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Registration number: SC575555

CrombieHall Properties Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

CrombieHall Properties Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

CrombieHall Properties Limited

Company Information

Director

K F M Crombie

Registered office

3 Church Hill
Edinburgh
EH10 4BG

Accountants

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
CrombieHall Properties Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CrombieHall Properties Limited for the year ended 28 February 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of CrombieHall Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of CrombieHall Properties Limited and state those matters that we have agreed to state to the Board of Directors of CrombieHall Properties Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CrombieHall Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that CrombieHall Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of CrombieHall Properties Limited. You consider that CrombieHall Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of CrombieHall Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

25 October 2023

 

CrombieHall Properties Limited

(Registration number: SC575555)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

135

267

Investment property

5

872,400

872,400

 

872,535

872,667

Current assets

 

Debtors

6

12,166

3,503

Cash at bank and in hand

 

60,439

83,231

 

72,605

86,734

Creditors: Amounts falling due within one year

7

(4,942)

(7,281)

Net current assets

 

67,663

79,453

Total assets less current liabilities

 

940,198

952,120

Provisions for liabilities

(26,486)

(26,486)

Net assets

 

913,712

925,634

Capital and reserves

 

Called up share capital

830,000

845,000

Other reserves

112,914

112,914

Retained earnings

(29,202)

(32,280)

Shareholders' funds

 

913,712

925,634

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

CrombieHall Properties Limited

(Registration number: SC575555)
Balance Sheet as at 28 February 2023

Approved and authorised by the director on 25 October 2023
 

.........................................
K F M Crombie
Director

 

CrombieHall Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
3 Church Hill
Edinburgh
EH10 4BG

These financial statements were authorised for issue by the director on 25 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts
receivable from rental of properties to third parties in the normal course of business, net of discounts, VAT and other related taxes.

Revenue from rental of properties is recognised when services have been provided and the right to consideration has been earned.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

CrombieHall Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Investment property

Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently, investment properties are measured at fair value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise. As these gains are unrealised they are not available for distribution to members and are therefore held in other reserves.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

CrombieHall Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Provisions

Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost, including transaction costs. The investment is not remeasured except where impairment has been identified.


 Impairment

Trade debtors and investments in equity shares are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 1).

 

CrombieHall Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

639

639

At 28 February 2023

639

639

Depreciation

At 1 March 2022

372

372

Charge for the year

132

132

At 28 February 2023

504

504

Carrying amount

At 28 February 2023

135

135

At 28 February 2022

267

267

5

Investment properties

2023
£

At 1 March

872,400

At 28 February

872,400

The director has assessed the investment properties and based on current market conditions is confident that the investment properties are included within the accounts at fair value.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

2022
£

Trade debtors

3,798

2,792

Prepayments

890

711

Other debtors

7,478

-

 

12,166

3,503

 

CrombieHall Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

9

-

680

Taxation and social security

 

753

3,301

Accruals and deferred income

 

4,189

3,300

 

4,942

7,281

8

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

K F M Crombie

Interest free loan (to)/from director

680

(8,500)

342

(7,478)

         
       

 

2022

At 1 March 2021
£

Advances from director
£

At 28 February 2022
£

K F M Crombie

Interest free loan (to)/from director

368

312

680

       
     

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

680