Registration number:
Cairnmore One Limited
for the Year Ended 30 June 2023
Cairnmore One Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Cairnmore One Limited
Company Information
Directors |
G P Brewster K G Brewster S J Brewster |
Registered office |
|
Accountants |
|
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.
......................................
Bathgate
West Lothian
EH48 2UP
Cairnmore One Limited
(Registration number: SC482346)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
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 |
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 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 One 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, 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
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
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.
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Cairnmore One Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Land and buildings |
Total |
|
Cost or valuation |
||
At 1 July 2022 |
|
|
Revaluations |
|
|
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 |
|
|
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.
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments |
|
- |
Other debtors |
|
|
|
|
Cairnmore One 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 |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
2023 |
2022 |
|
Due after more than five years |
||
After more than five years by instalments |
|
|
- |
- |
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Loan from director |
|
|
|
|
Cairnmore One Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Bank borrowings
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. |
Related party transactions |
Transactions with directors |
2023 |
At 1 July 2022 |
Repayments to director |
At 30 June 2023 |
Interest free loan from director |
|
( |
|
2022 |
At 1 July 2021 |
Repayments to director |
At 30 June 2022 |
Interest free loan from director |
|
( |
|
Summary of transactions with parent