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Registration number: SC252204

Cargen Tower Limited

Unaudited Financial Statements

31 August 2023

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Cargen Tower Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cargen Tower Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cargen Tower Limited for the year ended 31 August 2023 as set out on pages 2 to 8 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/regulation.

This report is made solely to the Board of Directors of Cargen Tower Limited, as a body, in accordance with the terms of our engagement letter dated 16 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of Cargen Tower Limited and state those matters that we have agreed to state to the Board of Directors of Cargen Tower 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 Cargen Tower Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cargen Tower 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 Cargen Tower Limited. You consider that Cargen Tower 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 Cargen Tower 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.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

8 April 2024

 

Cargen Tower Limited

(Registration number: SC252204)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

162,243

185,509

Investment property

5

2,500,000

2,500,000

 

2,662,243

2,685,509

Current assets

 

Debtors

6

162,996

129,473

Cash at bank and in hand

 

185,643

129,186

 

348,639

258,659

Creditors: Amounts falling due within one year

7

(199,342)

(119,368)

Net current assets

 

149,297

139,291

Total assets less current liabilities

 

2,811,540

2,824,800

Provisions for liabilities

(380,498)

(384,274)

Net assets

 

2,431,042

2,440,526

Capital and reserves

 

Allotted, called up and fully paid share capital

36

36

Non-distributable reserve

 

1,451,031

1,451,031

Profit and loss account

979,975

989,459

Total equity

 

2,431,042

2,440,526

 

Cargen Tower Limited

(Registration number: SC252204)
Balance Sheet as at 31 August 2023 (continued)

For the financial year ending 31 August 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 8 April 2024 and signed on its behalf by:
 

.........................................

W J Hewitson

Director

 

Cargen Tower Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The principal place of business is:
Cargen Tower
Dumfries
DG2 9RW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Cargen Tower Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20 years straight line & 15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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 the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

 

Cargen Tower Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Cargen Tower Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Tangible assets

Plant and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

463,465

463,465

At 31 August 2023

463,465

463,465

Depreciation

At 1 September 2022

277,956

277,956

Charge for the year

23,266

23,266

At 31 August 2023

301,222

301,222

Carrying amount

At 31 August 2023

162,243

162,243

At 31 August 2022

185,509

185,509

5

Investment properties

£

At 1 September 2022

2,500,000

At 31 August 2023

2,500,000

The fair value of the property is based on open market value as assessed by the directors of the company.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Trade debtors

54,000

87,736

Other debtors

108,996

41,737

162,996

129,473

 

Cargen Tower Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

70,000

-

Taxation and social security

 

8,930

11,248

Corporation tax liability

 

58,072

48,221

Other creditors

 

62,340

59,899

 

199,342

119,368

8

Reserves

A reconciliation of the opening and closing non-distributable reserve for the current year is as follows:

Non-distributable reserve
£

Brought forward

1,451,031

Transfer

-

Other movement

-

Deferred tax

-

Carried forward

1,451,031

Deferred tax has been provided on investment property valuation uplifts credited to the non-distributable reserve.

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

70,000

-