Registered number
SC622642
Coillemore House Limited
Filleted Accounts
29 February 2024
Coillemore House Limited
Registered number: SC622642
Balance Sheet
as at 29 February 2024
Notes 2024 2023
(As restated)
£ £
Fixed assets
Tangible assets 3 863,624 831,775
Current assets
Debtors 4 1,353 2,681
Cash at bank and in hand 27,738 12,668
29,091 15,349
Creditors: amounts falling due within one year 5 (691,977) (686,796)
Net current liabilities (662,886) (671,447)
Total assets less current liabilities 200,738 160,328
Provisions for liabilities (98,296) (89,673)
Net assets 102,442 70,655
Capital and reserves
Called up share capital 6 10 10
Fair value reserve (Non distributable) 7 294,890 269,023
Profit and loss account (Distributable) (192,458) (198,378)
Shareholders' funds 102,442 70,655
Continued
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J P C Howarth
Director
Approved by the board on 28 November 2024
Coillemore House Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Summary of significant accounting policies
Basis of preparation
The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small company regime).

The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment Property
Investment properties are properties held to earn rentals and/or for capital appreciation and are initially recognised at cost. Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss in the period in which they arise.

The investment properties fair value of £848,580 and fair value movement of £34,490 included in the profit for the year were determined by the directors on a review of the latest for-sale comparable properties across the same region adjusted for any differences in nature, location and condition.

Deferred taxation is provided on these gains.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 5 years
Fixtures, furnishings and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Other than loans from directors who are also shareholders, loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Loans from directors who are also shareholders are measured at the transaction price and the exemption from measuring the loans using the amortised cost and effective method has been applied to the loans.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Employee benefits
When employees have rendered service to the company, short term employees benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
Going concern
The major part of the company's working capital requirements are provided by loans from the directors who have indicated that this support will continue for the foreseeable future. The directors continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. The company's indebtedness to its directors was £682,890 (2023 - £681,593).
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Investment Property Office equipment Fixtures, furnishings and equipment Total
£ £ £ £
Cost or valuation
At 1 March 2023 (As restated) 814,090 - 28,519 842,609
Additions - 902 2,509 3,411
Surplus on revaluation 34,490 - - 34,490
At 29 February 2024 848,580 902 31,028 880,510
Depreciation
At 1 March 2023 (As restated) - - 10,834 10,834
Charge for the year - 56 5,996 6,052
At 29 February 2024 - 56 16,830 16,886
Net book value
At 29 February 2024 848,580 846 14,198 863,624
At 28 February 2023 (As restated) 814,090 - 17,685 831,775
Freehold land and buildings: 2024 2023
£ £
Historical cost 455,394 455,394
Cumulative depreciation based on historical cost - -
455,394 455,394
The Investment Property was revalued by the directors during the year in accordance with the accounting policy.
4 Debtors 2024 2023
£ £
Other debtors 1,353 2,681
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,458 -
Taxation and social security costs 335 -
Other creditors 690,184 686,796
691,977 686,796
6 Share Capital Nominal Number 2024 2023
value 2024 £ £
Allotted, called up and fully paid
Ordinary shares £0.10 each 100 10 10
7 Fair value reserve (Non distributable) 2024 2023
£ £
At 1 March 2023 (As restated) 269,023 263,195
Fair value Gain on revaluation of investment property 34,490 7,770
Deferred taxation arising on the revaluation of investment property (8,623) (1,942)
At 29 February 2024 294,890 269,023
8 Reconciliation of equity At 1.3.22 At 28.2.23
£ £
Capital and reserves (as previously stated) (197,560) (198,368)
Fair value gain on investment property 350,926 358,696
Deferred tax on investment property (87,731) (89,673)
Capital and reserves (as restated) 65,635 70,655
Year ended
9 Reconciliation of profit or loss for the year 28.2.23
£
Profit for the year (as previously stated) (808)
Fair value gain on investment property 7,770
Deferred tax on investment property (1,942)
Profit for the year (as restated) 5,020
10 Notes to the reconciliations
The investment property was previously accounted for under the FRS 105, which required investment property to be recognised at cost. The investment property is being measured at fair value under FRS 102 and fair value gains and losses are reported in profit or loss.
A fair value gain of £350,926 was recognised at 1 March 2022 to reflect the provisions of FRS 102. An additional fair value gain has been recognised at the 28 February 2023 amounting to £7,770.
FRS 102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, additional deferred tax of £87,731 was recognised at 1 March 2022 to reflect the provisions of FRS 102. An additional provision for deferred tax has been recognised at the 28 February 2023 amounting to £1,942. The gain on revaluation at 28 February 2023 has been reported in the profit or loss and the effect on profit for the year ended 28 February 2023 is an increase in profit of £5,828.
Relevant comparatives have been restated.
11 Related party transactions
During the year various amounts were loaned by the directors, interest free and repayable on demand. The loans at the year end included within Other Creditors were £323,529 (2023 - £322,725) and £359,361 (2023 - £358,869).
12 Other information
Coillemore House Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Coillemore House
Balmacara
Kyle of Lochalsh
Scotland
IV40 8DJ
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