REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
FOR |
CULTER PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
FOR |
CULTER PROPERTIES LIMITED |
CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 10 |
CULTER PROPERTIES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 January 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bankhead Drive |
City South Office Park |
Portlethen |
Aberdeenshire |
AB12 4XX |
CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022) |
BALANCE SHEET |
31 January 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve | ( |
) | ( |
) |
Retained earnings | ( |
) | (923,889 | ) |
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. |
CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022) |
BALANCE SHEET - continued |
31 January 2022 |
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 |
CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2022 |
1. | STATUTORY INFORMATION |
Culter Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
Government grants |
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. |
Investment property |
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on these adjustments at the rate expected to apply when the properties are sold. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in 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. |
CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2021 |
and 31 January 2022 |
AMORTISATION |
At 1 February 2021 |
and 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 February 2021 |
Additions |
Disposals | ( |
) |
At 31 January 2022 |
DEPRECIATION |
At 1 February 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2021 |
Additions |
Disposals | ( |
) |
At 31 January 2022 |
DEPRECIATION |
At 1 February 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 February 2021 |
Disposals | ( |
) |
At 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2021 |
and 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
Fair value at 31 January 2022 is represented by: |
£ |
Valuation in 2018 | (408,600 | ) |
Valuation in 2020 | 81,470 |
Cost | 7,059,290 |
6,732,160 |
CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2022 |
8. | DEBTORS |
2022 | 2021 |
as restated |
£ | £ |
Amounts falling due within one year: |
Tax |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
VAT | 2,335 | 1,907 |
Other creditors |
Directors' current accounts | 943,653 | 831,872 |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yrs non-inst | 2,350,162 | 2,360,873 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2022 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
as restated |
£ | £ |
Bank Loans < 1 Year | 1,505,103 | 1,500,000 |
Bank Loans > 1 Year | 2,371,898 | 2,380,136 |
A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming flats A, C, D, E, H, K and I, 4 Trinity Lane, Aberdeen, AB11 6QF. |
A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 222F North Deeside Road, Peterculter, AB11 0UQ. |
A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming flats A, B , D, E, G, H, J, K, and L, 5 Palmerston Road, Aberdeen, AB11 5QP. |
A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 40 Whitehall Place, Aberdeen, AB25 2PB. |
A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 287 North Deeside Road, Peterculter, AB14 0UL. |
A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 1, 3, 4, 5, 6, 9, 10, 11 and 12 Peterculter apartments, 279 - 281 North Deeside Road, Peterculter, AB14 0UL. |
A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 190 North Deeside Road, Peterculter, AB14 0UD. |
A standard security is held by Aldermore Bank PLC over the investment property being all and whole subjects known as and forming 16M Ashgrove Road, Aberdeen, AB25 3AD. |
A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 32 Ashgrove Road, Aberdeen. |
A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 'The Bothy', Peterculter, AB14 0LN. |
A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 154 North Deeside Road, Peterculter AB14 0UD. |
A standard security is held by Svenska Handelsbanken Ab (Publ) over the investment property being all and whole subjects known as and forming 220 North Deeside Road, Peterculter AB140UQ. |
A bond and floating charge is held by Svenska Handelsbanken Ab (Publ) over the undertakings, all property and assets present and future and uncalled share capital of the company (first lenders floating charge). |
A bond and floating charge is held by Aldermore Bank PLC over the undertakings, all property and assets present and future and uncalled share capital of the company (second lenders floating charge). |
CULTER PROPERTIES LIMITED (REGISTERED NUMBER: SC372022) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2022 |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 January 2022 and 31 January 2021: |
2022 | 2021 |
as restated |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The loan is interest free and has no fixed repayment terms. |
13. | RELATED PARTY DISCLOSURES |
During the year loan repayments of £nil (2021: £nil) were received from a company under common control of the director. As at the year end £13,573 (2021: £13,573) remains outstanding in respect of loans owed to Culter Properties Limited from a company under common control of the director. |
During the year Culter Properties Limited advanced £nil (2021: £37,004) to a company under common control of the director. During the year loan repayments of £2,600 (2021: £nil) were received by Culter Properties Limited. As at the year end £34,404 (2021: £37,004) remains outstanding in respect of loans owed to Culter Properties Limited from a company under common control of the director. |
During the year Culter Properties Limited advanced £10,000 (2021: £nil) to a company under common control of the director. As at the year end £10,000 (2021: £nil) remains outstanding in respect of loans owed to Culter Properties Limited from a company under common control of the director. |
During the year Culter Properties Limited was advanced £50,000 (2021: £nil) from a company under common control of the director. As at the year end £50,000 (2021: £nil) remains outstanding in respect of loans owed by Culter Properties Limited to a company under common control of the director. |
During the year Culter Properties Limited was advanced £50,000 (2021: £nil) from a company under common control of the director. As at the year end £50,000 (2021: £nil) remains outstanding in respect of loans owed by Culter Properties Limited to a company under common control of the director. |
14. | POST BALANCE SHEET EVENTS |
In April 2022 an investment property was sold for £1,196,762. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CULTER PROPERTIES LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Culter Properties Limited for the year ended 31 January 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the director of Culter Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Culter Properties Limited and state those matters that we have agreed to state to the director of Culter Properties Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that Culter Properties 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 profit of Culter Properties Limited. You consider that Culter Properties 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 Culter Properties 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. |
Bankhead Drive |
City South Office Park |
Portlethen |
Aberdeenshire |
AB12 4XX |