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REGISTERED NUMBER: SC146938 (Scotland)
















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

The Cruin Limited

The Cruin Limited (Registered number: SC146938)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Cruin Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr J Carr
Mrs J Feinberg





REGISTERED OFFICE: Westburn Business Centre
McNee Road
Prestwick
Ayrshire
KA9 2PB





REGISTERED NUMBER: SC146938 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

The Cruin Limited (Registered number: SC146938)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,352,683 1,378,727
1,352,683 1,378,727

CURRENT ASSETS
Stocks 2,813 5,354
Debtors 6 690,573 607,812
Cash at bank 242 142
693,628 613,308
CREDITORS
Amounts falling due within one year 7 1,008,818 701,559
NET CURRENT LIABILITIES (315,190 ) (88,251 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,037,493

1,290,476

CREDITORS
Amounts falling due after more than one
year

8

(204,806

)

(519,345

)

PROVISIONS FOR LIABILITIES (153,935 ) (97,385 )
NET ASSETS 678,752 673,746

CAPITAL AND RESERVES
Called up share capital 10 255,000 255,000
Revaluation reserve 911,785 911,785
Retained earnings (488,033 ) (493,039 )
SHAREHOLDERS' FUNDS 678,752 673,746

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

The Cruin Limited (Registered number: SC146938)

Balance Sheet - continued
30 June 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by:





Mr J Carr - Director


The Cruin Limited (Registered number: SC146938)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

The Cruin 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern
The directors review the requirements of the company on a regular basis to ensure wherever possible that sufficient resources are available to meet obligations as they fall due. The company is wholly dependent on the ongoing support of the bank which provides finance for the acquisition of assets and working capital.. The bank has indicated that this support will continue. In addition, the company depends on the ongoing support of associated businesses and these businesses have indicated that this support will continue. On that basis the directors deem it appropriate to produce accounts on a going concern basis and as such they have been drawn on that basis.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs are being amortised evenly over their estimated useful life of three years.

The Cruin Limited (Registered number: SC146938)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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 provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold buildings - at varying rates on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Land is not depreciated.

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 to profit or loss.
Assets in the course of construction are stated at cost less any provision for impairment, where applicable. Assets in the course of construction are transferred to completed assets when substantially all of the activities necessary to get the asset ready for use, are complete. Assets in the course of construction are not depreciated.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.


The Cruin Limited (Registered number: SC146938)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Government grants
Grants towards capital expenditure are credited to the profit and loss account in equal annual amounts over the expected future life of the fixed assets to which they relate. The deferred credit shown in the balance sheet represents capital grants receivable to date, less amounts credited to the profit and loss account.

Grants of a revenue nature are credited to the profit and loss account as they become receivable.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 22 ) .

The Cruin Limited (Registered number: SC146938)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 18,250
AMORTISATION
At 1 July 2023
and 30 June 2024 18,250
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Freehold Fixtures
land and Plant and and Computer
buildings equipment fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2023 1,625,225 100,062 382,021 3,468 2,110,776
Additions - 2,800 1,860 - 4,660
At 30 June 2024 1,625,225 102,862 383,881 3,468 2,115,436
DEPRECIATION
At 1 July 2023 285,566 86,271 356,744 3,468 732,049
Charge for year 23,804 2,488 4,412 - 30,704
At 30 June 2024 309,370 88,759 361,156 3,468 762,753
NET BOOK VALUE
At 30 June 2024 1,315,855 14,103 22,725 - 1,352,683
At 30 June 2023 1,339,659 13,791 25,277 - 1,378,727

Included in cost or valuation of land and buildings is freehold land of £ 670,000 (2023 - £ 670,000 ) which is not depreciated.

Cost or valuation at 30 June 2024 is represented by:

Freehold Fixtures
land and Plant and and Computer
buildings equipment fittings equipment Totals
£    £    £    £    £   
Valuation in 2011 1,622,100 - - - 1,622,100
Cost 3,125 102,862 383,881 3,468 493,336
1,625,225 102,862 383,881 3,468 2,115,436

The Cruin Limited (Registered number: SC146938)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS - continued

If the freehold land and building had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 933,748 933,748
Aggregate depreciation 583,097 583,097

Value of land in freehold land and buildings 360,000 360,000

The freehold land and building were valued on an open market basis on 19 October 2011 by DM Hall Chartered Surveyors .

The Directors have considered the value of the freehold land and buildings and are of the view that the value is not materially different as at 30 June 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 104
Amounts owed by group undertakings 682,447 601,933
Other debtors 8,126 5,775
690,573 607,812

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 150,680 209,945
Trade creditors 33,959 72,592
Amounts owed to related party 309,944 1,786
Taxation and social security 168,827 110,816
Other creditors 345,408 306,420
1,008,818 701,559

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 204,806 519,345

The Cruin Limited (Registered number: SC146938)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 50,432 95,965
Bank loans 305,054 633,325
355,486 729,290

All bank borrowings are secured by way of a bond and floating charge over all the assets of the company, by supported cross company guarantee of all group and associated businesses and by a limited guarantee of the director.

The company has also granted a First Standard Security over certain parcels of land owned by the company, fellow group companies and associated businesses.

The company has also assigned life cover policies in respect of the majority shareholder in the sums of no less than £250,000 and £500,000. The majority shareholder has also provided a letter of subordination.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
255,000 Ordinary shares £1 255,000 255,000

11. CONTINGENT LIABILITIES

The company has provided a cross company guarantee for the bank borrowings of other group and associated business . As at 30th June 2024 £1,979,935 (2023 £1,981,194).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Directors loan balances are interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

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.

During the year the company entered into various transactions with a Limited Liability Partnership in which one of the Director's is a designated member. As at 30 June 2024 amounts due to this business amounted to £309,944 (2023: £1,786).

14. ULTIMATE CONTROLLING PARTY

The company is under the day to day control of James Carr and also his ultimate control by virtue of 100% ownership of Loch Lomond Castle Lodges (Holdings) Ltd . Loch Lomond Castle Lodges (Holdings ) Ltd owns 79% of the issued share capital of The Cruin Ltd.