IRIS Accounts Production v24.2.0.383 SC153863 director 1.1.23 31.12.23 31.12.23 true false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1538632022-12-31SC1538632023-12-31SC1538632023-01-012023-12-31SC1538632021-12-31SC1538632022-01-012022-12-31SC1538632022-12-31SC153863ns15:Scotland2023-01-012023-12-31SC153863ns14:PoundSterling2023-01-012023-12-31SC153863ns10:Director12023-01-012023-12-31SC153863ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC153863ns10:SmallEntities2023-01-012023-12-31SC153863ns10:AuditExemptWithAccountantsReport2023-01-012023-12-31SC153863ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC153863ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC153863ns10:FullAccounts2023-01-012023-12-31SC153863ns10:Director22023-01-012023-12-31SC153863ns10:CompanySecretary12023-01-012023-12-31SC153863ns10:RegisteredOffice2023-01-012023-12-31SC153863ns5:CurrentFinancialInstruments2023-12-31SC153863ns5:CurrentFinancialInstruments2022-12-31SC153863ns5:Non-currentFinancialInstruments2023-12-31SC153863ns5:Non-currentFinancialInstruments2022-12-31SC153863ns5:ShareCapital2023-12-31SC153863ns5:ShareCapital2022-12-31SC153863ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-31SC153863ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-31SC153863ns5:RetainedEarningsAccumulatedLosses2023-12-31SC153863ns5:RetainedEarningsAccumulatedLosses2022-12-31SC153863ns5:MotorVehicles2023-01-012023-12-31SC153863ns5:MotorVehicles2022-12-31SC153863ns5:MotorVehicles2023-12-31SC153863ns5:MotorVehicles2022-12-31SC153863ns5:CostValuation2022-12-31SC153863ns5:Subsidiary12023-01-012023-12-31SC153863ns5:Subsidiary112023-01-012023-12-31SC153863ns5:Subsidiary12023-12-31SC153863ns5:Subsidiary12022-12-31SC153863ns5:Subsidiary12022-01-012022-12-31SC153863ns5:Subsidiary32023-01-012023-12-31SC153863ns5:Subsidiary352023-01-012023-12-31SC153863ns5:Subsidiary32023-12-31SC153863ns5:Subsidiary32022-12-31SC153863ns5:Subsidiary32022-01-012022-12-31SC153863ns5:Subsidiary42023-01-012023-12-31SC1538637ns5:Subsidiary42023-01-012023-12-31SC153863ns5:Subsidiary42023-12-31SC153863ns5:Subsidiary42022-12-31SC153863ns5:Subsidiary42022-01-012022-12-31SC153863ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC153863ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC153863ns5:Secured2023-12-31SC153863ns5:Secured2022-12-31SC153863ns5:DeferredTaxation2022-12-31SC153863ns5:DeferredTaxation2023-12-31SC153863ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-31
REGISTERED NUMBER: SC153863 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 December 2023

for

C.V.O. Limited

C.V.O. Limited (Registered number: SC153863)






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

Chartered Accountants' Report 10

C.V.O. Limited

Company Information
For The Year Ended 31 December 2023







DIRECTOR: J.H. Kean





SECRETARY: P Kean





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
G32 8FH





REGISTERED NUMBER: SC153863 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

C.V.O. Limited (Registered number: SC153863)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 620 827
Investments 5 31,002 31,002
Investment property 6 6,227,504 8,792,538
6,259,126 8,824,367

CURRENT ASSETS
Stocks 758,733 762,177
Debtors 7 2,996,033 1,167,374
Cash at bank 1,309,959 32,605
5,064,725 1,962,156
CREDITORS
Amounts falling due within one year 8 2,722,608 1,141,388
NET CURRENT ASSETS 2,342,117 820,768
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,601,243

9,645,135

CREDITORS
Amounts falling due after more than one
year

9

(3,795,421

)

(4,958,965

)

PROVISIONS FOR LIABILITIES 11 (139,982 ) (139,982 )
NET ASSETS 4,665,840 4,546,188

CAPITAL AND RESERVES
Called up share capital 31,202 31,202
Fair value reserve 12 596,768 596,768
Retained earnings 4,037,870 3,918,218
SHAREHOLDERS' FUNDS 4,665,840 4,546,188

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.

C.V.O. Limited (Registered number: SC153863)

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 25 September 2024 and were signed by:





J Kean - Director


C.V.O. Limited (Registered number: SC153863)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

C.V.O. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Motor vehicles - 25% on reducing balance

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.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
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 trade 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.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.


C.V.O. Limited (Registered number: SC153863)

Notes to the Financial Statements - continued
For The Year Ended 31 December 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 8,433
DEPRECIATION
At 1 January 2023 7,606
Charge for year 207
At 31 December 2023 7,813
NET BOOK VALUE
At 31 December 2023 620
At 31 December 2022 827

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 31,002
NET BOOK VALUE
At 31 December 2023 31,002
At 31 December 2022 31,002

C.V.O. Limited (Registered number: SC153863)

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

5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Kean Properties Limited
Registered office: 1 Cambuslang Court, Cambuslang, Glasgow, G32 8FH
Nature of business: Property Development & Management
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (2,887 ) (2,088 )
Loss for the year (801 ) (800 )

Kean Construction (Scotland) Limited
Registered office: 1 Cambuslang Court, Cambuslang, Glasgow, G32 8FH
Nature of business: General Building & Construction Work
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 557,755 544,089
Profit for the year 19,615 20,338

BMJ Properties Limited
Registered office: 1 Cambuslang Court, Cambuslang, Glasgow, G32 8FH
Nature of business: Property Developers
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 54,417 53,589
Profit/(loss) for the year 828 (4,385 )

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 8,792,538
Disposals (2,565,034 )
At 31 December 2023 6,227,504
NET BOOK VALUE
At 31 December 2023 6,227,504
At 31 December 2022 8,792,538

In the opinion of the director, there is no material difference between the fair value of the investment property at 31 December 2023 and the carrying value of the investment property. The director has determined the fair value of the property taking regard of current market rents and prices.

C.V.O. Limited (Registered number: SC153863)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,208,172 148,504
Amounts owed by group undertakings 1,286 1,286
Other debtors 1,786,575 1,017,584
2,996,033 1,167,374

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 200,000 200,000
Trade creditors 24,650 6,854
Amounts owed to group undertakings 556,799 702,214
Taxation and social security 350,221 90,301
Other creditors 1,590,938 142,019
2,722,608 1,141,388

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 1,466,567 2,216,566
Other creditors 2,328,854 2,742,399
3,795,421 4,958,965

C.V.O. Limited (Registered number: SC153863)

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 1,666,567 2,416,566

The bank securities including:-

1. Standard security over Jacobean House, The Village, East Kilbride

2. Standard security over 8 residential dwellings at Eaglesham Court, Peel Park, East Kilbride

3. Standard security over 336a Eaglesham Road, Jackton, East Kilbride

4. Standard security over Unit 1, Peel Park Place, East Kilbride

5. Standard security over St James Retail Centre, St James Avenue, East Kilbride

6. Standard security over 14-18 Peel Park Place, East Kilbride

7. Standard security over ground at 4 Redwood Crescent, East Kilbride

8. Standard security over development site at Balgray Road, Lesmahagow

9. Standard security over 5 Peel Park Place, East Kilbride

10. Standard security over Burnside Cottage, Shotts

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 139,982 139,982

Deferred
tax
£   
Balance at 1 January 2023 139,982
Balance at 31 December 2023 139,982

12. RESERVES
Fair
value
reserve
£   
At 1 January 2023
and 31 December 2023 596,768

C.V.O. Limited (Registered number: SC153863)

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

13. RELATED PARTY DISCLOSURES

The director has a controlling interest in and is a director of Kean Construction (Scotland) Ltd, BMJ Properties Ltd & Kean Properties Ltd.
During the year the company purchased goods and services from Kean Construction (Scotland) Ltd, totalling £1,763,848 (2022: £1,932,233), and at the year end £175,133 was owed by CVO Ltd.
In addition there was also a management charge from Kean Construction Scotland Ltd for £215,000.

At the end of period BMJ Properties Ltd were owed £166,666 (2022: £187,485).

At the end of period Kean Properties Ltd owed £1,286 (2022: £1,286).

CVO Ltd shares a common company officer with CSK Land Ltd.
A the end of the year a balance of £15,600 (2022 - £15,600) was owed to CSK Land Ltd.

CVO Ltd shares common ownership with Jackton Estates Ltd.
At the end of the year a balance of £1,484,252 (2022: £36,252) was owed to Jackton Estates Ltd.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
C.V.O. Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C.V.O. Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of C.V.O. Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of C.V.O. Limited and state those matters that we have agreed to state to the director of C.V.O. Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that C.V.O. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of C.V.O. Limited. You consider that C.V.O. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of C.V.O. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


25 September 2024