Company registration number SC302984 (Scotland)
CAMBRIA SCOTLAND GP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CAMBRIA SCOTLAND GP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CAMBRIA SCOTLAND GP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
€
€
€
€
Fixed assets
Investments
4
112
112
Current assets
Debtors
5
299,536
299,578
Cash at bank and in hand
193
264
299,729
299,842
Creditors: amounts falling due within one year
6
(5,695,118)
(5,585,476)
Net current liabilities
(5,395,389)
(5,285,634)
Net liabilities
(5,395,277)
(5,285,522)
Capital and reserves
Called up share capital
111
111
Profit and loss reserves
(5,395,388)
(5,285,633)
Total equity
(5,395,277)
(5,285,522)
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 January 2025
M Mauri
Director
Company registration number SC302984 (Scotland)
CAMBRIA SCOTLAND GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Cambria Scotland GP Limited is a private company limited by shares incorporated in Scotland. The registered office is 50 Lothian Road, Festival Square, Edinburgh, Scotland, EH3 9WJ.
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 euros, 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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 'Statement of Financial Position': Reconciliation of the opening and closing number of shares:
Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures:
Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 'Related Party Disclosures': Compensation of key management personnel
1.2
Going concern
The financial statements have been drawn up on a going concern basis. At 31 March 202true4 the company had net liabilities of €5,395,388 (2023: €5,285,633) and is dependent upon the continued support of the shareholder. The shareholder has agreed to continue to provide financial support in the expectation of the future management fees arising from Cambria Scotland Investors LP.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
CAMBRIA SCOTLAND GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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.
1.5
Financial instruments
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.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Foreign exchange
(a) Functional and presentation currency
The financial statements are presented in Euros which is the company's functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
CAMBRIA SCOTLAND GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
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.
Key sources of estimation uncertainty
In preparing these financial statements, the director has made the following judgements:
3
Employees
The director was the only employee of the company and received no remuneration (2023: €Nil).
4
Fixed asset investments
2024
2023
€
€
Shares in group undertakings and participating interests
112
112
Fixed asset investments not carried at market value
The company holds a 99.9% interest in the capital of Cambria Mgmt LLP which is incorporated in England and Wales and is in business as a General Partner. The registered office of Cambria Mgmt LLP is at Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.
5
Debtors
2024
2023
Amounts falling due within one year:
€
€
Amounts owed by group undertakings
10,688
12,270
Other debtors
288,848
287,308
299,536
299,578
CAMBRIA SCOTLAND GP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
€
€
Amounts owed to group undertakings
112
112
Other creditors
5,695,006
5,585,364
5,695,118
5,585,476
7
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Monies advanced
At 31 March 2024 €5,680,740 (2023: €5,775,840) was owed to other entities related by common control.
At 31 March 2024 €287,000 was due from other entities related by common control (2023: €287,000)
Key management personnel only included the director and their remuneration is shown in note 4.
8
Parent company
At 31 March 2024, the immediate parent company was Cambria Holdings UK Limited, a company incorporated in England and Wales. The registered office of this company is located at Connect House, 133 - 137 Alexandra Road, Wimbledon, London, SW19 7JY.
The ultimate controlling party is Mario Mauri, a director of the company and sole shareholder of Cambria Holdings UK Limited.