Company Registration No. SC526612 (Scotland)
THE THREE CHERUBS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE THREE CHERUBS LIMITED
COMPANY INFORMATION
Director
Mr R A McConnachie
Company number
SC526612
Registered office
48 Ardrossan Road
Seamill
Ayrshire
KA23 9LT
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Bank of Scotland Plc
PO Box 17235
Edinburgh
EH11 1YH
THE THREE CHERUBS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
THE THREE CHERUBS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE THREE CHERUBS LIMITED FOR THE YEAR ENDED 30 MARCH 2023
- 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 The Three Cherubs Limited for the year ended 30 March 2023 which comprise, the balance sheet and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of The Three Cherubs Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Three Cherubs Limited and state those matters that we have agreed to state to the Board of Directors of The Three Cherubs Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Three Cherubs Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that The Three Cherubs 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 loss of The Three Cherubs Limited. You consider that The Three Cherubs 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 The Three Cherubs 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.
Ormerod Rutter Limited
6 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THE THREE CHERUBS LIMITED
BALANCE SHEET
AS AT 30 MARCH 2023
30 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
191,000
191,000
Current assets
Debtors
4
37,857
43,923
Cash at bank and in hand
1,669
14,571
39,526
58,494
Creditors: amounts falling due within one year
5
(172,158)
(174,900)
Net current liabilities
(132,632)
(116,406)
Total assets less current liabilities
58,368
74,594
Creditors: amounts falling due after more than one year
6
(19,455)
(25,000)
Net assets
38,913
49,594
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
9
31,000
31,000
Profit and loss reserves
7,912
18,593
Total equity
38,913
49,594
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 THREE CHERUBS LIMITED
BALANCE SHEET
AS AT 30 MARCH 2023
30 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 6 October 2023
Mr R A McConnachie
Director
Company Registration No. SC526612
THE THREE CHERUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
- 4 -
1
Accounting policies
Company information
The Three Cherubs Limited is a private company limited by shares incorporated in Scotland. The registered office is 48 Ardrossan Road, Seamill, Ayrshire, KA23 9LT.
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 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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
1.3
Investment properties
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
THE THREE CHERUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
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 1 (2022 - 1).
3
Investment property
2023
£
Fair value
At 31 March 2022 and 30 March 2023
191,000
The director has assessed the market value of the property and considers that there has been no significant change in the market value at the year end.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
36,405
43,923
Deferred tax asset
1,452
37,857
43,923
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,771
Trade creditors
71
556
Amounts owed to group undertakings
166,951
172,879
Other creditors
2,365
1,465
172,158
174,900
THE THREE CHERUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,455
25,000
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
22,226
25,000
Bank loans are secured by way of a government-backed guarantee.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of 1p each
1
1
1
1
9
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
31,000
31,000
10
Control
Ultimate Parent Company
The parent company is McConnachie Group Limited, a company registered in Scotland.
Ultimate Controlling Party
The ultimate controlling party is Mr R A McConnachie, by virtue of his controlling interest in the ultimate parent company.