COMPANY REGISTRATION NUMBER:
SC613674
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 March 2024
Fixed assets
Investments |
4 |
1,708,500 |
1,708,500 |
|
|
|
|
Current assets
Cash at bank and in hand |
866 |
866 |
|
|
|
Creditors: amounts falling due within one year |
791,243 |
1,071,480 |
|
--------- |
------------ |
Net current liabilities |
790,377 |
1,070,614 |
|
------------ |
------------ |
Total assets less current liabilities |
918,123 |
637,886 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
5 |
1 |
1 |
Profit and loss account |
918,122 |
637,885 |
|
--------- |
--------- |
Shareholders funds |
918,123 |
637,886 |
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 March 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
2 December 2024
, and are signed on behalf of the board by:
Company registration number:
SC613674
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Restenneth House, Old Brechin Road, Forfar, DD8 3DX, Scotland.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Investments
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
1,708,500 |
|
------------ |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
------------ |
Carrying amount |
|
At 31 March 2024 |
1,708,500 |
|
------------ |
At 31 March 2023 |
1,708,500 |
|
------------ |
|
|
5.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.01 each |
100 |
1 |
100 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
6.
Contingencies
The company provided the group's bank with Cross Corporate Letter of Guarantee, including offset provision covering all accounts within the
Kinburn (208) Limited
group.
7.
Related party transactions
The company was under the control of its directors throughout the current and previous year. Mr I Shepherd (resigned 1st April 2024), director advanced funds to the company, and at the year end was due to receive £282,140 (2023 - £379,540). This amount is not subject to interest and has no set repayment date. Mr P Harding, director advanced funds to the company and at the year end was due to receive £15,000 (2023 - £53,090). This amount is not subject to interest and is repayable on demand. Dividends payable amounted to £2,000 in the year (2023 - £22,500) to the directors.