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REGISTERED NUMBER: SC311180 (Scotland)












Financial Statements

for the Year Ended 31 October 2023

for

Carnbroe Estates Limited

Carnbroe Estates Limited (Registered number: SC311180)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Carnbroe Estates Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: J G Gaffney





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC311180 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Carnbroe Estates Limited (Registered number: SC311180)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 296,925 286,494
Investment property 5 19,850,000 19,370,000
20,146,925 19,656,494

CURRENT ASSETS
Debtors 6 1,643,836 1,583,405
Cash at bank 788,232 40,534
2,432,068 1,623,939
CREDITORS
Amounts falling due within one year 7 827,732 1,203,850
NET CURRENT ASSETS 1,604,336 420,089
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,751,261

20,076,583

CREDITORS
Amounts falling due after more than one year 8 (12,327,353 ) (10,069,661 )

PROVISIONS FOR LIABILITIES (1,732,671 ) (28,060 )
NET ASSETS 7,691,237 9,978,862

CAPITAL AND RESERVES
Called up share capital 9 2 2
Revaluation reserve 10 9,395,003 9,864,614
Retained earnings (1,703,768 ) 114,246
SHAREHOLDERS' FUNDS 7,691,237 9,978,862

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Carnbroe Estates Limited (Registered number: SC311180)

Balance Sheet - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





J G Gaffney - Director


Carnbroe Estates Limited (Registered number: SC311180)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Carnbroe Estates Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Carnbroe Estates Limited (Registered number: SC311180)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 110,945 405,159 - 13,285 529,389
Additions - 2,594 40,598 1,476 44,668
At 31 October 2023 110,945 407,753 40,598 14,761 574,057
DEPRECIATION
At 1 November 2022 6,241 228,073 - 8,581 242,895
Charge for year 2,218 26,952 1,692 3,375 34,237
At 31 October 2023 8,459 255,025 1,692 11,956 277,132
NET BOOK VALUE
At 31 October 2023 102,486 152,728 38,906 2,805 296,925
At 31 October 2022 104,704 177,086 - 4,704 286,494

Carnbroe Estates Limited (Registered number: SC311180)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 19,370,000
Additions 240,000
Disposals (995,000 )
Revaluations 1,235,000
At 31 October 2023 19,850,000
NET BOOK VALUE
At 31 October 2023 19,850,000
At 31 October 2022 19,370,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2018 2,777,010
Valuation in 2019 294,519
Valuation in 2020 312,540
Valuation in 2021 3,880,822
Valuation in 2022 2,718,190
Valuation in 2023 1,116,533
Cost 8,750,386
19,850,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 66,037 66,118
Other debtors 1,577,799 1,517,287
1,643,836 1,583,405

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 733,692 1,095,911
Hire purchase contracts 5,661 -
Trade creditors 16,498 79,813
Taxation and social security 23,636 8,876
Other creditors 48,245 19,250
827,732 1,203,850

Carnbroe Estates Limited (Registered number: SC311180)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 9,634,418 7,417,706
Hire purchase contracts 29,315 -
Other creditors 2,663,620 2,651,955
12,327,353 10,069,661

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

10. RESERVES
Revaluation
reserve
£   
At 1 November 2022 9,864,614
Property revaluation (469,611 )

At 31 October 2023 9,395,003

11. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed J G Gaffney, director and 100% shareholder, £2,663,620 (2022: £2,651,955)