0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 12,600,000 12,600,000 12,600,000 xbrli:pure xbrli:shares iso4217:GBP SC400279 2022-04-01 2023-03-31 SC400279 2023-03-31 SC400279 2022-03-31 SC400279 2021-04-01 2022-03-31 SC400279 2022-03-31 SC400279 2021-03-31 SC400279 bus:Director1 2022-04-01 2023-03-31 SC400279 core:WithinOneYear 2023-03-31 SC400279 core:WithinOneYear 2022-03-31 SC400279 core:AfterOneYear 2023-03-31 SC400279 core:AfterOneYear 2022-03-31 SC400279 core:ShareCapital 2023-03-31 SC400279 core:ShareCapital 2022-03-31 SC400279 core:SharePremium 2023-03-31 SC400279 core:SharePremium 2022-03-31 SC400279 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC400279 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC400279 core:LandBuildings 2023-03-31 SC400279 core:LandBuildings 2022-03-31 SC400279 bus:SmallEntities 2022-04-01 2023-03-31 SC400279 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC400279 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC400279 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC400279 bus:FullAccounts 2022-04-01 2023-03-31 SC400279 1 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: SC400279
Abbotsford Property (Dunfermline) Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Abbotsford Property (Dunfermline) Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
12,600,000
12,600,000
Current assets
Debtors
5
34,147
37,430
Cash at bank and in hand
13,231
45,436
--------
--------
47,378
82,866
Creditors: amounts falling due within one year
6
3,198,590
3,173,738
------------
------------
Net current liabilities
3,151,212
3,090,872
-------------
-------------
Total assets less current liabilities
9,448,788
9,509,128
Creditors: amounts falling due after more than one year
7
4,228,867
4,616,358
Provisions
Deferred tax
376,430
370,331
------------
------------
Net assets
4,843,491
4,522,439
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
1,771,832
1,771,832
Profit and loss account
3,070,659
2,749,607
------------
------------
Shareholders funds
4,843,491
4,522,439
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Abbotsford Property (Dunfermline) Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 22 December 2023 , and are signed on behalf of the board by:
Mrs K McKechnie
Director
Company registration number: SC400279
Abbotsford Property (Dunfermline) Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 72 Milton Road, Kirkcaldy, Fife, KY1 1TP, Scotland.
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 certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements have been presented in Pounds Sterling as this is the functional and presentational currency of the Company. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements. The current banking facilities for the bank loans detailed in notes 7 and 9 have been extended to 31 January 2024 and the directors are currently considering refinancing options available.
Revenue recognition
The turnover shown in the Statement of Income represents rent receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost. Assets held for use in operating leases are the investment properties.
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. 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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, 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 receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, 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 receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Tangible assets
Land and buildings
£
Cost
At 1 April 2022 and 31 March 2023
12,600,000
-------------
Depreciation
At 1 April 2022 and 31 March 2023
-------------
Carrying amount
At 31 March 2023
12,600,000
-------------
At 31 March 2022
12,600,000
-------------
All of the investment properties were revalued by Graham + Sibbald in July 2019 on a desk-top basis. The directors' have considered the valuations of the properties at the year end and are satisfied that the most recent valuations for each property represent an appropriate measure of fair value as at 31 March 2023.
5. Debtors
2023
2022
£
£
Other debtors
34,147
37,430
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
372,341
600,372
Trade creditors
2,494
1,687
Corporation tax
125,182
107,089
Other creditors
2,698,573
2,464,590
------------
------------
3,198,590
3,173,738
------------
------------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,228,867
4,616,358
------------
------------
The Bank of Scotland holds a standard security over all of the company's properties as well as a bond and floating charge over the assets of the company.
8. Events after the end of the reporting period
In November 2023, a fire occurred at one of the care home properties owned by the company and a small part of this building was damaged. No structural damage was incurred to the building however internal damage was incurred that was primarily water related. This property is rented to Abbotsford Care (Glenrothes) Limited a company under common control. No residents or staff were injured and all residents have been reallocated to other care homes. The directors anticipate some of the residents will move back into the home in the near future. The full reopening of the home is subject to the timescale of the contractors completing the required repairs. The financial impact of the fire is not yet quantified and the directors are currently liaising with their insurers. The outcome of these discussions is unknown at the date of signing. The directors have confirmed that the going concern status of the company is not materially impacted by the above.
9. Related party transactions
A corporate guarantee has been provided by Abbotsford Care (Glenrothes) Limited in favour of the loan from the Bank of Scotland and a personal guarantee has also been provided by Mrs K McKechnie in favour of the Bank of Scotland. The company lets nursing homes to Abbotsford Care (Glenrothes) Limited, a company owned and controlled by Mrs K McKechnie . Rents are charged to the company in line with agreed terms and total rent payments during the year were £783,059 (2022: £843,400). At the balance sheet date the company owed £2,683,595 (2022: £2,455,534) to Abbotsford Care (Glenrothes) Limited and the balance is included within other creditors. The loan is repayable on demand and there are no interest terms attached.