Company registration number SC034877 (Scotland)
THE CASTLE WAREHOUSE (PEEBLES) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 12 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
THE CASTLE WAREHOUSE (PEEBLES) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THE CASTLE WAREHOUSE (PEEBLES) LTD
BALANCE SHEET
AS AT 12 FEBRUARY 2023
12 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
763,396
922,181
Investment properties
4
115,000
878,396
922,181
Current assets
Stocks
509,959
514,005
Debtors
5
147,862
140,499
Cash at bank and in hand
612,385
668,830
1,270,206
1,323,334
Creditors: amounts falling due within one year
6
(308,958)
(396,804)
Net current assets
961,248
926,530
Total assets less current liabilities
1,839,644
1,848,711
Creditors: amounts falling due after more than one year
7
(5,635)
(14,541)
Provisions for liabilities
(53,648)
(61,427)
Net assets
1,780,361
1,772,743
Capital and reserves
Called up share capital
8,000
8,000
Revaluation reserve
8
625,724
637,755
Profit and loss reserves
9
1,146,637
1,126,988
Total equity
1,780,361
1,772,743
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 12 February 2023 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 CASTLE WAREHOUSE (PEEBLES) LTD
BALANCE SHEET (CONTINUED)
AS AT 12 FEBRUARY 2023
12 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2023 and are signed on its behalf by:
Mr A J Finlayson
Mr I S Finlayson
Director
Director
Mr R S Finlayson
Mrs K A Jones
Director
Director
Mrs A Young
Director
Company Registration No. SC034877
THE CASTLE WAREHOUSE (PEEBLES) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 12 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
The Castle Warehouse (Peebles) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 7-13 Old Town, Peebles, Scottish Borders, EH45 8HY.
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. There were no material departures from that standard.
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, modified to include the revaluation of freehold properties.The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.
1.3
Tangible fixed assets
With the exception of freehold property, property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment losses. Freehold property is stated in the balance sheet at revalued amounts, being the fair value on the date of revaluation less any subsequent depreciation and impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that with could be determined using fair values at the reporting end date.
If an asset’s carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity. However, the increase shall be recognised in profit and loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. The decrease of an asset’s carrying amount as a result of revaluation shall be recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
1% straight line
Leasehold improvements
1% straight line
Fixtures and fittings
15% reducing balance
Office equipment
25% reducing balance
Motor vehicles
20% 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.
THE CASTLE WAREHOUSE (PEEBLES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 12 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
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
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.
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.
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.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. 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.
THE CASTLE WAREHOUSE (PEEBLES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 12 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from directors and preference shares that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
1.10
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.
1.11
Retirement benefits
The company operated a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
THE CASTLE WAREHOUSE (PEEBLES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 12 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
Rentals payable under operating leases are charged to the profit an loss account on a straight line basis over the term of the lease.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
38
40
THE CASTLE WAREHOUSE (PEEBLES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 12 FEBRUARY 2023
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 14 February 2022
889,190
482,495
1,371,685
Additions
8,396
8,396
Disposals
(1,574)
(1,574)
Revaluation
(50,000)
(50,000)
Transfers
(115,000)
(115,000)
At 12 February 2023
724,190
489,317
1,213,507
Depreciation and impairment
At 14 February 2022
49,492
400,012
449,504
Depreciation charged in the year
8,893
16,072
24,965
Eliminated in respect of disposals
(1,258)
(1,258)
Revaluation
(16,200)
(16,200)
Transfers
(6,900)
(6,900)
At 12 February 2023
35,285
414,826
450,111
Carrying amount
At 12 February 2023
688,905
74,491
763,396
At 13 February 2022
839,698
82,483
922,181
The Freehold property class of fixed assets was revalued on 13 February 2018 by Allied Surveyors who are external to the company. The basis of this valuation was on an open market value basis. Since this date the directors have carried out an impairment review each year and have seen no need to revise the valuations accordingly.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold Property
2023
2022
£
£
Cost
255,693
285,693
Accumulated depreciation
(84,731)
(88,774)
Carrying value
170,962
196,919
THE CASTLE WAREHOUSE (PEEBLES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 12 FEBRUARY 2023
- 8 -
4
Investment property
2023
£
Fair value
At 14 February 2022
Transfers
115,000
At 12 February 2023
115,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 20th April 2022 by Allied Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
92,317
95,224
Other debtors
55,545
45,275
147,862
140,499
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
134,571
194,174
Corporation tax
13,009
33,321
Other taxation and social security
97,599
88,134
Other creditors
63,779
81,175
308,958
396,804
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
5,635
14,541
THE CASTLE WAREHOUSE (PEEBLES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 12 FEBRUARY 2023
- 9 -
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
637,755
631,388
Revaluation surplus arising in the year
(26,900)
Deferred tax on revaluation of tangible assets
6,375
6,367
Transfer to retained earnings
8,494
-
At the end of the year
625,724
637,755
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
1,126,988
972,105
Profit for the year
36,143
170,883
Dividends declared and paid in the year
(8,000)
(16,000)
Transfer from revaluation reserve
(8,494)
At the end of the year
1,146,637
1,126,988
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
70,460
90,140
11
Related party transactions
Transactions with related parties
The company advanced £1,455 during the year to the brother of a director of the company. The loan was interest free and is due to be repaid by 12th November 2023.
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