Company Registration No. SC376312 (Scotland)
Careston (SMA) Limited
Unaudited financial statements
for the year ended 31 July 2023
Pages for filing with the registrar
Careston (SMA) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Careston (SMA) Limited
Statement of financial position
As at 31 July 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
10,318,518
10,318,518
Net current assets
10,318,518
10,318,518
Capital and reserves
Called up share capital
5
1
1
Revaluation reserve
4
9,837,797
9,837,797
Profit and loss reserves
480,720
480,720
Total equity
10,318,518
10,318,518
Careston (SMA) Limited
Statement of financial position (continued)
As at 31 July 2023
2

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 8 January 2024 and are signed on its behalf by:
James Shaw Campbell Adamson
Director
Company Registration No. SC376312
Careston (SMA) Limited
Notes to the financial statements
For the year ended 31 July 2023
3
1
Accounting policies
Company information

Careston (SMA) Limited is a private company limited by shares incorporated in Scotland. The registered office is The Manse, Careston, Brechin, Scotland, DD9 6SA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has not traded during the year. During this time the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.true

1.3
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Careston (SMA) Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies (continued)
4
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,318,517
10,318,517
Other debtors
1
1
10,318,518
10,318,518
4
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
9,837,797
9,837,797
Careston (SMA) Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
5
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and not fully paid
1 Ordinary share of £1 each
1
1
6
Parent company

The ultimate parent company of Careston (SMA) Limited is Careston (SMA) Holdings Limited. The registered office is The Manse, Careston, Brechin, Scotland, DD9 6SA.

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