Company registration number SC533188 (Scotland)
CADDER HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CADDER HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J M Pirrie
J S Pirrie
I Buchan
Company number
SC533188
Registered office
221 West George Street
Glasgow
United Kingdom
G2 2ND
Accountants
Azets
Titanium 1
King's Inch Place
Renfrew
United Kingdom
PA4 8WF
CADDER HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CADDER HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,972
22,915
Investment property
4
10,649,999
12,663,816
10,667,971
12,686,731
Current assets
Debtors
5
526,238
669,181
Cash at bank and in hand
340,695
281,128
866,933
950,309
Creditors: amounts falling due within one year
6
(7,683,125)
(6,546,756)
Net current liabilities
(6,816,192)
(5,596,447)
Total assets less current liabilities
3,851,779
7,090,284
Creditors: amounts falling due after more than one year
7
-
0
(3,427,508)
Provisions for liabilities
(339,217)
(391,470)
Net assets
3,512,562
3,271,306
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
8
1,056,707
1,282,991
Distributable profit and loss reserves
2,455,755
1,988,215
Total equity
3,512,562
3,271,306

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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 members have 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.

CADDER HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
J M Pirrie
Director
Company Registration No. SC533188
CADDER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Cadder Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is 221 West George Street, Glasgow, United Kingdom, G2 2ND.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At 31 December 2023 the company had net current liabilities of £6,816,192 (2022 - £5,596,447). The directors are confident that, with the continued support of the bank and shareholders, future sources of funding will be more than adequate for the company's needs. The directors have confirmed they will not withdraw any loan repayments in excess of the annual cashflow. As such, the financial statements have been prepared on the going concern basis.true

1.3
Turnover

Turnover represents gross rents received and receivable and fees received during the period.

 

Gross rents received and receivable from properties are included in the Profit and Loss Account on the basis that credit is taken when these rents fall due for payment. Provision is made against any rents due but not considered to be recoverable.

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.

Depreciation 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:

Fixtures and fittings
10% on cost

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 property

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.

CADDER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.7
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.

1.8
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 profit and loss account 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CADDER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
57,525
Depreciation and impairment
At 1 January 2023
34,610
Depreciation charged in the year
4,943
At 31 December 2023
39,553
Carrying amount
At 31 December 2023
17,972
At 31 December 2022
22,915
4
Investment property
2023
£
Fair value
At 1 January 2023
12,663,816
Disposals
(1,925,000)
Revaluations
(88,817)
At 31 December 2023
10,649,999

The directors have considered the values included above and believe that these are a true reflection of current fair values.

CADDER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
71,865
143,332
Amounts owed by group undertakings
200,000
250,000
Other debtors
254,373
275,849
526,238
669,181
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
40,057
2,459
Taxation and social security
130,716
138,016
Other creditors
7,512,352
6,406,281
7,683,125
6,546,756
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
3,427,508
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
1,282,991
227,862
Non distributable profits in the year
(226,284)
1,055,129
At the end of the year
1,056,707
1,282,991
CADDER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Included within other payables is an amount of £3,680,667 (2022: £3,101,617) due to the director J S Pirrie and an amount of £3,680,667 (2022: £3,101,617) due to the director J M Pirrie. The loans are interest free and repayable on demand.

 

Included in other debtors is an amount of £200,000 (2022: £250,000) owed from LCH Holdings Ltd, a fellow subsidiary of ROCC Holdings Ltd and John S Pirrie Holdings Ltd. This loan is interest free and repayable on demand.

10
Parent company

The company is jointly controlled by John S. Pirrie & Family Holdings Limited and ROCC Holdings Limited and the registered office address of both companies is 221 West George Street, Glasgow, Scotland, G2 2ND.

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