Company Registration No. SC584542 (Scotland)
Careston (LJA) Holdings Limited
Unaudited financial statements
for the year ended 31 July 2023
Pages for filing with the registrar
Careston (LJA) Holdings Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
Careston (LJA) Holdings Limited
Statement of financial position
As at 31 July 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,926,081
2,825,865
Investment property
6
935,250
2,375,250
Investments
7
13,555,761
13,584,245
16,417,092
18,785,360
Current assets
Debtors
8
7,520
48,606
Investments
9
14,921,696
12,755,493
Cash at bank and in hand
87,464
1,546,668
15,016,680
14,350,767
Creditors: amounts falling due within one year
10
(11,670,162)
(13,811,665)
Net current assets
3,346,518
539,102
Total assets less current liabilities
19,763,610
19,324,462
Creditors: amounts falling due after more than one year
11
(22,500)
(22,500)
Provisions for liabilities
(375,309)
-
0
Net assets
19,365,801
19,301,962
Capital and reserves
Called up share capital
12
20,000
20,000
Share premium account
12,021,528
12,021,528
Revaluation reserve
13
1,501,234
1,500,122
Profit and loss reserves
5,823,039
5,760,312
Total equity
19,365,801
19,301,962
Careston (LJA) Holdings 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 member has 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 22 April 2024 and are signed on its behalf by:
James Shaw Campbell Adamson
Director
Company Registration No. SC584542
Careston (LJA) Holdings Limited
Notes to the financial statements
For the year ended 31 July 2023
3
1
Accounting policies
Company information

Careston (LJA) Holdings 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
Turnover

Turnover represents amounts receivable for rental income, investment income and other goods and services net of VAT.

Revenue from the sale of goods is recognised when the goods are invoiced at which point ownership passes to the buyer.

Revenue from investment income is included at the point the income is declared as payable to the company and payment is received by the investment broker.

 

Revenue from rental income is recognised when invoiced monthly in advance of the rental. Payment by the tenants is due at this point.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Government grants
20% straight line
Careston (LJA) Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies (continued)
4
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost or valuation less depreciation, other than heritable land and chattels which are not depreciated. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Heritable land
Nil
Plant and equipment
Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Careston (LJA) Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies (continued)
5

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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 (LJA) Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies (continued)
6
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.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Careston (LJA) Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies (continued)
7
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Exceptional item
2023
2022
£
£
Expenditure
Irrecoverable VAT
28,366
28,819
3
Employees

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

2023
2022
Number
Number
2
2
Careston (LJA) Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
8
4
Intangible fixed assets
Government grants
£
Cost
At 1 August 2022
97,105
Disposals
(97,105)
At 31 July 2023
-
0
Amortisation and impairment
At 1 August 2022
97,105
Disposals
(97,105)
At 31 July 2023
-
0
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
2,660,866
164,999
2,825,865
Additions
-
0
1,686
1,686
Disposals
(814,920)
(86,550)
(901,470)
At 31 July 2023
1,845,946
80,135
1,926,081
Depreciation and impairment
Carrying amount
At 31 July 2023
1,845,946
80,135
1,926,081
At 31 July 2022
2,660,866
164,999
2,825,865
6
Investment property
2023
£
Fair value
At 1 August 2022
2,375,250
Disposals
(1,440,000)
At 31 July 2023
935,250
Careston (LJA) Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
6
Investment property (continued)
9

Investment property comprised various properties in Careston Estate, Brechin. The fair value of the investment property was arrived at on the basis of a valuation carried out at April 2017 by Savills Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe this valuation still reflected the fair value of the properties at 31 July 2021.

 

7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
13,555,261
13,551,476
Other investments other than loans
500
30,096
13,555,761
13,581,572
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 August 2022
13,554,149
30,096
13,584,245
Revaluation
1,112
-
1,112
Disposals
-
(29,596)
(29,596)
At 31 July 2023
13,555,261
500
13,555,761
Carrying amount
At 31 July 2023
13,555,261
500
13,555,761
At 31 July 2022
13,554,149
30,096
13,584,245
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,097
42,059
Amounts owed by group undertakings
4,241
-
0
Other debtors
182
6,547
7,520
48,606
Careston (LJA) Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
10
9
Current asset investments
2023
2022
£
£
Other investments
14,921,696
12,755,493
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
3,863
Amounts owed to group undertakings
11,650,706
12,516,347
Corporation tax
12,531
964,262
Other creditors
6,925
327,193
11,670,162
13,811,665
11
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
22,500
22,500
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
22,500
22,500
12
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and not fully paid
10,000 Ordinary A Shares of £1 each
10,000
10,000
10,000 Ordinary B Shares of £1 each
10,000
10,000
20,000
20,000
Careston (LJA) Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
11
13
Revaluation reserve
2023
2022
£
£
At the beginning of the year
1,500,122
1,529,617
Other movements
1,112
(29,495)
At the end of the year
1,501,234
1,500,122
14
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
22,500
22,500
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