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REGISTERED NUMBER: SC098643 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Edinbarnet Estates Limited

Edinbarnet Estates Limited (Registered number: SC098643)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Edinbarnet Estates Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: J A S Carrick
Mrs H J Carrick
S Easton
M McRobert
Mrs E McRobert





SECRETARY: J A S Carrick





REGISTERED OFFICE: Edinbarnet Estates
Cochno Road
Duntocher
Clydebank
G81 5QN





REGISTERED NUMBER: SC098643 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Edinbarnet Estates Limited (Registered number: SC098643)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,248,880 2,271,644
Investments 5 7,979 7,979
2,256,859 2,279,623

CURRENT ASSETS
Stocks 2,200 2,200
Debtors 6 12,127 108,638
Cash at bank and in hand 135,975 57,870
150,302 168,708
CREDITORS
Amounts falling due within one year 7 215,028 242,419
NET CURRENT LIABILITIES (64,726 ) (73,711 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,192,133

2,205,912

CREDITORS
Amounts falling due after more than one
year

8

61,710

76,345
NET ASSETS 2,130,423 2,129,567

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Revaluation reserve 10 570,858 570,858
Retained earnings 1,509,565 1,508,709
2,130,423 2,129,567

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Edinbarnet Estates Limited (Registered number: SC098643)

Balance Sheet - continued
31 March 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2023 and were signed on its behalf by:





J A S Carrick - Director


Edinbarnet Estates Limited (Registered number: SC098643)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Edinbarnet Estates Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared on the going concern basis of accounting as, in the opinion of the directors, there are no matters of material uncertainty which cast doubt on the company's ability to continue.

Despite the issues of the Covid-19 pandemic and the attendant lockdown restrictions, the management have accessed all available support (financial or otherwise) which has been available at local and national levels.

Significant judgements and estimates
In preparing the financial statements, management are required to make judgements, estimates and assumptions, based on historical experience and other relevant factors. Actual results may differ from these best estimates, which are reviewed on an ongoing basis.

The significant items in the financial statements where these judgements are required (and the factors in play) include debtors (likelihood of recovery), fixed assets (depreciation rates & useful lives), and the going concern basis of accounting.

Turnover
Turnover derived from ordinary activities is measured at the fair value of consideration received or receivable and represents the net sales of services provided, recognised when the company becomes entitled to the income and when the outcome of the transaction can be reliably measured.

For turnover involving the rendering of services, this occurs by reference to the stage of completion of the transaction at the end of the reporting period and where the outcome of a transaction can be estimated reliably, with the following conditions being satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Edinbarnet Estates Limited (Registered number: SC098643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - not provided
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 25% on cost

Factors such as a change in how an asset is used, significant unexpected wear and tear, technological advancement, and changes in market prices may indicate that the residual value or useful life of an asset has changed since the most recent annual reporting date. If such indicators are present, the company will review its previous estimates and, if current expectations differ, amend the residual value, depreciation method or useful life, accounting for such revisions as a change in an accounting estimate in accordance with FRS 102.

Fixed asset investments
Fixed asset investments relate to shares in an quoted company purchased for the long-term benefit of the company. In line with UK GAAP, these were initially recognised at acquisition cost and have been subsequently recognised at market value, with changes in valuation being recognised through the profit & loss account.

Government grants
Grants are recognised when the company has complied with the attaching conditions and there is reasonable assurance that the grants will be received. They are measured at fair value. Grants relating to revenue are recognised in income on a systematic basis over the period or periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Edinbarnet Estates Limited (Registered number: SC098643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Employee benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet as the result of a past event, it is probable that there will be a transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 72 (2022 - 75 ) .

Edinbarnet Estates Limited (Registered number: SC098643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 2,192,809 590,972 2,783,781
Additions - 2,441 2,441
At 31 March 2023 2,192,809 593,413 2,786,222
DEPRECIATION
At 1 April 2022 - 512,137 512,137
Charge for year - 25,205 25,205
At 31 March 2023 - 537,342 537,342
NET BOOK VALUE
At 31 March 2023 2,192,809 56,071 2,248,880
At 31 March 2022 2,192,809 78,835 2,271,644

Cost or valuation at 31 March 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 2,192,809 - 2,192,809
Cost - 593,413 593,413
2,192,809 593,413 2,786,222

If land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,621,951 1,621,951

Land & buildings were valued on an open market basis on 31 March 2023 by the directors of the company .

Edinbarnet Estates Limited (Registered number: SC098643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 April 2022
and 31 March 2023 19,358
DEPRECIATION
At 1 April 2022 4,840
Charge for year 3,629
At 31 March 2023 8,469
NET BOOK VALUE
At 31 March 2023 10,889
At 31 March 2022 14,518

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 7,979
NET BOOK VALUE
At 31 March 2023 7,979
At 31 March 2022 7,979

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,437 72,601
Prepayments and accrued income 7,690 36,037
12,127 108,638

Edinbarnet Estates Limited (Registered number: SC098643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,695 35,445
Finance leases 5,367 5,367
Trade creditors 22,844 30,675
Tax 3,415 14,819
Social security and other taxes 30,949 13,934
Other creditors 61,565 66,995
Accruals and deferred income 80,193 75,184
215,028 242,419

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,695 10,695
Bank loans - 2-5 years 32,086 32,086
Bank loans more 5 yr by instal 16,692 25,962
Finance leases 2,237 7,602
61,710 76,345

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 16,692 25,962

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 70,168 104,188
Finance leases 7,604 12,969
77,772 117,157

The Royal Bank of Scotland plc hold a standard security dated 16.12.94 over the company's premises Edinbarnet House, along with a floating charge dated 13.11.94 over the company's remaining assets and undertakings.

Finance lease liabilities are secured over the assets to which they relate.

10. RESERVES
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 570,858

Edinbarnet Estates Limited (Registered number: SC098643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. ULTIMATE CONTROLLING PARTY

Due to the shareholding structure in place, the directors consider that there is no ultimate controlling party for the company.