REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Edinbarnet Estates Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
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 |
Finance leases |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Finance leases |
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 |
Finance leases | 7,604 | 12,969 |
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 |
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. |