IRIS Accounts Production v22.2.0.402 SC273480 Board of Directors 1.1.21 31.12.21 31.12.21 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC2734802020-12-31SC2734802021-12-31SC2734802021-01-012021-12-31SC2734802019-12-31SC2734802020-01-012020-12-31SC2734802020-12-31SC273480ns16:Scotland2021-01-012021-12-31SC273480ns15:PoundSterling2021-01-012021-12-31SC273480ns11:Director12021-01-012021-12-31SC273480ns11:PrivateLimitedCompanyLtd2021-01-012021-12-31SC273480ns11:SmallEntities2021-01-012021-12-31SC273480ns11:AuditExempt-NoAccountantsReport2021-01-012021-12-31SC273480ns11:SmallCompaniesRegimeForDirectorsReport2021-01-012021-12-31SC273480ns11:SmallCompaniesRegimeForAccounts2021-01-012021-12-31SC273480ns11:FullAccounts2021-01-012021-12-31SC273480ns11:Director22021-01-012021-12-31SC273480ns11:Director32021-01-012021-12-31SC273480ns11:Director42021-01-012021-12-31SC273480ns11:CompanySecretary12021-01-012021-12-31SC273480ns11:RegisteredOffice2021-01-012021-12-31SC273480ns6:CurrentFinancialInstruments2021-12-31SC273480ns6:CurrentFinancialInstruments2020-12-31SC273480ns6:Non-currentFinancialInstruments2021-12-31SC273480ns6:Non-currentFinancialInstruments2020-12-31SC273480ns6:ShareCapital2021-12-31SC273480ns6:ShareCapital2020-12-31SC273480ns6:RetainedEarningsAccumulatedLosses2021-12-31SC273480ns6:RetainedEarningsAccumulatedLosses2020-12-31SC273480ns6:LandBuildings2020-12-31SC273480ns6:PlantMachinery2020-12-31SC273480ns6:LandBuildings2021-01-012021-12-31SC273480ns6:PlantMachinery2021-01-012021-12-31SC273480ns6:LandBuildings2021-12-31SC273480ns6:PlantMachinery2021-12-31SC273480ns6:LandBuildings2020-12-31SC273480ns6:PlantMachinery2020-12-31SC273480ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2020-12-31SC273480ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-01-012021-12-31SC273480ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-12-31SC273480ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2020-12-31SC273480ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-31SC273480ns6:WithinOneYearns6:CurrentFinancialInstruments2020-12-31SC273480ns6:WithinOneYearns6:HirePurchaseContracts2021-12-31SC273480ns6:WithinOneYearns6:HirePurchaseContracts2020-12-31SC273480ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2021-12-31SC273480ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2020-12-31SC273480ns6:HirePurchaseContracts2021-12-31SC273480ns6:HirePurchaseContracts2020-12-31SC273480ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2021-12-31SC273480ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2020-12-31SC273480ns6:WithinOneYear2021-12-31SC273480ns6:WithinOneYear2020-12-31SC273480ns6:Secured2021-12-31SC273480ns6:Secured2020-12-31
REGISTERED NUMBER: SC273480 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

COLAREN HOMES LTD.

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COLAREN HOMES LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: C Smith
Mrs K Smith
G Purves
M A Stevenson





SECRETARY: C Smith





REGISTERED OFFICE: Colaren House
Burnthill Farm
Fraserburgh
Aberdeenshire
AB43 7EJ





REGISTERED NUMBER: SC273480 (Scotland)

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,716,218 1,266,928

CURRENT ASSETS
Stocks 9,261,470 9,568,174
Debtors 6 1,025,496 1,394,567
Cash at bank 1,695,719 264,178
11,982,685 11,226,919
CREDITORS
Amounts falling due within one year 7 2,183,664 2,003,550
NET CURRENT ASSETS 9,799,021 9,223,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,515,239

10,490,297

CREDITORS
Amounts falling due after more than one
year

8

(390,245

)

(234,697

)

PROVISIONS FOR LIABILITIES (878,271 ) (1,010,581 )
NET ASSETS 10,246,723 9,245,019

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10,246,623 9,244,919
SHAREHOLDERS' FUNDS 10,246,723 9,245,019

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

BALANCE SHEET - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2022 and were signed on its behalf by:





C Smith - Director


COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Colaren Homes Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 £.

Significant judgements and estimates
In the application of the company's accounting policies, 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Costs to completion
In order to allocate an appropriate level of costs to plots sold, management must estimate the total expected costs for each given development site. This involves a significant degree of estimation and estimates are calculated by individuals with the relevant qualifications and experience to enable them to estimate such values accurately. Estimates are reviewed against actual costs incurred on a regular basis.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on the date of entry), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets other than freehold land are stated at cost less depreciation. 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:

Land and buildings freehold - nil
Plant and machinery - 20% Reducing balance
Computer equipment - 33% Straight line
Fixtures, fittings and equipment - 20% Reducing balance
Motor Vehicles - 25% Reducing balance

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.

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 cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

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.

Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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.

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 profit or loss, 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) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents 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.

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 statement of financial position 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 trade and other receivables 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.




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.

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2020 - 33 ) .

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2021 274,783 2,493,761 2,768,544
Additions - 813,291 813,291
Disposals - (371,338 ) (371,338 )
At 31 December 2021 274,783 2,935,714 3,210,497
DEPRECIATION
At 1 January 2021 - 1,501,616 1,501,616
Charge for year - 271,199 271,199
Eliminated on disposal - (278,536 ) (278,536 )
At 31 December 2021 - 1,494,279 1,494,279
NET BOOK VALUE
At 31 December 2021 274,783 1,441,435 1,716,218
At 31 December 2020 274,783 992,145 1,266,928

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2021 783,549
Additions 567,012
Disposals (50,898 )
Transfer to ownership (188,750 )
At 31 December 2021 1,110,913
DEPRECIATION
At 1 January 2021 302,094
Charge for year 152,075
Eliminated on disposal (17,076 )
Transfer to ownership (130,817 )
At 31 December 2021 306,276
NET BOOK VALUE
At 31 December 2021 804,637
At 31 December 2020 481,455

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 55,180 48,271
Other debtors 970,316 1,346,296
1,025,496 1,394,567

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 9,626 19,756
Hire purchase contracts (see note 9) 217,799 151,752
Trade creditors 1,056,172 857,898
Taxation and social security 249,844 261,274
Other creditors 650,223 712,870
2,183,664 2,003,550

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 35,650 50,000
Hire purchase contracts (see note 9) 354,595 184,697
390,245 234,697

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2021 2020
£    £   
Gross obligations repayable:
Within one year 236,093 164,575
Between one and five years 382,809 200,999
618,902 365,574

Finance charges repayable:
Within one year 18,294 12,823
Between one and five years 28,214 16,302
46,508 29,125

Net obligations repayable:
Within one year 217,799 151,752
Between one and five years 354,595 184,697
572,394 336,449

COLAREN HOMES LTD. (REGISTERED NUMBER: SC273480)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2021 2020
£    £   
Within one year 370,000 120,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank overdraft - 19,756
Bank loans 45,276 50,000
Hire purchase contracts 572,394 336,449
617,670 406,205

The bank loan is secured by a charge over the assets and development sites owned by the company.

11. RELATED PARTY DISCLOSURES

Directors loans are interest free, unsecured and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling party is the director Colin Smith.