Company registration number SC252979 (Scotland)
Ceol Na Mara Investments Limited
unaudited financial statements
for the year ended 31 March 2024
Pages for filing with registrar
Ceol Na Mara Investments Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Ceol Na Mara Investments Limited
Balance sheet
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
3,060,000
2,210,000
Current assets
Debtors
6
674,446
704,274
Cash at bank and in hand
1,455
6,172
675,901
710,446
Creditors: amounts falling due within one year
7
(337,454)
(98,992)
Net current assets
338,447
611,454
Total assets less current liabilities
3,398,447
2,821,454
Creditors: amounts falling due after more than one year
8
(2,357,527)
(1,716,517)
Provisions for liabilities
(26,363)
(38,646)
Net assets
1,014,557
1,066,291
Capital and reserves
Called up share capital
1
1
Revaluation reserve
9
567,118
523,280
Profit and loss reserves
10
447,438
543,010
Total equity
1,014,557
1,066,291
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Ceol Na Mara Investments Limited
Balance sheet (continued)
as at 31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 December 2024
Mr R Hawkins
Director
Company registration number SC252979 (Scotland)
Ceol Na Mara Investments Limited
Notes to the financial statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information
Ceol Na Mara Investments Limited is a private company limited by shares incorporated in Scotland. The registered office is 510 Perth Road, Dundee, DD2 1LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true
1.3
Turnover
Rental income is included in the profit and loss account in the period to which it relates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Ceol Na Mara Investments Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Ceol Na Mara Investments Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
Ceol Na Mara Investments Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
31,813
4,900
36,713
Depreciation and impairment
At 1 April 2023 and 31 March 2024
31,813
4,900
36,713
Carrying amount
At 31 March 2024
At 31 March 2023
5
Investment property
2024
£
Fair value
At 1 April 2023
2,210,000
Additions
1,150,000
Disposals
(300,000)
At 31 March 2024
3,060,000
Investment property comprises of 16 rental properties located throughout Dundee.
The fair value of the initial 10 investment properties have been arrived at on the basis of a valuation carried out at 30 June 2007 by DM Hall Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. At 31 March 2020, the director was of the opinion that the value had changed and a revaluation was applied. The director believes this valuation is still correct at 31 March 2024.
The remaining 6 properties were revalued in the year ended 31 March 2024 by Graham & Sibbald.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
674,446
704,274
Ceol Na Mara Investments Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,263
5,065
Trade creditors
192
264
Corporation tax
109,720
88,622
Other creditors
219,214
594
Accruals and deferred income
4,065
4,447
337,454
98,992
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,357,527
1,716,517
£2,326,266 (2023: £1,679,371) of creditors due after one year are secured by a bond and floating charge over the investment properties, with the second loan also having security granted by the director via a personal guarantee. Interest is being charged at 1.9% per annum on one loan, and 8.99% on the second loan. Both loans are interest only payments.
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
2,326,266
1,679,371
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
523,280
523,280
Other movements
43,838
-
At the end of the year
567,118
523,280
10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
543,010
543,541
Loss for the year
(51,734)
(531)
Transfer from revaluation reserve
(43,838)
At the end of the year
447,438
543,010
Ceol Na Mara Investments Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 8 -
11
Related party transactions
Transactions with related parties
During the year the company entered into the following net transactions with related parties:
2024
2023
£
£
Entities over which the director has control or joint control
(254,048)
(80,975)
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the director has control or joint control
331,175
610,958
Amounts due from related parties are included in Other Debtors, There are no repayment terms and no interest is due on the balances.
12
Directors' transactions
During the year there were net transactions of £23,457 (2023 - £6,425) with the director. At the year end the balance due from the director was £33,914 (2023 - £10,457). This balance is included in Other Debtors at the year end, there is no interest due on the balance and no repayment terms are in place.