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REGISTERED NUMBER: SC689400 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CORRAN (ST ANDREWS) LTD

CORRAN (ST ANDREWS) LTD (REGISTERED NUMBER: SC689400)






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


CORRAN (ST ANDREWS) LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTOR: N S Ball





REGISTERED OFFICE: 18 Charlotte Square
Edinburgh
EH2 4DF





REGISTERED NUMBER: SC689400 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

CORRAN (ST ANDREWS) LTD (REGISTERED NUMBER: SC689400)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,844 10,991
Investment property 5 700,000 638,641
707,844 649,632

CURRENT ASSETS
Cash at bank 43,077 27,029

CREDITORS
Amounts falling due within one year 6 741,367 374,524
NET CURRENT LIABILITIES (698,290 ) (347,495 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,554

302,137

CREDITORS
Amounts falling due after more than one
year

7

-

(330,000

)

PROVISIONS FOR LIABILITIES 9 (12,627 ) (2,088 )
NET LIABILITIES (3,073 ) (29,951 )

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 49,701 -
Retained earnings (52,775 ) (29,952 )
SHAREHOLDERS' FUNDS (3,073 ) (29,951 )

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.

CORRAN (ST ANDREWS) LTD (REGISTERED NUMBER: SC689400)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2024 and were signed by:





N S Ball - Director


CORRAN (ST ANDREWS) LTD (REGISTERED NUMBER: SC689400)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Corran (St Andrews) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

At 31 March 2024, the company had net current liabilities of £698,290 (2023 - £347,495). The company relies on the continued support of the principal creditor to finance its short term working capital requirements. The directors consider it appropriate to prepare the statements on a going concern basis as they expect that this support will continue for the foreseeable future.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable in relation to property letting.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% per annum on cost
Fixtures and fittings - 20% per annum on cost

Tangible fixed assets are reviewed annually for impairment.

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.

CORRAN (ST ANDREWS) LTD (REGISTERED NUMBER: SC689400)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

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

CORRAN (ST ANDREWS) LTD (REGISTERED NUMBER: SC689400)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 - 18,207 18,207
Additions 547 - 547
At 31 March 2024 547 18,207 18,754
DEPRECIATION
At 1 April 2023 - 7,216 7,216
Charge for year 53 3,641 3,694
At 31 March 2024 53 10,857 10,910
NET BOOK VALUE
At 31 March 2024 494 7,350 7,844
At 31 March 2023 - 10,991 10,991

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 638,641
Revaluations 61,359
At 31 March 2024 700,000
NET BOOK VALUE
At 31 March 2024 700,000
At 31 March 2023 638,641

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 61,359
Cost 638,641
700,000

If had not been revalued would have been included at the following historical cost:

2024 2023
£    £   
Cost 638,641 638,641

The investment property has been valued by the director on an open market basis as at 31 March 2024.

CORRAN (ST ANDREWS) LTD (REGISTERED NUMBER: SC689400)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 4,410 400
Other creditors 736,957 374,124
741,367 374,524

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 330,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 330,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 330,000

The company has granted standard security to Hampden & Co PLC for all sum due or becoming due.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 12,627 2,088

Deferred
tax
£   
Balance at 1 April 2023 2,088
Charge to Statement of Income and Retained Earnings during year 10,539
Balance at 31 March 2024 12,627

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The ultimate parent company is Corran Properties Limited whose registered office is at 18 Charlotte Square,
Edinburgh, EH2 4DF.