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Registration number: SC482346

Cairnmore One Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Cairnmore One Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Cairnmore One Limited

Company Information

Directors

G P Brewster

K G Brewster

S J Brewster

Registered office

26 George Square
Edinburgh
EH8 9LD

Accountants

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

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cairnmore One Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cairnmore One Limited for the year ended 30 June 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member/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 Cairnmore One 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 Cairnmore One Limited and state those matters that we have agreed to state to the Board of Directors of Cairnmore One 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 Cairnmore One Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cairnmore One 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 Cairnmore One Limited. You consider that Cairnmore One 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 Cairnmore One 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

22 November 2023

 

Cairnmore One Limited

(Registration number: SC482346)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,708,816

5,678,453

Current assets

 

Debtors

5

107,070

90,037

Cash at bank and in hand

 

241,749

124,488

 

348,819

214,525

Creditors: Amounts falling due within one year

6

(2,586,685)

(2,653,321)

Net current liabilities

 

(2,237,866)

(2,438,796)

Total assets less current liabilities

 

3,470,950

3,239,657

Creditors: Amounts falling due after more than one year

6

(817,089)

(922,649)

Provisions for liabilities

(369,672)

(272,456)

Net assets

 

2,284,189

2,044,552

Capital and reserves

 

Called up share capital

1

1

Other reserves

1,266,170

1,318,678

Retained earnings

1,018,018

725,873

Shareholders' funds

 

2,284,189

2,044,552

 

Cairnmore One Limited

(Registration number: SC482346)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
G P Brewster
Director

   
     
 

Cairnmore One Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
26 George Square
Edinburgh
EH8 9LD

These financial statements were authorised for issue by the Board on 22 November 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.

Revenue recognition

Revenue is measured at the fair value of the the consideration received or receivable and represents amounts receivable for sales 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, the right to consideration has been earned and collectability of the related receivables is fairly assured.

Revenue from sale of development properties is recognised when the company has concluded the transfer of the property and consideration has been received.

Tax

Tax is recognised in the profit or loss of the company.

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.

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Deferred tax is accounted for in respect of all material timing differences. Deferred tax is charged/(credited) to the profit and loss account.

 

Cairnmore One Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Integral features in investment properties

4% straight line

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.

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.

 

Cairnmore One Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.


 Impairment

Trade debtors 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 directors) during the year was 0 (2022 - 0).

 

Cairnmore One Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 July 2022

5,793,215

5,793,215

Revaluations

44,708

44,708

At 30 June 2023

5,837,923

5,837,923

Depreciation

At 1 July 2022

114,762

114,762

Charge for the year

14,345

14,345

At 30 June 2023

129,107

129,107

Carrying amount

At 30 June 2023

5,708,816

5,708,816

At 30 June 2022

5,678,453

5,678,453

Included within the net book value of land and buildings above is £5,708,816 (2022 - £5,678,453) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

104,669

89,642

Prepayments

2,006

-

Other debtors

395

395

 

107,070

90,037

 

Cairnmore One Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

7

220,258

336,011

Trade creditors

 

4,582

8,210

Taxation and social security

 

24,080

20,657

Other creditors

 

2,337,765

2,288,443

 

2,586,685

2,653,321

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

817,089

922,649

2023
£

2022
£

Due after more than five years

After more than five years by instalments

371,993

688,595

-

-

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

817,089

922,649

2023
£

2022
£

Current loans and borrowings

Bank borrowings

111,274

117,027

Loan from director

108,984

218,984

220,258

336,011

 

Cairnmore One Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Bank borrowings

Bank loans are denominated in Sterling with a nominal interest rate of 3%-3.79% over base rate, and the final instalment is due on 21 August 2030. The carrying amount at year end is £928,362 (2022 - £1,039,676).

The bank loans are secured over the investment properties held by the company along with a bond and floating charge over the assets of the company. Cairnmore Limited has provided a guarantee in respect of the loans for £1,683,000.

8

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Repayments to director
£

At 30 June 2023
£

Interest free loan from director

218,984

(110,000)

108,984

       
     

 

2022

At 1 July 2021
£

Repayments to director
£

At 30 June 2022
£

Interest free loan from director

273,984

(55,000)

218,984

       
     

 

Summary of transactions with parent

Cairnmore Limited has provided a security guarantee of £1,683,000 in respect of the company's bank loans.