Company registration number SC471705 (Scotland)
CRAIGLEA PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CRAIGLEA PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
CRAIGLEA PROPERTIES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CRAIGLEA PROPERTIES LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Craiglea Properties Limited for the year ended 31 March 2023 set out on pages 2 to 6 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made to the board of directors of Craiglea Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken to enable us to prepare the financial statements on your behalf and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Craiglea Properties Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Craiglea Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Craiglea Properties Limited. You consider that Craiglea 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 financial statements of Craiglea 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 financial statements.

MMG Chartered Accountants
28 November 2023
4 Albert Place
PERTH
PH2 8JE
CRAIGLEA PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
893,404
756,299
Current assets
Debtors
4
2,640
1,513
Cash at bank and in hand
3,986
7,272
6,626
8,785
Creditors: amounts falling due within one year
5
(752,020)
(743,896)
Net current liabilities
(745,394)
(735,111)
Total assets less current liabilities
148,010
21,188
Creditors: amounts falling due after more than one year
6
(117,654)
-
0
Net assets
30,356
21,188
Capital and reserves
Called up share capital
5
5
Profit and loss reserves
30,351
21,183
Total equity
30,356
21,188

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 March 2023 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 28 November 2023 and are signed on its behalf by:
Jill Garvie
Director
Company registration number SC471705 (Scotland)
CRAIGLEA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Craiglea Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is 16 Craiglea Road, PERTH, PH1 1LA.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
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.

1.4
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.

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.

CRAIGLEA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2023
2022
Number
Number
Total
2
2
CRAIGLEA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Investment property
2023
£
Fair value
At 1 April 2022
756,299
Additions
137,105
At 31 March 2023
893,404

Investment property comprises residential properties in Perth and Stirling. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 and 31 March 2022. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
395
Other debtors
2,640
1,118
2,640
1,513
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,997
1,118
Corporation tax
4,965
4,311
Other creditors
741,597
735,999
Accruals and deferred income
3,461
2,468
752,020
743,896
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
117,654
-
0
7
Directors' transactions
CRAIGLEA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7
Directors' transactions
(Continued)
- 6 -

An interest free loan has been granted to the company by its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
366,760
6,624
(1,026)
372,358
366,760
6,624
(1,026)
372,358

This loan is included in Other creditors. It is unsecured, interest free and repayable on demand.    

2023-03-312022-04-01false28 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityElizabeth SmithJill GarviefalseSC4717052022-04-012023-03-31SC4717052023-03-31SC4717052022-03-31SC471705core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC471705core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC471705core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-31SC471705core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-31SC471705core:CurrentFinancialInstruments2023-03-31SC471705core:CurrentFinancialInstruments2022-03-31SC471705core:ShareCapital2023-03-31SC471705core:ShareCapital2022-03-31SC471705core:RetainedEarningsAccumulatedLosses2023-03-31SC471705core:RetainedEarningsAccumulatedLosses2022-03-31SC471705bus:Director22022-04-012023-03-31SC4717052021-04-012022-03-31SC4717052022-03-31SC471705core:WithinOneYear2023-03-31SC471705core:WithinOneYear2022-03-31SC471705core:Non-currentFinancialInstruments2023-03-31SC471705core:Non-currentFinancialInstruments2022-03-31SC471705bus:PrivateLimitedCompanyLtd2022-04-012023-03-31SC471705bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC471705bus:FRS1022022-04-012023-03-31SC471705bus:AuditExemptWithAccountantsReport2022-04-012023-03-31SC471705bus:Director12022-04-012023-03-31SC471705bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP