Registered number
SC118381
Carden Studios Limited
Filleted Accounts
31 May 2024
Carden Studios Limited
Registered number: SC118381
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 889,860 3,484,860
Current assets
Stocks 41,823 41,823
Debtors 5 705,835 459,096
Cash at bank and in hand 107,596 162,278
855,254 663,197
Creditors: amounts falling due within one year 6 (158,294) (63,288)
Net current assets 696,960 599,909
Total assets less current liabilities 1,586,820 4,084,769
Provisions for liabilities - (179,369)
Net assets 1,586,820 3,905,400
Capital and reserves
Called up share capital 200 200
Revaluation reserve 7 - 1,497,884
Profit and loss account 1,586,620 2,407,316
Shareholders' funds 1,586,820 3,905,400
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.
Mr J J Buchan
Director
Approved by the board on 26 February 2025
Carden Studios Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Land and buildings not depreciated
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment over 5 years
2 Investment Properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is accounted for through the profit and loss account.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stock is valued at the lower of cost and net realisable value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). 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.
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 land and 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 3,484,860 1,158 3,486,018
Additions 5,000 - 5,000
Surplus on revaluation (2,600,000) - (2,600,000)
At 31 May 2024 889,860 1,158 891,018
Depreciation
At 1 June 2023 - 1,158 1,158
At 31 May 2024 - 1,158 1,158
Net book value
At 31 May 2024 889,860 - 889,860
At 31 May 2023 3,484,860 - 3,484,860
Freehold land and buildings: 2024 2023
£ £
Historical cost 889,860 1,622,747
Cumulative depreciation based on historical cost - -
889,860 1,622,747
5 Debtors 2024 2023
£ £
Trade debtors 422,414 164,201
Other debtors 283,421 294,895
705,835 459,096
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 32,457 20,122
Taxation and social security costs 54,998 -
Other creditors 70,839 43,166
158,294 63,288
7 Revaluation reserve 2024 2023
£ £
At 1 June 2023 1,497,884 1,497,884
Loss on revaluation of land and buildings (1,497,884) -
At 31 May 2024 - 1,497,884
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J J Buchan
Unsecured interest free loan with no set repayment date. 2,717 - - 2,717
2,717 - - 2,717
9 Related party transactions
2024 2023
£ £
Michael Gilmour Associates Ltd
Scottish registered company (SC535118) in which the directors have an interest
Unsecured interest free loan with no set repayment date
Amounts due from/(to) the related party 543 138
Carden (Buchan Braes) Limited
Scottish registered company (SC413240) in which the directors have an interest
Unsecured interest free loan with no set repayment date
Amounts due from/(to) the related party 206,020 180,695
Kilbowie Development Company Limited
Scottish registered company (SC520426) in which the directors have an interest
Unsecured interest free loan with no set repayment date
Amounts due from/(to) the related party 66,981 (73,019)
10 Other information
Carden Studios Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
22 Rubislaw Terrace
Aberdeen
AB10 1XE
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