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REGISTERED NUMBER: SC588104 (Scotland)




















CFIC Holdings Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






CFIC Holdings Limited (Registered number: SC588104)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CFIC Holdings Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R A Clark



REGISTERED OFFICE: 22a/4 Calton Road
Edinburgh
EH8 8DP



REGISTERED NUMBER: SC588104 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Barclays
10-15 Princes Street
Edinburgh
EH2 2AN

CFIC Holdings Limited (Registered number: SC588104)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 278,306 348,085

CURRENT ASSETS
Debtors 5 1,706 2,398
Cash at bank 8,678 17,627
10,384 20,025
CREDITORS
Amounts falling due within one year 6 279,309 368,269
NET CURRENT LIABILITIES (268,925 ) (348,244 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,381

(159

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9,281 (259 )
9,381 (159 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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

CFIC Holdings Limited (Registered number: SC588104)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 October 2024 and were signed by:





R A Clark - Director


CFIC Holdings Limited (Registered number: SC588104)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

CFIC Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the receipt of rent.

Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods, the rent relating to these incentives are accrued and subsequently released over the full period of the lease agreement.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.


CFIC Holdings Limited (Registered number: SC588104)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provision for liability
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Going concern
The accounts have been prepared on the going concern basis. The company is dependent on a loan from a related company, BTEC Holdings Limited. R A Clark, director is a director and shareholder of BTEC Holdings Limited. At 31 March 2024, £275,000 (2023: £365,000) was due to BTEC Holdings Limited. This loan is interest free and repayable on demand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 348,085
Disposals (69,779 )
At 31 March 2024 278,306
NET BOOK VALUE
At 31 March 2024 278,306
At 31 March 2023 348,085

The property is shown at the director's estimated valuation as at 31 March 2024. The director is not a professional valuer.

CFIC Holdings Limited (Registered number: SC588104)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,706 2,398

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 452
Taxation and social security 2,238 695
Other creditors 277,071 367,122
279,309 368,269

Other creditors includes £275,000 (2023: £365,000) owed to BTEC Holdings Limited, a company controlled by R A Clark.