Company Registration No. SC200400 (Scotland)
TRIPLE CROWN (GROVE STREET) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TRIPLE CROWN (GROVE STREET) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
TRIPLE CROWN (GROVE STREET) LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,799,438
13,909,217
Investment properties
5
1,405,000
3,055,000
Investments
6
27
27
15,204,465
16,964,244
Current assets
Stocks
1,306
Debtors
7
999,283
1,108,418
Cash at bank and in hand
668,477
667,842
1,669,066
1,776,260
Creditors: amounts falling due within one year
8
(8,913,996)
(10,601,670)
Net current liabilities
(7,244,930)
(8,825,410)
Total assets less current liabilities
7,959,535
8,138,834
Provisions for liabilities
(917,826)
(1,076,321)
Net assets
7,041,709
7,062,513
Capital and reserves
Called up share capital
9
3
3
Revaluation reserve
10
3,181,224
3,181,224
Profit and loss reserves
3,860,482
3,881,286
Total equity
7,041,709
7,062,513
TRIPLE CROWN (GROVE STREET) LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2021
30 September 2021
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 11 August 2022 and are signed on its behalf by:
I Shand
Director
Company Registration No. SC200400
TRIPLE CROWN (GROVE STREET) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2019
3
2,884,614
6,633,561
9,518,178
Year ended 30 September 2020:
Loss for the year
-
-
(252,275)
(252,275)
Other comprehensive income:
Revaluation of tangible fixed assets
-
304,140
-
304,140
Tax relating to other comprehensive income
-
(7,530)
(7,530)
Total comprehensive income for the year
296,610
(252,275)
44,335
Dividends
-
-
(2,500,000)
(2,500,000)
Balance at 30 September 2020
3
3,181,224
3,881,286
7,062,513
Year ended 30 September 2021:
Loss and total comprehensive income for the year
-
-
(20,804)
(20,804)
Balance at 30 September 2021
3
3,181,224
3,860,482
7,041,709
TRIPLE CROWN (GROVE STREET) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
1
Accounting policies
Company information
Triple Crown (Grove Street) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 115 Lauriston Place, Midlothian, Edinburgh, United Kingdom, EH3 9JG.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
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:
Freehold land and buildings
N/A
Property improvements
8 years, straight line
Fixtures and fittings
8 years, straight line
Computers
8 years, 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 profit or loss.
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. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
TRIPLE CROWN (GROVE STREET) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
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.
1.8
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.
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.
TRIPLE CROWN (GROVE STREET) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
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.
TRIPLE CROWN (GROVE STREET) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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
12
37
4
Tangible fixed assets
Freehold land and buildings
Property improvements
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 October 2020
13,300,350
688,419
637,931
44,802
14,671,502
Additions
6,500
22,524
29,024
At 30 September 2021
13,300,350
694,919
660,455
44,802
14,700,526
Depreciation and impairment
At 1 October 2020
374,693
353,105
34,487
762,285
Depreciation charged in the year
57,758
76,303
4,742
138,803
At 30 September 2021
432,451
429,408
39,229
901,088
Carrying amount
At 30 September 2021
13,300,350
262,468
231,047
5,573
13,799,438
At 30 September 2020
13,300,350
313,726
284,826
10,315
13,909,217
TRIPLE CROWN (GROVE STREET) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 8 -
5
Investment property
2021
£
Fair value
At 1 October 2020
3,055,000
Disposals
(1,650,000)
At 30 September 2021
1,405,000
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
27
27
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
25,554
92,128
Corporation tax recoverable
68,273
68,273
Amounts owed by group undertakings
858,627
858,627
Other debtors
8,609
22,709
Prepayments and accrued income
38,220
66,681
999,283
1,108,418
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
15,318
60,066
Amounts owed to group undertakings
8,781,550
10,430,105
Amounts owed to associates
7,157
14,761
Corporation tax
22,163
Other taxation and social security
6,245
15,623
Other creditors
178
Accruals and deferred income
81,563
80,937
8,913,996
10,601,670
Amounts owed to group undertakings are unsecured and repayable on demand.
TRIPLE CROWN (GROVE STREET) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 9 -
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
3
3
3
3
10
Revaluation reserve
2021
2020
£
£
At the beginning of the year
3,181,224
2,884,614
Revaluation surplus arising in the year
304,140
Deferred tax on revaluation of tangible assets
-
(7,530)
At the end of the year
3,181,224
3,181,224
11
Financial commitments, guarantees and contingent liabilities
An intercompany cross guarantee exists between FC Apartments, Triple Crown (Grove Street) Limited, Triple Crown, (Edinburgh Quay) Limited, Triple Crown (Stewart) Limited, TCP (1) Limited, TCP (2) Limited and The Leith Property Company Limited in respect of a loan facility in place with HSBC Bank plc.
At 30 September 2021, amounts owed to HSBC Bank plc in respect of the above related companies was £2,700,000 (2020 - £5,125,000).
12
Parent company
The parent and ultimate parent undertaking of the company is FC Apartments Limited, a company registered in Scotland.
Copies of the financial statements of FC Apartments Limited are available from Companies House, 4th Floor Edinburgh Quay 2, 139 Fountainbridge, Edinburgh.
In the opinion of the directors there is no ultimate controlling party of Triple Crown (Grove Street) Limited.
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