH2 3ES
Solicitors DWP LLP
No 2 Lochrin Square
96 Fountainbridge
Edinburgh
EH3 9QA
Earlsgate Property Investments Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Earlsgate Property Investments Limited
Year ended 30 November 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Earlsgate Property Investments Limited for the year ended 30 November 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Earlsgate Property Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Earlsgate Property Investments Limited and state those matters that we have agreed to state to the board of directors of Earlsgate Property Investments Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Earlsgate Property Investments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Earlsgate Property Investments Limited 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 Earlsgate Property Investments Limited. You consider that Earlsgate Property Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Earlsgate Property Investments Limited. 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.
Paterson Boyd & Co
Chartered Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
11 August 2022
Earlsgate Property Investments Limited
Statement of financial position
30 November 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 378,399 378,399
Investments 5 201,000 201,000
_______ _______
579,399 579,399
Current assets
Debtors 6 339,875 372,245
Cash at bank and in hand 208,294 101,078
_______ _______
548,169 473,323
Creditors: amounts falling due
within one year 7 ( 688,270) ( 612,572)
_______ _______
Net current liabilities ( 140,101) ( 139,249)
_______ _______
Total assets less current liabilities 439,298 440,150
_______ _______
Net assets 439,298 440,150
_______ _______
Capital and reserves
Called up share capital 1,080 1,080
Share premium account 29,956 29,956
Capital redemption reserve 1,200,120 1,200,120
Profit and loss account ( 791,858) ( 791,006)
_______ _______
Shareholders funds 439,298 440,150
_______ _______
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 August 2022 , and are signed on behalf of the board by:
Alexander T Alexander
Director
Company registration number: SC277318
Earlsgate Property Investments Limited
Notes to the financial statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Cavers Garden Farm, Hawick, Roxburghshire, TD9 8LN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33.33% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recongnised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4. Tangible assets
Investment property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2020 and 30 November 2021 378,399 430 378,829
_______ _______ _______
Depreciation
At 1 December 2020 and 30 November 2021 - 430 430
_______ _______ _______
Carrying amount
At 30 November 2021 378,399 - 378,399
_______ _______ _______
At 30 November 2020 378,399 - 378,399
_______ _______ _______
Investment property
The investment property is shown in the balance sheet date at its open market value. In accordance with the company's accounting policy, no depreciation has been charged on this property and, as depreciation is only one of the many factors reflected in a valuation, the amount which might otherwise be shown cannot be separately identified and quantified. The directors are of the opinion that the above value is a true reflection of the market value of the property at its balance sheet date.
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 December 2020 and 30 November 2021 201,000 201,000
_______ _______
Impairment
At 1 December 2020 and 30 November 2021 - -
_______ _______
Carrying amount
At 30 November 2021 201,000 201,000
_______ _______
At 30 November 2020 201,000 201,000
_______ _______
6. Debtors
2021 2020
£ £
Other debtors 339,875 372,245
_______ _______
The debtors above include the following amounts falling due after more than one year:
2021 2020
£ £
Other debtors 252,644 298,713
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Other creditors 688,270 612,572
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Alexander T Alexander ( 610,844) ( 75,000) - ( 685,844)
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Alexander T Alexander ( 611,861) - 1,017 ( 610,844)
_______ _______ _______ _______
9. Related party transactions
During the year £30,000 (30 November 2020: £20,000) of salary costs were recharged to the company by South Stand Development Company Limited, a company in which both A T Alexander and P E Kenny are directors. At the balance sheet date the company was due £27,474 (30 November 2020: £7,474) from South Stand Development Company Limited. At the balance sheet date the company was due £28,500 (2020: £42,750) from Paul Kenny Ltd, a company in which Paul Kenny is a director and shareholder.