IRIS Accounts Production v24.3.0.553 SC288911 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2889112022-12-31SC2889112023-12-31SC2889112023-01-012023-12-31SC2889112021-12-31SC2889112022-01-012022-12-31SC2889112022-12-31SC288911ns15:Scotland2023-01-012023-12-31SC288911ns14:PoundSterling2023-01-012023-12-31SC288911ns10:Director12023-01-012023-12-31SC288911ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC288911ns10:SmallEntities2023-01-012023-12-31SC288911ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC288911ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC288911ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC288911ns10:FullAccounts2023-01-012023-12-31SC28891112023-01-012023-12-31SC288911ns10:Director22023-01-012023-12-31SC288911ns10:Director32023-01-012023-12-31SC288911ns10:CompanySecretary12023-01-012023-12-31SC288911ns10:RegisteredOffice2023-01-012023-12-31SC288911ns5:CurrentFinancialInstruments2023-12-31SC288911ns5:CurrentFinancialInstruments2022-12-31SC288911ns5:ShareCapital2023-12-31SC288911ns5:ShareCapital2022-12-31SC288911ns5:RevaluationReserve2023-12-31SC288911ns5:RevaluationReserve2022-12-31SC288911ns5:RetainedEarningsAccumulatedLosses2023-12-31SC288911ns5:RetainedEarningsAccumulatedLosses2022-12-31SC288911ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC288911ns5:LandBuildings2023-01-012023-12-31SC288911ns5:PlantMachinery2023-01-012023-12-31SC288911ns5:NetGoodwill2022-12-31SC288911ns5:NetGoodwill2023-12-31SC288911ns5:NetGoodwill2022-12-31SC288911ns5:LandBuildings2022-12-31SC288911ns5:PlantMachinery2022-12-31SC288911ns5:LandBuildings2023-12-31SC288911ns5:PlantMachinery2023-12-31SC288911ns5:LandBuildings2022-12-31SC288911ns5:PlantMachinery2022-12-31SC288911ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC288911ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC288911ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: SC288911 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHEYNE & LORIMER LIMITED

CHEYNE & LORIMER LIMITED (REGISTERED NUMBER: SC288911)






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


CHEYNE & LORIMER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs L Cheyne
D V J Cheyne
A Y Lorimer





SECRETARY: Mrs L Cheyne





REGISTERED OFFICE: 13 Oldmarket Place
Banff
Aberdeenshire
AB45 1HE





REGISTERED NUMBER: SC288911 (Scotland)

CHEYNE & LORIMER LIMITED (REGISTERED NUMBER: SC288911)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 203,039 203,708
203,039 203,708

CURRENT ASSETS
Stocks 3,743 -
Debtors 7 155 316
Cash at bank and in hand 6,529 28,251
10,427 28,567
CREDITORS
Amounts falling due within one year 8 21,482 33,745
NET CURRENT LIABILITIES (11,055 ) (5,178 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

191,984

198,530

PROVISIONS FOR LIABILITIES - 421
NET ASSETS 191,984 198,109

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 38,066 38,066
Retained earnings 153,818 159,943
SHAREHOLDERS' FUNDS 191,984 198,109

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 directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHEYNE & LORIMER LIMITED (REGISTERED NUMBER: SC288911)

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 Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





D V J Cheyne - Director


CHEYNE & LORIMER LIMITED (REGISTERED NUMBER: SC288911)

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

1. STATUTORY INFORMATION

Cheyne & Lorimer 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company'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.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

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

Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently where there is an indication that the unit may be impaired. if the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rate on the basis of the carrying amount of each asset in the unit.

CHEYNE & LORIMER LIMITED (REGISTERED NUMBER: SC288911)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in 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 current liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

CHEYNE & LORIMER LIMITED (REGISTERED NUMBER: SC288911)

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

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 20,020
AMORTISATION
At 1 January 2023
and 31 December 2023 20,020
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 200,000 65,293 265,293
DEPRECIATION
At 1 January 2023 - 61,585 61,585
Charge for year - 669 669
At 31 December 2023 - 62,254 62,254
NET BOOK VALUE
At 31 December 2023 200,000 3,039 203,039
At 31 December 2022 200,000 3,708 203,708

A valuation was carried out by the board and was based upon the director's knowledge of the local commercial property market as at 31 December 2017. The board considers the carrying value of the freehold property to be reflective of the open market value of the properties at 31 December 2023, any fluctuations in the fair value were not deemed to be considered material.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 66
Other debtors 155 250
155 316

CHEYNE & LORIMER LIMITED (REGISTERED NUMBER: SC288911)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,576 -
Trade creditors 7,943 18,594
Taxation and social security 3,777 5,930
Other creditors 8,186 9,221
21,482 33,745

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 38,066

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of the fact that they own 100% of the issued share capital of the company.