Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Allan James Cook 27/06/2008 Phyllis Cook 11/01/2001 William Leslie Cook 25/01/2001 26 September 2024 The principal activity of the company continued to be that of the construction of residential property, joinery manufacturing and general joinery work. SC168464 2023-09-30 SC168464 bus:Director1 2023-09-30 SC168464 bus:Director2 2023-09-30 SC168464 bus:Director3 2023-09-30 SC168464 2022-09-30 SC168464 core:CurrentFinancialInstruments 2023-09-30 SC168464 core:CurrentFinancialInstruments 2022-09-30 SC168464 core:Non-currentFinancialInstruments 2023-09-30 SC168464 core:Non-currentFinancialInstruments 2022-09-30 SC168464 core:ShareCapital 2023-09-30 SC168464 core:ShareCapital 2022-09-30 SC168464 core:RevaluationReserve 2023-09-30 SC168464 core:RevaluationReserve 2022-09-30 SC168464 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC168464 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC168464 core:OtherPropertyPlantEquipment 2022-09-30 SC168464 core:OtherPropertyPlantEquipment 2023-09-30 SC168464 core:CurrentFinancialInstruments core:Secured 2023-09-30 SC168464 bus:OrdinaryShareClass1 2023-09-30 SC168464 2022-10-01 2023-09-30 SC168464 bus:FilletedAccounts 2022-10-01 2023-09-30 SC168464 bus:SmallEntities 2022-10-01 2023-09-30 SC168464 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC168464 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC168464 bus:Director1 2022-10-01 2023-09-30 SC168464 bus:Director2 2022-10-01 2023-09-30 SC168464 bus:Director3 2022-10-01 2023-09-30 SC168464 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 SC168464 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-10-01 2023-09-30 SC168464 2021-10-01 2022-09-30 SC168464 core:CurrentFinancialInstruments 2022-10-01 2023-09-30 SC168464 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC168464 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC168464 (Scotland)

CAIRNHILL DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

CAIRNHILL DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

CAIRNHILL DEVELOPMENTS LIMITED

BALANCE SHEET

As at 30 September 2023
CAIRNHILL DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 178,879 207,275
Investment property 4 133,416 133,416
312,295 340,691
Current assets
Stocks 90,000 89,505
Debtors 5 846,063 869,750
Cash at bank and in hand 24,344 15,526
960,407 974,781
Creditors: amounts falling due within one year 6 ( 560,485) ( 630,615)
Net current assets 399,922 344,166
Total assets less current liabilities 712,217 684,857
Creditors: amounts falling due after more than one year 7 ( 46,998) ( 69,942)
Provision for liabilities ( 44,720) ( 39,382)
Net assets 620,499 575,533
Capital and reserves
Called-up share capital 8 20,300 20,300
Revaluation reserve 31,100 31,100
Profit and loss account 569,099 524,133
Total shareholders' funds 620,499 575,533

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cairnhill Developments Limited (registered number: SC168464) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

Phyllis Cook
Director
CAIRNHILL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
CAIRNHILL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cairnhill Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 79 Broad Street, Fraserburgh, AB43 9AU, Scotland, United Kingdom. The principal place of business is Rosehearty, Fraserburgh, Aberdeenshire, AB43 7JQ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Employee benefits

Short term 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 as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 - 25 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at their fair value as at the reporting date. Fair value gains and losses on investment property are recognised in profit or loss. Fair value gains, and fair value losses to the extent that they reverse a previous fair value gain on the same investment property, are transferred from the profit and loss reserves to the fair value reserve during the year in which they arise.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 15 15

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2022 460,865 460,865
Additions 5,503 5,503
At 30 September 2023 466,368 466,368
Accumulated depreciation
At 01 October 2022 253,590 253,590
Charge for the financial year 33,899 33,899
At 30 September 2023 287,489 287,489
Net book value
At 30 September 2023 178,879 178,879
At 30 September 2022 207,275 207,275

4. Investment property

Investment property
£
Valuation
As at 01 October 2022 133,416
As at 30 September 2023 133,416

The fair value of the investment property has been arrived at on the basis of a valuation carried out in July 2008 by J&E Shepherd Chartered Surveyors, 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 believe this valuation plus subsequent additions to be accurate at 30 September 2023.

5. Debtors

2023 2022
£ £
Trade debtors 114,559 81,149
Other debtors 731,504 788,601
846,063 869,750

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 2,654 30,843
Trade creditors 287,038 256,398
Corporation tax 31,165 16,478
Other taxation and social security 53,946 155,937
Obligations under finance leases and hire purchase contracts (secured) 20,291 25,738
Other creditors 165,391 145,221
560,485 630,615

The Bank holds standard securities and a bond and floating charge over the whole assets of the company.

Obligations under hire purchase contracts are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 0 2,654
Obligations under finance leases and hire purchase contracts (secured) 46,998 67,288
46,998 69,942

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
20,300 Ordinary shares of £ 1.00 each 20,300 20,300

9. Related party transactions

Transactions with the entity's directors

As at 30 September 2023, the company was due the directors amounts totalling £115,515 (2022 - the company was due the directors £108,755). These loans are interest free with no set repayment terms.