Company registration number SC512199 (Scotland)
CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Accountants' report
1
Balance sheet
3
Notes to the financial statements
4 - 8
CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CRIEFF SUCCEEDS BID LIMITED
- 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 Crieff Succeeds BID Limited for the year ended 31 August 2021 set out on pages 3 to 8 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 Crieff Succeeds BID 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 Crieff Succeeds BID Limited and state those matters that we have agreed to state to the Board of Directors of Crieff Succeeds BID Limited, 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 Crieff Succeeds BID Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Crieff Succeeds BID 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 deficit of Crieff Succeeds BID Limited. You consider that Crieff Succeeds BID Limited is exempt from the statutory audit requirement for the year.

MMG Chartered Accountants
25 August 2022
15 High Street
CRIEFF
PH7 3HU
CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2021
- 2 -
2021
2020
£
£
Income
74,762
128,528
Direct costs
(91,698)
(124,831)
Gross (deficit)/surplus
(16,936)
3,697
Administrative expenses
(611)
(1,223)
Other operating income
10,159
16,233
(Deficit)/surplus before taxation
(7,388)
18,707
Taxation
-
0
-
0
(Deficit)/surplus for the financial year
(7,388)
18,707
CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT 31 AUGUST 2021
31 August 2021
- 3 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
283
Current assets
Debtors
5
22,004
2,715
Cash at bank and in hand
4,956
21,294
26,960
24,009
Creditors: amounts falling due within one year
6
(26,770)
(16,714)
Net current assets
190
7,295
Total assets less current liabilities
190
7,578
Reserves
Income and expenditure account
190
7,578

For the financial year ended 31 August 2021 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.

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 by the board of directors and authorised for issue on 25 August 2022 and are signed on its behalf by:
R Anderson
Director
Company Registration No. SC512199
CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 4 -
1
Accounting policies
Company information

Crieff Succeeds BID Limited is a private company limited by guarantee incorporated in Scotland. The registered office is 33 High Street, CRIEFF, PH7 3HU.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Ttruehe entity ceased to operate on 30th September 2021. As required by UK accounting standards, the members have prepared the financial statements on the basis that the entity is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis. All assets and liabilities are stated at their carrying amounts.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due. BID Levies are recorded as they are drawn down from PKC.

 

Expenses exclude VAT where applicable.

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:

Computers
33% per annum 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 surplus or deficit.

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). 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.

CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
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.

 

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.

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.

CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation
Current tax
The nature of the company's activities are considered to be not for profit. Any taxation charge shown in the financial statements relates to corporation tax due on any trading activities and bank interest received.

 

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Government grants

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.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 7 -
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
1
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2020 and 31 August 2021
828
Depreciation and impairment
At 1 September 2020
545
Depreciation charged in the year
283
At 31 August 2021
828
Carrying amount
At 31 August 2021
-
0
At 31 August 2020
283
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Service charges due
13,604
1,800
Other debtors
8,400
915
22,004
2,715
CRIEFF SUCCEEDS BID LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 8 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
10,084
1,784
Taxation and social security
2,397
727
Other creditors
14,289
14,203
26,770
16,714
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

2021-08-312020-09-01false25 August 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityD A AgnewR AndersonA CampbellG T DonaldsonW FrameG K S LeckieJ LandaleR BrockR McCallSC5121992020-09-012021-08-31SC5121992021-08-31SC5121992019-09-012020-08-31SC5121992020-08-31SC512199core:OtherPropertyPlantEquipment2021-08-31SC512199core:OtherPropertyPlantEquipment2020-08-31SC512199core:CurrentFinancialInstrumentscore:WithinOneYear2021-08-31SC512199core:CurrentFinancialInstrumentscore:WithinOneYear2020-08-31SC512199core:CurrentFinancialInstruments2021-08-31SC512199core:CurrentFinancialInstruments2020-08-31SC512199core:RetainedEarningsAccumulatedLosses2021-08-31SC512199core:RetainedEarningsAccumulatedLosses2020-08-31SC512199bus:Director22020-09-012021-08-31SC512199core:ComputerEquipment2020-09-012021-08-31SC512199core:OtherPropertyPlantEquipment2020-08-31SC512199core:OtherPropertyPlantEquipment2020-09-012021-08-31SC512199core:WithinOneYear2021-08-31SC512199core:WithinOneYear2020-08-31SC512199bus:CompanyLimitedByGuarantee2020-09-012021-08-31SC512199bus:SmallCompaniesRegimeForAccounts2020-09-012021-08-31SC512199bus:FRS1022020-09-012021-08-31SC512199bus:AuditExemptWithAccountantsReport2020-09-012021-08-31SC512199bus:Director12020-09-012021-08-31SC512199bus:Director32020-09-012021-08-31SC512199bus:Director42020-09-012021-08-31SC512199bus:Director52020-09-012021-08-31SC512199bus:Director62020-09-012021-08-31SC512199bus:Director72020-09-012021-08-31SC512199bus:Director82020-09-012021-08-31SC512199bus:Director92020-09-012021-08-31SC512199bus:FullAccounts2020-09-012021-08-31xbrli:purexbrli:sharesiso4217:GBP