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REGISTERED NUMBER: SC393265 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Crandale Limited

Crandale Limited (Registered number: SC393265)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Crandale Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M Cavanagh





REGISTERED OFFICE: 100 Union Street
Aberdeen
AB10 1QR





REGISTERED NUMBER: SC393265 (Scotland)





ACCOUNTANTS: Tawse & Partners
Chartered Accountants
18 North Silver Street
Aberdeen
AB10 1JU

Crandale Limited (Registered number: SC393265)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 13,178 79,217
Investment property 6 1,393,718 1,662,771
1,406,896 1,741,988

CURRENT ASSETS
Stocks 13,100 13,100
Debtors 7 25,833 83,803
Cash at bank 119,803 17,960
158,736 114,863
CREDITORS
Amounts falling due within one year 8 686,467 1,045,940
NET CURRENT LIABILITIES (527,731 ) (931,077 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

879,165

810,911

CREDITORS
Amounts falling due after more than one
year

9

(555,161

)

(500,476

)

PROVISIONS FOR LIABILITIES 11 - (7,595 )
NET ASSETS 324,004 302,840

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 324,002 302,838
SHAREHOLDERS' FUNDS 324,004 302,840

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Crandale Limited (Registered number: SC393265)

Balance Sheet - continued
31 December 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 3 May 2024 and were signed by:





M Cavanagh - Director


Crandale Limited (Registered number: SC393265)

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

1. STATUTORY INFORMATION

Crandale 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.

Turnover and other income recognition
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Rental Property
Rental Income and property management fees are based on quarterly rental periods, in accordance with property rental agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% straight line and 10% on reducing balance

Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment.

Investment property
Investment property for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred tax is provided on any gains at the rate expected to apply when the property is sold.

Investment properties are revalued at the discretion of the director, Mark Cavanagh, on open market basis.

The fair value of the investment properties as at 31 December 2022 was £1,663,652 (2021 - £1,662,771) and an amount of Nil (2021: NIL) has been debited to the Income Statement as a loss on the revaluation of the tangible asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are valued at the lower of cost and estimated selling price less costs to sell.


Crandale Limited (Registered number: SC393265)

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

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly to 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.

Deferred tax on revalued investment properties is measured using the rates allowances that apply to the sale of the asset.

Debtor and creditors receivable / payable within one year
Debtor and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4. EMPLOYEES AND DIRECTORS

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

Crandale Limited (Registered number: SC393265)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 103,398
Additions 14,627
Disposals (79,874 )
At 31 December 2023 38,151
DEPRECIATION
At 1 January 2023 24,181
Charge for year 4,423
Eliminated on disposal (3,631 )
At 31 December 2023 24,973
NET BOOK VALUE
At 31 December 2023 13,178
At 31 December 2022 79,217


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 1,662,771
Disposals (269,053 )
At 31 December 2023 1,393,718
NET BOOK VALUE
At 31 December 2023 1,393,718
At 31 December 2022 1,662,771

Investment property is not depreciated.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2013 244,473
Valuation in 2014 200,000
Valuation in 2015 (98,091 )
Valuation in 2016 (155,000 )
Valuation in 2017 (191,382 )
Valuation in 2020 (185,931 )
Cost 1,579,649
1,393,718

Crandale Limited (Registered number: SC393265)

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

6. INVESTMENT PROPERTY - continued

If the investment property held had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 1,579,649 1,848,702

Investment property was valued on an open market basis on 31 December 2023 by Mark Cavanagh, the director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 833 3,552
Other debtors 25,000 80,251
25,833 83,803

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 49,374 331,691
Hire purchase contracts - 6,873
Trade creditors 26,700 28,528
Taxation and social security 30,014 4,051
Other creditors 580,379 674,797
686,467 1,045,940

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 555,161 446,238
Hire purchase contracts - 54,238
555,161 500,476

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 229,432 255,395

Crandale Limited (Registered number: SC393265)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 604,535 777,929
Hire purchase contracts - 61,111
604,535 839,040

The bank loan is secured against the properties: 12 Abercrombie Court, Prospect Road, Arnhall Business Park, Westhill, Aberdeenshire and 55 School Hill, Aberdeen.

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax - 7,595

Deferred
tax
£   
Balance at 1 January 2023 7,595
Credit to Income Statement during year (7,595 )
Balance at 31 December 2023 -

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
2 Ordinary 1.00 2 2