REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Edencross Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Edencross Limited |
Edencross Limited (Registered number: SC404936) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Edencross Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
18 North Silver Street |
Aberdeen |
AB10 1JU |
Edencross Limited (Registered number: SC404936) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Edencross Limited (Registered number: SC404936) |
Balance Sheet - continued |
31 August 2024 |
The financial statements were approved by the director and authorised for issue on |
Edencross Limited (Registered number: SC404936) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Edencross Limited is a |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
Turnover |
Turnover is measured at fair value of the consideration received or receivable net of discounts. The policies adopted for the recognition of turnover are as follows: |
Shop Sales |
Shop sales are recognised at the point of sale when goods are handed over to the customer. |
Furnished holiday lets |
Rental income is recognised based on rental periods, in accordance with the dates agreed. |
Interest receivable |
Interest income is recognised using the effective interest method. |
Tangible fixed assets |
Office equipment | - |
Motor vehicles | - |
Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment. |
Investment property |
Investment property for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in the fair value recognised in the Income Statement. Deferred tax is provided on any gains at the rate expected to apply when the property is sold. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchases, costs of conversion and other costs incurred in bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Edencross Limited (Registered number: SC404936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
3. | 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Edencross Limited (Registered number: SC404936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Office | Motor | Fixture & |
machinery | equipment | vehicles | Fittings | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Fair value at 31 August 2024 is represented by: |
£ |
Valuation in 2022 | 152,055 |
Valuation in 2023 | (100,000 | ) |
Cost | 247,945 |
300,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.8.24 | 31.8.23 |
£ | £ |
Cost | 247,945 | 247,945 |
Investment property was valued on an open market basis on 31 August 2024 by the Director . |
Edencross Limited (Registered number: SC404936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors | ( |
) |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 74,314 | 78,782 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans |
Hire purchase contracts | 286 | 286 |
The Bank loan is secured by a standard security over the subjects Mayfield, 42 Albert Road, Ballater and a floating charge over the assets of the company. |
Edencross Limited (Registered number: SC404936) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 September 2023 |
Transfer (to)/from profit and loss reserve | 19,000 |
At 31 August 2024 |