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REGISTERED NUMBER: SC472317 (Scotland)



















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: Alan Martin Brander
Ms Linda McLuskie





REGISTERED OFFICE: 9 Royal Crescent
Glagsow
G3 7SP





REGISTERED NUMBER: SC472317 (Scotland)





ACCOUNTANTS: CW
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 12,375 152,415
Investment property 5 1,750,000 1,750,000
1,762,375 1,902,415

CURRENT ASSETS
Stocks 410,310 410,310
Debtors 6 67,994 25,768
Cash at bank 36,426 40,892
514,730 476,970
CREDITORS
Amounts falling due within one year 7 858,503 711,931
NET CURRENT LIABILITIES (343,773 ) (234,961 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,418,602

1,667,454

CREDITORS
Amounts falling due after more than one
year

8

(185,361

)

(469,696

)

PROVISIONS FOR LIABILITIES (120,928 ) (116,678 )
NET ASSETS 1,112,313 1,081,080

CRANNOG ESTATES LIMITED (REGISTERED NUMBER: SC472317)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
as restated
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 11 381,502 404,462
Retained earnings 11 730,809 676,616
SHAREHOLDERS' FUNDS 1,112,313 1,081,080

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 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.

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 20 November 2024 and were signed on its behalf by:





Alan Martin Brander - Director


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 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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Equipment and Fittings - 15% on cost

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 290,775 100,820 391,595
Disposals (268,275 ) - (268,275 )
At 31 March 2024 22,500 100,820 123,320
DEPRECIATION
At 1 April 2023 138,360 100,820 239,180
Charge for year 32,430 - 32,430
Eliminated on disposal (160,665 ) - (160,665 )
At 31 March 2024 10,125 100,820 110,945
NET BOOK VALUE
At 31 March 2024 12,375 - 12,375
At 31 March 2023 152,415 - 152,415

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,750,000
NET BOOK VALUE
At 31 March 2024 1,750,000
At 31 March 2023 1,750,000

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 9,442 6,924
Intercompany loans 54,656 4,000
Tax Recoverable - 2,601
VAT - 12,243
Prepayments 3,896 -
67,994 25,768

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts (see note 9) 262,119 90,190
Hire purchase contracts - 37,011
Corporation Tax 26,966 -
VAT 17,450 -
Intercompany loans 41,000 -
Directors' current accounts 509,608 583,730
Accruals and deferred income 1,360 1,000
858,503 711,931

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) 185,361 452,487
Hire purchase contracts - 17,209
185,361 469,696

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 262,119 90,190

Amounts falling due between one and two years:
Bank loans - 1-2 years 32,952 64,792

Amounts falling due between two and five years:
Bank loans - 2-5 years 152,409 387,695

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 447,480 542,677

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 676,616 404,462 1,081,078
Profit for the year 31,233 31,233
Revaluations 22,960 (22,960 ) -
At 31 March 2024 730,809 381,502 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 £509,608 (2023: £583,730 as restated) at the year end.