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COMPANY REGISTRATION NUMBER: SC050458
Craigtoun Meadows Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
Craigtoun Meadows Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,004,316
1,981,006
Current assets
Stocks
485,784
655,965
Debtors
6
24,416
39,883
Cash at bank and in hand
86,147
217,992
---------
---------
596,347
913,840
Creditors: amounts falling due within one year
7
( 454,589)
( 933,296)
---------
---------
Net current assets/(liabilities)
141,758
( 19,456)
------------
------------
Total assets less current liabilities
2,146,074
1,961,550
Provisions
( 149,405)
( 126,892)
------------
------------
Net assets
1,996,669
1,834,658
------------
------------
Capital and reserves
Called up share capital
8
73,119
73,119
Share premium account
61,005
61,005
Capital redemption reserve
9,324
9,324
Profit and loss account
1,853,221
1,691,210
------------
------------
Shareholders funds
1,996,669
1,834,658
------------
------------
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 30 November 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 .
Craigtoun Meadows Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
The Hon M C N Cochrane OBE
Director
Company registration number: SC050458
Craigtoun Meadows Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5th Floor, Quartermile Two, 2 Lister Square, Edinburgh, Midlothian, EH3 9GL. The principal place of business is Craigtoun Meadows Caravan Park, Mount Melville, St Andrews, Fife, KY16 8PQ.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
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 and of Value Added Tax. Revenue is recognised on delivery of a caravan sold to a customer and/or as customers occupy pitches and hire caravans for holiday purposes.
Income tax
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 provided on the liability method to take account of timing differences between the treatment for certain items for accounts purposes and the treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Assets under construction represents costs incurred, where the work on the asset is incomplete and therefore not yet in use at the end of the relevant financial period. Upon completion, costs to date will be transferred to the appropriate asset category.
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:
Land and buildings
-
4% or 7% straight line
Caravan hire fleet
-
15% straight line
Equipment
-
over 5 years
Motor Vehicles
-
over 4 years
Fixtures and fittings
-
over 5 years
No depreciation is charged on heritable property other than site works and services. The directors are of the opinion that the market value of the heritable property which is not depreciated is in excess of the amount included in the balance sheet and therefore no impairment of the asset is required. No depreciation is charged on assets under construction. Upon completion of the asset, the amount is transferred to an appropriate asset category, at which point depreciation will commence.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provision of the instrument. Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially recognised at the transaction price and subsequently at fair value in respect of investments and amortised cost in respect of other basic financial instruments, 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 and other creditors, are initially recognised at the transaction price and subsequently at amortised cost, 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.
Defined contribution plans
The company operates a defined contribution pension scheme for staff. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 18 ).
5. Tangible assets
At 1 December 2022
Additions
Disposals
Transfers
At 30 November 2023
£
£
£
£
£
Cost
Land and buildings
2,146,401
796,650
2,943,051
Caravan hire fleet
550,402
100,428
( 70,666)
580,164
Equipment
26,942
11,195
38,137
Motor vehicles
56,574
499
57,073
Fixtures and fittings
39,146
39,146
Assets in construction
720,727
75,923
( 796,650)
------------
---------
--------
---------
------------
3,540,192
188,045
( 70,666)
3,657,571
------------
---------
--------
---------
------------
At 1 December 2022
Charge for the year
Disposals
At 30 November 2023
£
£
£
£
Depreciation
Land and buildings
1,135,898
53,886
1,189,784
Caravan hire fleet
316,046
66,037
( 33,434)
348,649
Equipment
18,539
3,059
21,598
Motor vehicles
49,945
4,375
54,320
Fixtures and fittings
38,758
146
38,904
------------
---------
--------
------------
1,559,186
127,503
( 33,434)
1,653,255
------------
---------
--------
------------
At 30 November 2023
At 30 November 2022
£
£
Carrying amount
Land and buildings
1,753,267
1,010,503
Caravan hire fleet
231,515
234,356
Equipment
16,539
8,403
Motor vehicles
2,753
6,629
Fixtures and fittings
242
388
Assets in construction
720,727
------------
------------
2,004,316
1,981,006
------------
------------
Heritable property included above at a cost of £114,212 (2022: £114,212) is not depreciated.
6. Debtors
2023
2022
£
£
Trade debtors
5,530
2,602
Other debtors
18,886
37,281
--------
--------
24,416
39,883
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
178,116
577,018
Corporation tax
82,093
101,190
Social security and other taxes
58,828
37,489
Other creditors
135,552
217,599
---------
---------
454,589
933,296
---------
---------
8. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
200,000
200,000
200,000
200,000
---------
---------
---------
---------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
73,119
73,119
73,119
73,119
--------
--------
--------
--------