Company registration number SC212228 (Scotland)
INVERNESS CALEDONIAN THISTLE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
United Kingdom
IV2 5GH
INVERNESS CALEDONIAN THISTLE PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
4
300,000
300,000
Current assets
Cash at bank and in hand
59,703
60,084
Creditors: amounts falling due within one year
5
(4,569,202)
(4,550,001)
Net current liabilities
(4,509,499)
(4,489,917)
Net liabilities
(4,209,499)
(4,189,917)
Capital and reserves
Called up share capital
6
1,200
1,200
Profit and loss reserves
(4,210,699)
(4,191,117)
Total equity
(4,209,499)
(4,189,917)

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 31 December 2022 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 financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
Mr J R Morrison
Director
Company registration number SC212228 (Scotland)
INVERNESS CALEDONIAN THISTLE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Inverness Caledonian Thistle Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Caledonian Stadium, Stadium Road, Inverness, IV1 1FF.

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 other than where additional disclosure is required to show a true and fair view.

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 investment properties at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The Directors recognise the Company relies on the financial support of its shareholders. The Directors have therefore obtained appropriate confirmation from the shareholders that they will continue to support the Company for at least the next 12 months. Accordingly, the financial statements have been prepared on a going concern basis.true

1.3
Turnover

Turnover, which arose wholly within the United Kingdom from the continuing principal activity, represents rental income, excluding value added tax, from the rental of land accrued on a daily basis.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
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.

1.6
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

INVERNESS CALEDONIAN THISTLE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

1.7
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.

1.8
Taxation
Current tax

Current tax, comprising UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing difference are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

 

Deferred tax is measured at the average tax rates that are expected to apply in the period in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

INVERNESS CALEDONIAN THISTLE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
2
4
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
300,000

The open market valuation of the company's leasehold investment property as at 31 December 2022 has been determined by the Directors, following an independent professional property valuation in 2018. The directors of the company still consider this valuation valid at 31 December 2022. A permanent diminution in value of £2,575,195 has been recognised in the year (2021 - £2,575,195). The historic cost of the asset is £2,875,195.

5
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
3,000
3,000
Other creditors
4,566,202
4,547,001
4,569,202
4,550,001
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
900
900
900
900
Ordinary B shares of £1 each
300
300
300
300
1,200
1,200
1,200
1,200
INVERNESS CALEDONIAN THISTLE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Called up share capital
(Continued)
- 5 -
7
Related party transactions

The company has taken advantage of the exemptions available to those subsidiaries that are 100% owned under FRS 102 Section 1A. Accordingly, disclosure is not made of any related party transactions with the company's parent company or fellow wholly owned subsidiaries.

2022-12-312022-01-01false08 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr David John CameronMr J R MorrisonMr G G FraserMr C M Di CiaccafalseSC2122282022-01-012022-12-31SC2122282022-12-31SC2122282021-12-31SC212228core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC212228core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC212228core:CurrentFinancialInstruments2022-12-31SC212228core:CurrentFinancialInstruments2021-12-31SC212228core:ShareCapital2022-12-31SC212228core:ShareCapital2021-12-31SC212228core:RetainedEarningsAccumulatedLosses2022-12-31SC212228core:RetainedEarningsAccumulatedLosses2021-12-31SC212228core:ShareCapitalOrdinaryShares2022-12-31SC212228core:ShareCapitalOrdinaryShares2021-12-31SC212228bus:Director22022-01-012022-12-31SC2122282021-01-012021-12-31SC2122282021-12-31SC212228bus:PrivateLimitedCompanyLtd2022-01-012022-12-31SC212228bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-31SC212228bus:FRS1022022-01-012022-12-31SC212228bus:AuditExemptWithAccountantsReport2022-01-012022-12-31SC212228bus:Director12022-01-012022-12-31SC212228bus:Director32022-01-012022-12-31SC212228bus:Director42022-01-012022-12-31SC212228bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP