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REGISTERED NUMBER: SC125675 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

CROMDALE LIMITED

CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CROMDALE LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M J Callan
S J Callan
K W Waitt
R A Macnab





REGISTERED OFFICE: Amicable House
252 Union Street
Aberdeen
AB10 1TN





REGISTERED NUMBER: SC125675 (Scotland)






CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 585 1,907
Investments 5 1,102,243 1,103,234
Investment property 6 3,601,000 3,601,000
4,703,828 4,706,141

CURRENT ASSETS
Stocks 2,737,075 2,737,075
Debtors 7 7,020,925 7,402,258
Cash at bank 257 -
9,758,257 10,139,333
CREDITORS
Amounts falling due within one year 8 2,663,323 2,538,198
NET CURRENT ASSETS 7,094,934 7,601,135
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,798,762

12,307,276

CREDITORS
Amounts falling due after more than one
year

9

5,253,548

5,336,667
NET ASSETS 6,545,214 6,970,609

CAPITAL AND RESERVES
Called up share capital 112,942 112,942
Share premium 172,500 172,500
Capital redemption reserve 25,058 25,058
Retained earnings 6,234,714 6,660,109
6,545,214 6,970,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and were signed on its behalf by:





M J Callan - Director


CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Cromdale Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under he historical cost conversion, modified to include investment properties at fair value. The principal accounting policies are set out below.

Preparation of consolidated financial statements
The financial statements contain information about Cromdale Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Going concern
The company has incurred losses for the year ended 31 March 2024 and is forecasting a further loss in the year ended 31 March 2025. As at 31 March 2024 the company had bank debt of £3.3m (2023 - £3.4m) and shareholder loans of £3.3m (2023 - £3.4m). The company is dependent on the continued support of its bankers and shareholders and the ongoing repayments of amounts owed by certain group undertakings, in order to service its debt.

The directors have reviewed financial forecasts, including consideration over covenants and have adequate financial resources to meet its liabilities as they fall due for at least 12 months from signing these financial statements. Therefore the directors have continued to prepare the financial statements on the going concern basis.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover includes operating lease rentals and similar income. Annual rentals receivable under operating leases are credited to the profit and loss account on a straight line basis over the lease term.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Motor vehicles - Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks include properties held for sale and are stated at lower of cost and new realisable value. Cost comprises of purchase consideration of the property and where applicable other costs incurred on acquisition. Net realisable value is calculated as estimated selling price of the property as an arm's length transaction.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

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 statement, 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 the 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 receivables 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 market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, 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.


CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The cost 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.

Interest capitalised
Interest payable on borrowings attributable to financial properties in the course of development is capitalised as a cost of the development.

CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 117,047 118,901 235,948
Additions 817 - 817
Disposals (607 ) - (607 )
At 31 March 2024 117,257 118,901 236,158
DEPRECIATION
At 1 April 2023 117,047 116,994 234,041
Charge for year 232 1,907 2,139
Eliminated on disposal (607 ) - (607 )
At 31 March 2024 116,672 118,901 235,573
NET BOOK VALUE
At 31 March 2024 585 - 585
At 31 March 2023 - 1,907 1,907

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 1,102,243
NET BOOK VALUE
At 31 March 2024 1,102,243
At 31 March 2023 1,102,243

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 3,601,000
NET BOOK VALUE
At 31 March 2024 3,601,000
At 31 March 2023 3,601,000

CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. INVESTMENT PROPERTY - continued

The fair value of the investment properties has been determined on the following basis:

- Some of the company's investment properties were revalued on 4 September 2018 by Frank Knight LLP, international property advisors, to a value of £2,150,000. The basis of this valuation was open market value.
- Some of the company's investment properties were revalued on 17 August 2021 by Allied Surveyors Limited, to a value of £1,360,000
- The company's other investment properties were revalued at 31 March 2018 by the directors to their open market value of £91,000
- The directors believe that the market value at 31 March 2024 is not thought to be materially different to the value established at each valuation date.

On historic cost basis, the properties for the company would have been included at £3,144,578 (2023 - £3,144,578).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 76,726 110,030
Amounts owed by group undertakings 6,155,959 6,674,067
Other debtors 788,240 618,161
7,020,925 7,402,258

Amounts owed by group undertakings are interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 118,827 180,484
Hire purchase contracts 13,664 13,664
Trade creditors 85,545 44,311
Amounts owed to group undertakings 52,120 97,777
Taxation and social security 26,022 16,292
Other creditors 2,367,145 2,185,670
2,663,323 2,538,198

The bank loans are secured. Amounts owed to group undertakings are interest free and payable on demand.

Other loans attract interest between 5-10% per annum and are repayable per the terms detailed within the loan agreement.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 3,235,066 3,304,521
Hire purchase contracts 18,482 32,146
Other creditors 2,000,000 2,000,000
5,253,548 5,336,667

CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The bank loans are secured by fixed charges over properties held by the company.

Other loans attract interest between 5-10% per annum and are repayable per the terms detailed within the loan agreement.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
M J Callan
Balance outstanding at start of year 16,348 37,346
Amounts advanced 44,403 -
Amounts repaid - (20,998 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 60,751 16,348

During the year, a business in which a director is also a director and shareholder, leased a building from the company for £35,000 (2023 - £35,000). At the year end there was accrued income of £200,000 (2023 - £140,000) due in respect of this lease.

Companies owned by the directors received £xx (2023 - £4,025) in relation to consultancy fees. The balance due to the companies at the year end was £xx (2022 - £4,025).

At the year end, Bank of Scotland held a guarantee from a director of £250,000 (2023 - £250,000) in respect of the debts and liabilities of the company.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption in FRS 102 Section1AC.35 from the requirement to disclose transactions with 100% owned group companies.

12. CONTROLLING PARTY

The company is controlled by the directors who direct the financial and operating policies.

13. SHARE PREMIUM ACCOUNT

The share premium account represents the excess of par value received for the ordinary share capital on initial issue of shares. This reserve is non-distributable.

CROMDALE LIMITED (REGISTERED NUMBER: SC125675)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


14. RESERVES

Profit and loss reserves
The profit and loss account reserves represents cumulative profits and losses net of dividends and other adjustments.

Other reserves
Other reserves of £2,122,582 pertains to other comprehensive income recognised in prior years in respect of the write off of the negative investments held as creditors in previous years, which has been reclassified to subsidiaries following the acquisition in the prior year. The remaining £825,000 pertains to the cash consideration, recognised as an investment in the parent company, which was effectively repaid by the acquired subsidiaries cash reserves following the acquisition.