REGISTERED NUMBER: |
Tartan Commercial Limited |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
REGISTERED NUMBER: |
Tartan Commercial Limited |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
Tartan Commercial Limited (Registered number: SC550045) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Tartan Commercial Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Lighthouse |
Heugh Road |
North Berwick |
EH39 5PX |
Tartan Commercial Limited (Registered number: SC550045) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Tartan Commercial Limited (Registered number: SC550045) |
Balance Sheet - continued |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
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 Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Tartan Commercial Limited (Registered number: SC550045) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Tartan Commercial Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the receipt of rent and other related services. |
Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods the rent relating to theses incentives is accrued and subsequently released of the full period of the lease agreement. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at 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. |
Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
All loans with related parties are repayable on demand. |
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. |
Tartan Commercial Limited (Registered number: SC550045) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future.The company will continue to receive support from its parent company Chardon Commercial Properties Limited. |
Government grants |
Government grants in relation to tangible fixed asset are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. |
Provisions |
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Tartan Commercial Limited (Registered number: SC550045) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Shares in group undertakings |
Loans to group undertakings |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Tartan Commercial Limited (Registered number: SC550045) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Loans to |
group |
undertakings |
£ |
At 1 December 2022 |
New in year |
Repayment in year | ( |
) |
At 30 November 2023 |
6. | INVESTMENT PROPERTY |
The directors have considered the fair value of the investment properties at the year end and have provided an assessment of the value based on current market conditions. Based on their knowledge of the business and the property market they have assessed the value of both properties to be £3,950,000 as at 30 November 2023. One of the properties was sold after the year end. |
Cost or valuation at 30 November 2023 is represented by: |
£ |
Valuation in 2020 | (96,980 | ) |
Valuation in 2022 | 228,923 |
Valuation in 2023 | 150,000 |
Cost | 3,670,032 |
3,951,975 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Tartan Commercial Limited (Registered number: SC550045) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loans to directors are unsecured and repayable on demand. Loans under £10,000 are interest free and interest is charged at 2.25% on loans over £10,000. |
12. | RELATED PARTY DISCLOSURES |
On 17 January 2020 the company purchased 51% of the share capital in Lighthouse Workspace Limited. Included in loans to subsidiaries an amount of £132,512 (2022 - 131,538) due to the company. |
Tartan Commercial Limited (Registered number: SC550045) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
13. | POST BALANCE SHEET EVENTS |
After the year end the company made the decision to sell one of its properties Falkirk Business Hub. The property sale was concluded in April 2024 for £2,057,500. |
The floating charge created in favour of Cynergy Bank was satisfied on 9 April 2024 on repayment of the loan in full, following the sale of Falkirk Business Hub. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is Chardon Commercial Properties Limited. |
Included in other creditors is a loan from Chardon Commercial Properties Limited of £1,900,000 (2022 - £1,900,000). The loan from the parent company is interest free and payable on demand. |
15. | SECURITY |
A floating charge was created on 15 December 2020 in favour of Cynergy Bank Limited over all properties of the company. |
A standard security charge was created on 21 December 2020 in favour of Cynergy Bank Limited over 1 Tantallon Road, North Berwick EH39 5NF. |
A standard security charge was created on 21 December 2020 in favour of Cynergy Bank Limited over 39-47 Vicar Street, Falkirk FK1 1LL. |