REGISTERED NUMBER: |
Cairnmount Properties Ltd |
Unaudited Financial Statements |
for the Year Ended 29th February 2024 |
REGISTERED NUMBER: |
Cairnmount Properties Ltd |
Unaudited Financial Statements |
for the Year Ended 29th February 2024 |
Cairnmount Properties Ltd (Registered number: SC653621) |
Contents of the Financial Statements |
for the year ended 29th February 2024 |
Page |
Company information | 1 |
Balance sheet | 2 | to | 3 |
Notes to the financial statements | 4 | to | 5 |
Cairnmount Properties Ltd |
Company Information |
for the year ended 29th February 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Cairnmount Properties Ltd (Registered number: SC653621) |
Balance Sheet |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
6 |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
Cairnmount Properties Ltd (Registered number: SC653621) |
Balance Sheet - continued |
29th February 2024 |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cairnmount Properties Ltd (Registered number: SC653621) |
Notes to the Financial Statements |
for the year ended 29th February 2024 |
1. | Statutory information |
Cairnmount Properties Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental of commercial property, stated net of discounts and of Value Added Tax. |
Rental payments are recognised in accordance with the lease arrangements. |
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. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - bank loans, accruals and directors' loans. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans (being repayable on demand) and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Cairnmount Properties Ltd (Registered number: SC653621) |
Notes to the Financial Statements - continued |
for the year ended 29th February 2024 |
2. | Accounting policies - continued |
Provisions |
Provisions are set up only where it is probable 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. |
Going concern |
The balance sheet is currently showing a deficit of assets. The directors are confident that this situation will reverse, therefore the accounts have been prepared on a going concern basis. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
4. | Investment property |
Total |
£ |
Fair value |
At 1st March 2023 |
Additions |
At 29th February 2024 |
Net book value |
At 29th February 2024 |
At 28th February 2023 |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other creditors |
6. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
7. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The Mortgage Works (UK) PLC holds security over the property owned by the company by way of a legal charge. |