REGISTERED NUMBER: |
CRANNOG ESTATES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
REGISTERED NUMBER: |
CRANNOG ESTATES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317) |
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 |
CRANNOG ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Royal Crescent |
Glasgow |
G3 7SP |
CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317) |
BALANCE SHEET - continued |
31 MARCH 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
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 |
CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Crannog Estates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
The turnover shown in the profit and loss account represents the rental income receivable for the year. Income is recognised on the basis of rent due for the year. |
Tangible fixed assets |
Plant and machinery | - |
Equipment and Fittings | - |
Investment property |
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent. |
This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. |
Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised. |
Loans are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Assets held under hire purchase agreements are capitalised in the balance sheet and depreciated over their useful economic lives. Minimum lease payments are apportioned between the interest charge and the reduction of the outstanding liability using the effective interest method. The related obligations are included in creditors. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Equipment |
Plant and | and |
machinery | Fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2023 | (54,664 | ) |
Valuation in 2022 | 250,000 |
Valuation in 2015 | 304,000 |
Cost | 1,250,664 |
1,750,000 |
CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | INVESTMENT PROPERTY - continued |
The properties were revalued by the directors at the year end.. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Intercompany loans |
Tax Recoverable |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts |
Corporation Tax |
VAT |
Intercompany loans |
Directors' current accounts |
Accruals and deferred income |
The loan from directors is interest free and repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts |
CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
as restated |
£ | £ |
Bank loans |
The bank loans are secured by a floating charge and standard securities held against the investment properties owned by the company. |
11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 1,081,078 |
Profit for the year |
Revaluations | 22,960 | (22,960 | ) | - |
At 31 March 2024 | 1,112,311 |
CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | RELATED PARTY DISCLOSURES |
The loan balance due to the directors amounted to £ |