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Registered number: SC206660










CREST PROPERTIES (SCOTLAND) LTD.

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
CREST PROPERTIES (SCOTLAND) LTD.
 

COMPANY INFORMATION


Directors
Mr A Blaney 
Mrs M Blaney 
Mr L Blaney 
Mr C Blaney 




Registered number
SC206660



Registered office
8 Pendreich Road
Bridge of Allan

Stirling

Stirlingshire

FK9 4LY




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
CREST PROPERTIES (SCOTLAND) LTD.
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13 - 14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 38


 
CREST PROPERTIES (SCOTLAND) LTD.
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report for the period ended 31 December 2023.

Business review
 
The Group has continued to trade profitably. Turnover from continuing operations has fallen by 24% when compared to the prior period. However, when the prior year turnover is pro-rated to account for the 16 month period, the results are comparable. Gross margin has improved when compared to the prior period. The directors are pleased with this performance in the current market.
The Group's financial risk management objectives aim to ensure sufficient working capital is available. This is achieved by daily management of cash resources and suitable banking facilities. Other than this, the use of financial instruments is not material for the assessment of assets, liabilities, financial position, and profit of the group.

Principal risks and uncertainties
 
The key business risks are identified as increased interest rates and long-term value of investment property.

The Group is continuously looking to expand into new geographical areas through acquisition of additional subsidiaries and organic growth.

Key performance indicators
 
The directors consider the following to be the major key performance indicators of the trading group:

2023
2022


 
Revenue

£10,175,712

£13,443,867
 
Gross profit

58%

53%
 
Net assets

£17,698,009

£16,885,093
 

The directors are satisfied that in 2023 the Group continued to perform well against these and other KPIs.
In the property rental business, the main KPIs are occupancy levels and rent per square foot. 


This report was approved by the board on 23 September 2024 and signed on its behalf.



Mr L Blaney
Director

Page 1

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activities of the Company and the Group continued to be property rental and manufacture, supply and installation of window furnishings.

Results and dividends

The profit for the year, after taxation, amounted to £878,916 (2022 - £1,532,530).

Ordinary dividends were paid amounting to £66,000 (2022 - £136,000). The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

Mr A Blaney 
Mrs M Blaney 
Mr L Blaney 
Mr C Blaney 

Future developments

The Group is continuously looking to expand into new geographical areas through acquisition of additional subsidiaries and organic growth.

Page 2

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 September 2024 and signed on its behalf.
 





Mr L Blaney
Director

Page 3

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREST PROPERTIES (SCOTLAND) LTD.
 

Opinion


We have audited the financial statements of Crest Properties (Scotland) Ltd. (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREST PROPERTIES (SCOTLAND) LTD. (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREST PROPERTIES (SCOTLAND) LTD. (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREST PROPERTIES (SCOTLAND) LTD. (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

24 September 2024
Page 7

 
CREST PROPERTIES (SCOTLAND) LTD.
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
 4 
10,175,712
13,443,867

Cost of sales
  
(4,195,051)
(6,374,863)

Gross profit
  
5,980,661
7,069,004

Administrative expenses
  
(5,119,200)
(5,742,561)

Other operating income
  
485,161
605,709

Operating profit
 6 
1,346,622
1,932,152

Profit/(loss) on disposal of property
  
(143,363)
9,193

Interest receivable and similar income
 10 
743,724
545,142

Interest payable and similar expenses
 11 
(745,105)
(546,931)

Profit before taxation
  
1,201,878
1,939,556

Tax on profit
 12 
(322,962)
(407,026)

Profit for the financial year
  
878,916
1,532,530

  

Profit for the year attributable to:
  

Owners of the parent Company
  
878,916
1,532,530

  
878,916
1,532,530

The notes on pages 16 to 38 form part of these financial statements.

Page 8

 
CREST PROPERTIES (SCOTLAND) LTD.
REGISTERED NUMBER: SC206660

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Intangible assets
 14 
177,147
202,013

Tangible assets
 15 
3,411,050
4,018,746

Investment property
 17 
5,665,539
5,665,539

  
9,253,736
9,886,298

Current assets
  

Stocks
 18 
938,830
893,887

Debtors: amounts falling due within one year
 19 
17,618,708
16,759,510

Cash at bank and in hand
  
2,676,210
3,136,233

  
21,233,748
20,789,630

Creditors: amounts falling due within one year
 20 
(1,660,041)
(1,957,315)

Net current assets
  
 
 
19,573,707
 
 
18,832,315

Total assets less current liabilities
  
28,827,443
28,718,613

Creditors: amounts falling due after more than one year
 21 
(10,055,697)
(10,722,419)

Provisions for liabilities
  

Deferred taxation
 24 
(1,073,737)
(1,111,101)

  
 
 
(1,073,737)
 
 
(1,111,101)

Net assets
  
17,698,009
16,885,093


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Revaluation reserve
 26 
270,136
270,136

Profit and loss account
 26 
17,426,873
16,613,957

  
17,698,009
16,885,093


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




Mr L Blaney
Director

The notes on pages 16 to 38 form part of these financial statements.

Page 9

 
CREST PROPERTIES (SCOTLAND) LTD.
REGISTERED NUMBER: SC206660

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 15 
75,334
507

Investments
 16 
1,000
1,000

Investment property
 17 
8,639,539
9,239,539

  
8,715,873
9,241,046

Current assets
  

Debtors: falling due within one year
  
14,232,807
13,876,426

Cash at bank and in hand
  
114,244
77,183

  
14,347,051
13,953,609

Creditors: amounts falling due within one year
 20 
(3,887,102)
(3,645,621)

Net current assets
  
 
 
10,459,949
 
 
10,307,988

Total assets less current liabilities
  
19,175,822
19,549,034

  

Creditors: amounts falling due after more than one year
 21 
(10,055,697)
(10,722,419)

Provisions for liabilities
  

Deferred taxation
 24 
(1,022,721)
(1,044,170)

  
 
 
(1,022,721)
 
 
(1,044,170)

Net assets
  
8,097,404
7,782,445


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Profit and loss account brought forward
  
7,781,445
7,179,027

Profit for the year
  
380,959
738,418

Dividends

  

(66,000)
(136,000)

Profit and loss account carried forward
  
8,096,404
7,781,445

  
8,097,404
7,782,445


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.


Mr L Blaney
Director

The notes on pages 16 to 38 form part of these financial statements.

Page 10

 
CREST PROPERTIES (SCOTLAND) LTD.
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
1,000
270,136
15,217,427
15,488,563



Profit for the period
-
-
1,532,530
1,532,530

Dividends: Equity capital
-
-
(136,000)
(136,000)



At 1 January 2023
1,000
270,136
16,613,957
16,885,093



Profit for the year
-
-
878,916
878,916

Dividends: Equity capital
-
-
(66,000)
(66,000)


At 31 December 2023
1,000
270,136
17,426,873
17,698,009


The notes on pages 16 to 38 form part of these financial statements.

Page 11

 
CREST PROPERTIES (SCOTLAND) LTD.
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
1,000
7,179,027
7,180,027


Comprehensive income for the period

Profit for the period
-
738,418
738,418

Dividends: Equity capital
-
(136,000)
(136,000)



At 1 January 2023
1,000
7,781,445
7,782,445


Comprehensive income for the period

Profit for the year
-
380,959
380,959

Dividends: Equity capital
-
(66,000)
(66,000)


At 31 December 2023
1,000
8,096,404
8,097,404


The notes on pages 16 to 38 form part of these financial statements.

Page 12

 
CREST PROPERTIES (SCOTLAND) LTD.
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
878,916
1,532,530

Adjustments for:

Amortisation of intangible assets
24,866
58,547

Depreciation of tangible assets
132,479
174,343

Loss on disposal of tangible assets
134,083
13,439

Gain on disposal of investment properties
-
(9,193)

Government grants
-
(522)

Interest paid
745,105
546,931

Interest received
(743,724)
(545,142)

Taxation charge
322,962
407,026

(Increase)/decrease in stocks
(44,943)
350,392

(Increase) in debtors
(859,198)
(501,034)

(Decrease) in creditors
(45,768)
(510,863)

Corporation tax (paid)
(374,813)
(399,508)

Net cash generated from operating activities

169,965
1,116,946


Cash flows from investing activities

Purchase of intangible fixed assets
-
(17,714)

Purchase of tangible fixed assets
(153,844)
(101,185)

Sale of tangible fixed assets
494,978
8,084

Sale of investment properties
-
194,193

Government grants received
-
522

Interest received
743,724
545,142

Net cash from investing activities

1,084,858
629,042
Page 13

 
CREST PROPERTIES (SCOTLAND) LTD.
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(979,190)
(1,543,180)

Repayment of/new finance leases
75,449
-

Dividends paid
(66,000)
(136,000)

Interest paid
(739,665)
(546,931)

HP interest paid
(5,440)
-

Net cash used in financing activities
(1,714,846)
(2,226,111)

Net (decrease) in cash and cash equivalents
(460,023)
(480,123)

Cash and cash equivalents at beginning of year
3,136,233
3,616,356

Cash and cash equivalents at the end of year
2,676,210
3,136,233


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,676,210
3,136,233

2,676,210
3,136,233


The notes on pages 16 to 38 form part of these financial statements.

Page 14

 
CREST PROPERTIES (SCOTLAND) LTD.
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

3,136,233

(460,023)

-

2,676,210

Debt due after 1 year

(10,722,419)

722,419

-

(10,000,000)

Debt due within 1 year

(256,771)

256,771

-

-

Finance leases

-

13,718

(89,167)

(75,449)


(7,842,957)
532,885
(89,167)
(7,399,239)

The notes on pages 16 to 38 form part of these financial statements.

Page 15

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Crest Properties (Scotland) Ltd. is a private company limited by shares domiciled in Scotland with company registration number SC206660. The registered office is 8 Pendreich Road, Bridge of Allan, Stirling, Stirlingshire, FK9 4LY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.

Page 16

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 17

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, and is provided on the following basis.


Leasehold property
-
measured at fair value
Improvements to property
-
at varying rates on cost
Plant and machinery
-
at varying rates on cost and reducing balance
Motor vehicles
-
at varying rates on cost and reducing balance
Fixtures and fittings
-
at varying rates on cost and reducing balance
Computer equipment
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.15

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 20

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
I
nvestment valuations
Investments in subsidiary undertakings are included at cost. A review of the carrying value is undertaken at each balance sheet date and any permanent diminuation in value adjusted accordingly.
Investment property valuations 
Investment properties are incuded at fair value. A review of the carrying value is undertaken at each balance sheet date and any movement in value adjusted accordingly.

Page 21

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Blinds & soft furnishing sales
10,175,712
13,443,867

10,175,712
13,443,867


All turnover arose within the United Kingdom.


5.


Other operating income

Other significant revenue for the period is as follows:


2023
2022
£
£



Rent receivable
485,141
605,187

Government grants receivable
-
522


6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
747
9,161

Government grants
-
(522)

Depreciation of owned tangible fixed assets
(132,479)
174,340

(Profit)/loss on disposal of tangible fixed assets
(9,280)
16,333

(Profit)/loss on disposal of investment property
143,363
(9,193)

Intangible fixed assets - amortisation
24,866
58,547

Other operating lease rentals
103,886
80,189

Page 22

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
6,300
6,000

Fees payable to the Company's auditors in respect of:

The auditing of the financial statements of the Company's subsidiaries
38,175
39,000

Non-audit services
18,350
17,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
2,047,574
2,841,381

Social security costs
171,366
242,261

Cost of defined contribution scheme
251,536
100,951

2,470,476
3,184,593


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
73
87
4
4


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
44,416
51,029

Group contributions to defined contribution pension schemes
217,003
50,666

261,419
101,695


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

Page 23

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
743,724
545,142

743,724
545,142


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
739,414
546,931

Finance leases and hire purchase contracts
5,440
-

Other interest payable
251
-

745,105
546,931


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
360,159
374,349

Adjustments in respect of previous periods
164
(433)


Total current tax
360,323
373,916

Deferred tax


Origination and reversal of timing differences
(37,361)
33,110

Total deferred tax
(37,361)
33,110


Taxation on profit on ordinary activities
322,962
407,026
Page 24

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,201,878
1,939,556


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
282,682
368,516

Effects of:


Non-tax deductible amortisation of goodwill and impairment
5,785
11,055

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
48,860
9,608

Capital allowances for year/period in excess of depreciation
19,909
7,595

Utilisation of tax losses
-
(6,312)

Adjustments to tax charge in respect of prior periods
164
(433)

Short-term timing difference leading to an increase (decrease) in taxation
(37,361)
33,110

Other timing differences leading to an increase (decrease) in taxation
2,923
(16,113)

Total tax charge for the year/period
322,962
407,026


Factors that may affect future tax charges

From 1 April 2023 the main rate of corporation tax increased to 25%. As such the deferred tax balances have been recognised at this rate.


13.


Dividends

2023
2022
£
£


Dividends paid
66,000
136,000

66,000
136,000

Page 25

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets

Group





Trademarks
Goodwill
Negative goodwill
Total

£
£
£
£



Cost


At 1 January 2023
2,714
1,792,103
(179,554)
1,615,263



At 31 December 2023

2,714
1,792,103
(179,554)
1,615,263



Amortisation


At 1 January 2023
362
1,592,442
(179,554)
1,413,250


Charge for the year on owned assets
271
24,595
-
24,866



At 31 December 2023

633
1,617,037
(179,554)
1,438,116



Net book value



At 31 December 2023
2,081
175,066
-
177,147



At 31 December 2022
2,352
199,661
-
202,013



The Company had no intangible fixed assets at 31 December 2023 or 31 December 2022.

Page 26

 


 
CREST PROPERTIES (SCOTLAND) LTD.


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


15.


Tangible fixed assets


Group







Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Improvements to property
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 January 2023
3,574,000
713,982
415,677
131,999
151,696
27,364
5,014,718


Additions
-
2,800
142,660
-
7,134
1,250
153,844


Disposals
(600,000)
-
(137,842)
-
-
-
(737,842)



At 31 December 2023

2,974,000
716,782
420,495
131,999
158,830
28,614
4,430,720



Depreciation


At 1 January 2023
-
489,157
301,258
106,950
74,338
24,269
995,972


Charge for the year on owned assets
-
34,610
52,079
3,275
40,680
1,835
132,479


Disposals
-
-
(108,781)
-
-
-
(108,781)



At 31 December 2023

-
523,767
244,556
110,225
115,018
26,104
1,019,670



Net book value



At 31 December 2023
2,974,000
193,015
175,939
21,774
43,812
2,510
3,411,050



At 31 December 2022
3,574,000
224,825
114,419
25,049
77,358
3,095
4,018,746

Page 27

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
2,974,000
3,574,000

2,974,000
3,574,000


Cost or valuation at 31 December 2023 is as follows:

Land and buildings
£


At cost
1,096,753
At valuation:

May 2021
1,877,247



2,974,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
1,096,753
1,494,437

Net book value
1,096,753
1,494,437

Land and buildings with a carrying amount of £2,974,000 (2022 - £3,574,000), were revalued in May 2021 by Jones Lang LaSalle Limited, independent valuers who are not connected with the Company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not believe that there have been any significant changes from this valuation at the balance sheet date. 

Page 28

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)


Company






Motor vehicles
Fixtures and fittings
Total

£
£
£

Cost or valuation


At 1 January 2023
-
63,208
63,208


Additions
94,167
-
94,167



At 31 December 2023

94,167
63,208
157,375



Depreciation


At 1 January 2023
-
62,701
62,701


Charge for the year on owned assets
18,833
507
19,340



At 31 December 2023

18,833
63,208
82,041



Net book value



At 31 December 2023
75,334
-
75,334



At 31 December 2022
-
507
507








Page 29

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,000



At 31 December 2023
1,000






Net book value



At 31 December 2023
1,000



At 31 December 2022
1,000

The Group has no fixed asset investments. Investments in subsidiary companies are eliminated as part of the consolidation. 


Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Class of shares

Holding

GC Group Limited
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Class of shares

Holding

Aberdeen Blind Company Limited
Ordinary
100%
Baileys Blinds Limited
Ordinary
100%
Blinds4You Limited
Ordinary
100%
Cruickshanks Blinds Ltd
Ordinary
100%
Dutton & Gavin (Textiles) Limited
Ordinary
100%
Grampian Blinds Limited
Ordinary
100%
John King & Son Limited
Ordinary
100%
Rainbow Blinds and Fabrics Limited
Ordinary
100%
Scotblinds Larbert Limited
Ordinary
100%
Sunrite Blinds Limited
Ordinary
100%
Sutherland Blinds Limited
Ordinary
100%
The Shutter Company Limited
Ordinary
100%
VBS Centurion Blinds Ltd
Ordinary
100%

All subsidiaries are registered in the United Kingdom

Page 30

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2023
5,665,539



At 31 December 2023
5,665,539

The fair value of the investment property has been arrived at on the basis of a valuation carried out in May 2021 by Jones Lang LaSalle Limited, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.







Company





Freehold investment property

£



Valuation


At 1 January 2023
9,239,539


Disposals
(600,000)



At 31 December 2023
8,639,539

The fair value of the investment property has been arrived at on the basis of a valuation carried out in May 2021 by Jones Lang LaSalle Limited, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.




Page 31

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
831,863
818,976

Work in progress (goods to be sold)
106,967
74,911

938,830
893,887


The difference between purchase price or production cost of stocks and their replacement cost is not material.


19.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due after more than one year:

Deferred tax asset
-
-
15,588
12,950


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year:

Trade debtors
695,165
761,291
27,443
34,658

Amounts owed by group undertakings
-
-
146,993
116,108

Other debtors
16,676,685
15,866,700
14,042,783
13,712,710

Prepayments and accrued income
246,858
131,519
-
-

17,618,708
16,759,510
14,217,219
13,863,476




Total debtors
17,618,708
16,759,510
14,232,807
13,876,426

Page 32

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
256,771
-
256,771

Trade creditors
680,052
591,448
55,880
39,530

Amounts owed to group undertakings
-
-
3,567,229
3,112,744

Corporation tax
359,863
374,350
114,344
108,865

Other taxation and social security
314,616
438,562
34,035
43,146

Obligations under finance lease and hire purchase contracts
19,752
-
19,752
-

Other creditors
68,239
103,408
1,378
1,378

Accruals and deferred income
217,519
192,776
94,484
83,187

1,660,041
1,957,315
3,887,102
3,645,621



21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
10,000,000
10,722,419
10,000,000
10,722,419

Net obligations under finance leases and hire purchase contracts
55,697
-
55,697
-

10,055,697
10,722,419
10,055,697
10,722,419


The Company has granted standard securities over various properties in respect of the bank loans. In addition, a bond and floating charge has been granted


22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
-
256,771
-
256,771

Amounts falling due 1-2 years

Bank loans
10,000,000
10,722,419
10,000,000
10,722,419



10,000,000
10,979,190
10,000,000
10,979,190


Page 33

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
19,752
-
19,752
-

Between 1-5 years
55,697
-
55,697
-

75,449
-
75,449
-


24.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(1,111,101)
(1,077,992)


Charged to the profit or loss
37,364
(33,109)



At end of year
(1,073,737)
(1,111,101)

Page 34

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
24.Deferred taxation (continued)

Company


2023
2022


£

£






At beginning of year
(1,031,220)
(989,123)


Charged to the profit or loss
24,087
(42,097)



At end of year
(1,007,133)
(1,031,220)

The deferred tax balance is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(51,016)
(66,931)
15,588
12,950

Revaluations
(1,022,721)
(1,044,170)
(1,022,721)
(1,044,170)

(1,073,737)
(1,111,101)
(1,007,133)
(1,031,220)

Comprising:

Asset - due after one year
-
-
15,588
12,950

Liability
(1,073,737)
(1,111,101)
(1,022,721)
(1,044,170)

(1,073,737)
(1,111,101)
(1,007,133)
(1,031,220)


Page 35

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



260 (2022 - 260) Ordinary A shares of £1.00 each
260
260
740 (2022 - 740) Ordinary B shares of £1.00 each
740
740

1,000

1,000



26.


Reserves

Revaluation reserve

The reserve comprises of revaluations of leasehold properties.

Profit and loss account

Includes all current and prior period retained profits and losses.


27.


Capital commitments




At 31 December 2023 the Group and Company had capital commitments as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Contracted for but not provided in these financial statements
(173,027)
-
(144,011)
-

(173,027)
-
(144,011)
-


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £251,536 (2022 - £100,951). There were no amounts (2022 - nil) due to be paid to the fund at the balance sheet date.

Page 36

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
-
1,264

-
1,264

30.


Transactions with directors

Dividends totalling £66,000 (2022 - £136,000) were paid in the year in respect of shares held by the Company's directors.
Advances or credits have been granted by the Group to its directors as follows:

Opening balance
Amounts advanced
Amounts repaid
Closing balance
        £
        £
        £
        £
Loan

63,766

74,129

(66,000)
 
71,895
 


31.


Related party transactions

Remuneration of key management personnel
The remuneration of key management personnel, including directors, is as follows:

2023
2022
£
£



Aggregate remuneration
375,766
505,772

Transactions with related parties
During the year the group entered into the following transactions with related parties:
Sales and purchases


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Other related parties - sales
-
1,247
-
-

Other related parties - purchases
(77,491)
(91,310)
-
-

Page 37

 
CREST PROPERTIES (SCOTLAND) LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Related party transactions (continued)
Interest received


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Other related parties
734,254
542,931
734,254
542,931


The following amounts were outstanding at the reporting date:
Amounts due from related parties


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Other related parties
16,550,433
15,736,040
13,998,419
13,656,830

Other information
Other related parties have given a guarantee which covers the borrowing within Crest Properties (Scotland) Limited.

Page 38