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COMPANY REGISTRATION NUMBER: SC263905
Cherryfield Properties Ltd
Filleted Unaudited Financial Statements
28 February 2023
Cherryfield Properties Ltd
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
373,151
699,837
Investments
5
3,000
3,000
---------
---------
376,151
702,837
Current assets
Debtors
6
1,010
726
Cash at bank and in hand
34,205
42,842
--------
--------
35,215
43,568
Creditors: amounts falling due within one year
7
109,333
71,395
---------
--------
Net current liabilities
74,118
27,827
---------
---------
Total assets less current liabilities
302,033
675,010
Creditors: amounts falling due after more than one year
8
70,890
411,440
Provisions
Taxation including deferred tax
4,562
4,686
---------
---------
Net assets
226,581
258,884
---------
---------
Cherryfield Properties Ltd
Statement of Financial Position (continued)
28 February 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
9
2
2
Profit and loss account (undistributable)
45,544
78,856
Profit and loss account
181,035
180,026
---------
---------
Shareholders funds
226,581
258,884
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
James Watson
Director
Company registration number: SC263905
Cherryfield Properties Ltd
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Cherryfield House, Kingsmuir, Forfar, Angus, DD8 2LH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. This is in accordance with FRS102 which unlike the Companies Act 2006, does not require depreciation of investment property. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies Act 2006 is required in order to give a true and fair view.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 March 2022
697,752
14,191
7,310
719,253
Additions
4,277
4,277
Disposals
( 328,840)
( 5,520)
( 334,360)
---------
--------
-------
---------
At 28 February 2023
368,912
12,948
7,310
389,170
---------
--------
-------
---------
Depreciation
At 1 March 2022
13,003
6,413
19,416
Charge for the year
1,189
224
1,413
Disposals
( 4,810)
( 4,810)
---------
--------
-------
---------
At 28 February 2023
9,382
6,637
16,019
---------
--------
-------
---------
Carrying amount
At 28 February 2023
368,912
3,566
673
373,151
---------
--------
-------
---------
At 28 February 2022
697,752
1,188
897
699,837
---------
--------
-------
---------
The director has reviewed the values carried in the accounts for the company's investment properties and is of the view that the current market values are not materially different from the value reflected in these accounts. The properties were valued by the director at 28 February 2023.
Tangible assets held at valuation
Included in the carrying value above, are revalued properties at a value of £200,000 (2022 - £348,380).
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 28 February 2023
Aggregate cost
150,166
Aggregate depreciation
---------
Carrying value
150,166
---------
At 28 February 2022
Aggregate cost
265,234
Aggregate depreciation
---------
Carrying value
265,234
---------
5. Investments
Other investments other than loans
£
Cost
At 1 March 2022 and 28 February 2023
3,000
-------
Impairment
At 1 March 2022 and 28 February 2023
-------
Carrying amount
At 28 February 2023
3,000
-------
At 28 February 2022
3,000
-------
6. Debtors
2023
2022
£
£
Other debtors
1,010
726
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,960
Other creditors
109,333
69,435
---------
--------
109,333
71,395
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
70,890
411,440
--------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Transactions with director
The company was under the control of Mr James Watson throughout the current and previous year. At the year end the company was due to repay the director £106,402 (2022 - £66,708). This is disclosed within other creditors. The loan is interest free and is not due for repayment in the near future.