Company Registration No. SC262985 (Scotland)
TRIPLE CROWN (EDINBURGH QUAY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TRIPLE CROWN (EDINBURGH QUAY) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TRIPLE CROWN (EDINBURGH QUAY) LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,251
33,993
Investment properties
5
605,000
2,010,000
608,251
2,043,993
Current assets
Debtors
6
2,639,903
2,678,555
Cash at bank and in hand
602,149
73,813
3,242,052
2,752,368
Creditors: amounts falling due within one year
7
(1,011,501)
(1,884,162)
Net current assets
2,230,551
868,206
Net assets
2,838,802
2,912,199
Capital and reserves
Called up share capital
8
120
120
Profit and loss reserves
2,838,682
2,912,079
Total equity
2,838,802
2,912,199

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 10 August 2022 and are signed on its behalf by:
I Shand
Director
Company Registration No. SC262985
TRIPLE CROWN (EDINBURGH QUAY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -
1
Accounting policies
Company information

Triple Crown (Edinburgh Quay) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 115 Lauriston Place, Edinburgh, Midlothian, 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 goods and 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:

Fixtures and fittings
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
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.

TRIPLE CROWN (EDINBURGH QUAY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
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.

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.

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.

TRIPLE CROWN (EDINBURGH QUAY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
3
Employees

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

2021
2020
Number
Number
Total
3
3
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 October 2020
105,877
Disposals
(77,122)
At 30 September 2021
28,755
Depreciation and impairment
At 1 October 2020
71,884
Depreciation charged in the year
3,365
Eliminated in respect of disposals
(49,745)
At 30 September 2021
25,504
Carrying amount
At 30 September 2021
3,251
At 30 September 2020
33,993
5
Investment property
2021
£
Fair value
At 1 October 2020
2,010,000
Disposals
(1,405,000)
At 30 September 2021
605,000

On 20 May 2019, Graham + Sibbald, Chartered Surveyors, valued the company's properties on an open market basis. The directors have considered the valuation at this date not to be materially different to that of the value at 30 September 2021.

TRIPLE CROWN (EDINBURGH QUAY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 5 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
9,582
9,582
Amounts owed by group undertakings
2,628,637
2,648,863
Other debtors
-
0
14,517
Prepayments and accrued income
1,684
5,593
2,639,903
2,678,555

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
21,457
34,869
Amounts owed to group undertakings
971,892
1,844,601
Other creditors
540
4,692
Accruals and deferred income
17,612
-
0
1,011,501
1,884,162

Amounts owed to group undertakings are unsecured and repayable on demand.

8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
120
120
120
120
9
Financial commitments, guarantees and contingent liabilities

An intercompany cross guarantee exists between FC Apartments Limited, 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 repsect of the above related companies was £2,700,000 (2020 - £5,125,000).

TRIPLE CROWN (EDINBURGH QUAY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 6 -
10
Parent company

The parent undertaking of the company is Triple Crown (Grove Street) Limited. The ultimate parent undertaking of the company is FC Apartments Limited. Both companies are registered in Scotland.

 

Copies of the financial statements of the parent and ultimate parent companies 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 (Edinburgh Quay) Limited.

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