Carden Studios Limited - Filleted accounts

Registered number

SC118381

Carden Studios Limited

Filleted Unaudited Accounts

31 May 2023

Carden Studios Limited
Registered number:		SC118381
Balance Sheet
As at 31 May 2023


	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	3		3,484,860		3,484,860

Current assets
Stock		41,823		41,823
Debtors	4	459,096		337,890
Cash at bank and in hand		162,278		335,250
		663,197		714,963

Creditors: amounts falling due within one year	5	(63,288)		(123,105)

Net current assets			599,909		591,858

Total assets less current liabilities			4,084,769		4,076,718

Provisions for liabilities			(179,369)		(179,369)

Net assets			3,905,400		3,897,349

Capital and reserves
Called up share capital			200		200
Fair value reserve	6		1,497,884		1,497,884
Profit and loss account			2,407,316		2,399,265

Shareholders' funds			3,905,400		3,897,349


The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr J J Buchan
Director
Approved by the board on 7 September 2023

Carden Studios Limited
Notes to the Accounts
For the year ended 31 May 2023


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
	Investment properties
	Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is accounted for through the profit and loss account.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Plant and machinery		25% reducing balance

	Stock of property for development
	Stock is valued at the lower of cost and net realisable value.
	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees			2023	2022
				Number	Number

	Average number of persons employed by the company			0	0


3	Tangible fixed assets		Land and buildings	Plant and machinery	Total
			£	£	£
	Cost
	At 1 June 2022		3,484,860	1,158	3,486,018
	At 31 May 2023		3,484,860	1,158	3,486,018

	Depreciation
	At 1 June 2022		-	1,158	1,158
	At 31 May 2023		-	1,158	1,158

	Net book value
	At 31 May 2023		3,484,860	-	3,484,860
	At 31 May 2022		3,484,860	-	3,484,860


	Freehold land and buildings:			2023	2022
				£	£

	Historical cost			1,807,607	1,622,747
	Cumulative depreciation based on historical cost			-	-
				1,807,607	1,622,747


4	Debtors			2023	2022
				£	£

	Trade debtors			164,201	129,964
	Other debtors			294,895	207,926
				459,096	337,890


5	Creditors: amounts falling due within one year			2023	2022
				£	£

	Trade creditors			20,122	4,558
	Other creditors			43,166	118,547
				63,288	123,105


6	Fair value reserve (investment property revaluation reserve)			2023	2022
				£	£

	At 1 June 2022			1,497,884	1,497,884
	Gain on revaluation of land and buildings			-	-
	Deferred taxation arising on the revaluation of land and buildings			-	-
	At 31 May 2023			1,497,884	1,497,884


7	Loans to/(from) directors
	Description and conditions	B/fwd	Paid	Repaid	C/fwd
		£	£	£	£
	Mr J J Buchan
	Unsecured interest free loan with no set repayment date	2,717	-	-	2,717

		2,717	-	-	2,717



8	Related party transactions			2023	2022
				£	£

	Michael Gilmour Associates Ltd
	Scottish registered company (SC535118) in which the directors have an interest
	Unsecured interest free loan with no set repayment date
	Amounts due from/(to) the related party			543	138

	Carden (Buchan Braes) Limited
	Scottish registered company (SC413240) in which the directors have an interest
	Unsecured interest free loan with no set repayment date
	Amounts due from/(to) the related party			206,020	180,695

	Kilbowie Development Company Limited
	Scottish registered company (SC520426) in which the directors have an interest
	Unsecured interest free loan with no set repayment date
	Amounts due from/(to) the related party			66,981	(73,019)

				273,544	107,814


9	Controlling party

	During the year the company was under the control of the director Mrs H A Gilmour.


10	Other information

	Carden Studios Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
	22 Rubislaw Terrace
	Aberdeen
	AB10 1XE