Registration number:
Cairnmore Limited
for the Year Ended 30 June 2023
Cairnmore Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Cairnmore Limited
Company Information
Directors |
G P Brewster S J Brewster K G Brewster |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cairnmore 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 Limited for the year ended 30 June 2023 as set out on pages 3 to 12 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 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 Limited and state those matters that we have agreed to state to the Board of Directors of Cairnmore 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 Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Cairnmore 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 Limited. You consider that Cairnmore 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 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.
......................................
Bathgate
West Lothian
EH48 2UP
Cairnmore Limited
(Registration number: SC207729)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2,040 |
2,040 |
|
Share premium reserve |
4,601,088 |
4,601,088 |
|
Other reserves |
898,833 |
898,833 |
|
Retained earnings |
1,139,546 |
1,120,696 |
|
Shareholders' funds |
6,641,507 |
6,622,657 |
Cairnmore Limited
(Registration number: SC207729)
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 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
......................................... |
Cairnmore Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 and the right to consideration has been earned.
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 Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Tangible assets
Tangible assets other than investment properties, 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 |
Fixtures and fittings |
25% on reducing balance and 10% on cost |
Investment property
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.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
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 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-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 expenses are recognised on the basis of the effective interest method and 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
Recognition and measurement
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.
Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost, including transaction costs. The investment is not remeasured except where impairment has been identified.
Impairment
Cairnmore Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 July 2022 |
|
|
At 30 June 2023 |
|
|
Depreciation |
||
At 1 July 2022 |
|
|
Charge for the year |
|
|
At 30 June 2023 |
|
|
Carrying amount |
||
At 30 June 2023 |
|
|
At 30 June 2022 |
|
|
Investment properties |
2023 |
|
At 1 July |
|
Additions |
|
At 30 June |
|
The director, being a RICS chartered surveyor, has assessed the market value of the investment properties at the year end and they consider that the values included within the accounts reflect the market value.
There has been no valuation of investment property by an independent valuer.
Cairnmore Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Investments in associates |
|
|
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2022 |
|
Carrying amount |
|
At 30 June 2023 |
|
At 30 June 2022 |
|
Associates |
£ |
Cost |
|
At 1 July 2022 |
|
Carrying amount |
|
At 30 June 2023 |
|
At 30 June 2022 |
|
Cairnmore Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
26 George Street
Scotland |
Ordinary |
|
|
|
26 George Square
Scotland |
Ordinary |
|
|
|
36 North Castle Street
Scotland |
Ordinary |
|
|
Subsidiary undertakings |
Cairnmore One Limited The principal activity of Cairnmore One Limited is |
BBB Properties Limited The principal activity of BBB Properties Limited is |
Bellair Three Limited The principal activity of Bellair Three Limited is |
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
- |
|
|
|
Cairnmore Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and overdrafts |
|
|
|
Trade creditors |
- |
|
|
Amounts owed to group undertakings |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Loan from director |
|
|
|
|
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Bank borrowings
The bank loans are secured by standard securities over the company's investment properties including those properties held by the company's wholly owned subsidiaries, and by a bond and floating charge over the assets of the company. |
Cairnmore Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of guarantees not included in the balance sheet is £1,683,000 (2022 - £1,683,000). Cairnmore Limited has provided a guarantee for £1,683,000 in respect of the bank loans drawn by it's subsidiary, Cairnmore One Limited.
Related party transactions |
Transactions with directors |
2023 |
At 1 July 2022 |
Repayments to director |
Advances from director |
At 30 June 2023 |
G P Brewster |
||||
Interest free loan from the director |
|
( |
|
|
2022 |
At 1 July 2021 |
Reapayments to director |
Advances from director |
At 30 June 2022 |
G P Brewster |
||||
Interest free loan from the director |
|
( |
|
|
The loan from director is unsecured, interest free and repayable on demand.
Summary of transactions with subsidiaries