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No description of principal activity
2022-05-23
Sage Accounts Production Advanced 2021 - FRS102_2021
203,511
203,511
203,511
100
100
100
xbrli:pure
xbrli:shares
iso4217:GBP
SC733304
2022-05-23
2023-05-31
SC733304
2023-05-31
SC733304
bus:Director1
2022-05-23
2023-05-31
SC733304
bus:Director2
2022-05-23
2023-05-31
SC733304
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-05-23
2023-05-31
SC733304
core:WithinOneYear
2023-05-31
SC733304
core:AfterOneYear
2023-05-31
SC733304
core:ShareCapital
2023-05-31
SC733304
core:RetainedEarningsAccumulatedLosses
2023-05-31
SC733304
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2023-05-31
SC733304
core:CostValuation
core:Non-currentFinancialInstruments
2023-05-31
SC733304
core:Non-currentFinancialInstruments
2023-05-31
SC733304
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-05-31
SC733304
bus:SmallEntities
2022-05-23
2023-05-31
SC733304
bus:AuditExemptWithAccountantsReport
2022-05-23
2023-05-31
SC733304
bus:FullAccounts
2022-05-23
2023-05-31
SC733304
bus:SmallCompaniesRegimeForAccounts
2022-05-23
2023-05-31
SC733304
bus:PrivateLimitedCompanyLtd
2022-05-23
2023-05-31
SC733304
core:Subsidiary1
2022-05-23
2023-05-31
COMPANY REGISTRATION NUMBER:
SC733304
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 May 2023
Fixed assets
Tangible assets |
4 |
203,511 |
Investments |
5 |
100 |
|
--------- |
|
203,611 |
|
|
|
Current assets
Cash at bank and in hand |
176 |
|
|
Creditors: amounts falling due within one year |
6 |
9,467 |
|
------- |
Net current liabilities |
9,291 |
|
--------- |
Total assets less current liabilities |
194,320 |
|
|
|
Creditors: amounts falling due after more than one year |
7 |
119,189 |
|
--------- |
Net assets |
75,131 |
|
--------- |
|
|
|
Capital and reserves
Called up share capital |
100 |
Profit and loss account |
75,031 |
|
-------- |
Shareholders funds |
75,131 |
|
-------- |
|
|
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 comprehensive income has not been delivered.
For the period ending 31 May 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 period 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
.
Statement of Financial Position (continued) |
|
31 May 2023
These financial statements were approved by the
board of directors
and authorised for issue on
6 February 2024
, and are signed on behalf of the board by:
S Lambie |
S Hogg |
Director |
Director |
|
|
Company registration number:
SC733304
Notes to the Financial Statements |
|
Period from 23 May 2022 to 31 May 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Kittoch Street, East Kilbride, G74 4JW.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 23 May 2022 |
– |
Additions |
203,511 |
|
--------- |
At 31 May 2023 |
203,511 |
|
--------- |
Depreciation |
|
At 23 May 2022 and 31 May 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 May 2023 |
203,511 |
|
--------- |
|
|
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 23 May 2022 |
– |
Additions |
100 |
|
---- |
At 31 May 2023 |
100 |
|
---- |
Impairment |
|
At 23 May 2022 and 31 May 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 May 2023 |
100 |
|
---- |
|
|
6.
Creditors:
amounts falling due within one year
|
31 May 23 |
|
£ |
Bank loans and overdrafts |
8,867 |
Other creditors |
600 |
|
------- |
|
9,467 |
|
------- |
|
|
7.
Creditors:
amounts falling due after more than one year
|
31 May 23 |
|
£ |
Bank loans and overdrafts |
119,189 |
|
--------- |
|
|
Included within creditors: amounts falling due after more than one year is an amount of £83,722 in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The company received a £133,000 loan from The Royal Bank of Scotland PLC repayable over 180 months with a variable interest rate of 3.20% above the Bank of England Base Rate.
The loan has been secured by a standard security granted over the property.
8.
Related party transactions
During the period the company entered into the following transactions with related parties:
|
Transaction value |
|
31 May 23 |
|
£ |
CEJ Interiors Limited |
(
80,526)
|
|
-------- |
|
|
Control:- The company was under the control of the directors throughout the period under review. The directors own the entire issued share capital of the company. Transactions:- During the period the company provided management services totalling £5,426 and received dividends of £75,100 from CEJ Interiors Limited, a wholly owned subsidiary company incorporated in Scotland.