Company No:
Contents
| DIRECTOR | Elizabeth Sime |
| SECRETARY | Elizabeth Sime |
| REGISTERED OFFICE | Bellsbank Farm |
| Ayr | |
| Ayrshire | |
| KA6 5JP | |
| United Kingdom |
| COMPANY NUMBER | SC199448 (Scotland) |
| ACCOUNTANT | Dains |
| Ellersley House | |
| 30 Miller Road | |
| Ayr | |
| KA7 2AY |
| BANKERS | Virgin Money |
| 43 Alloway Street | |
| Ayr | |
| KA7 1SP | |
| Ayrshire |
| SOLICITORS | D W Shaw |
| Solicitors | |
| 67 Glaisnock Street | |
| Cumnock | |
| KA18 1BT | |
| Ayrshire |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 5 |
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| 185,900 | 185,900 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand | 7 |
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| 86,076 | 67,341 | |||
| Creditors: amounts falling due within one year | 8 | (
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(
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| Net current assets/(liabilities) | 6,635 | (8,413) | ||
| Total assets less current liabilities | 192,535 | 177,487 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Profit and loss account |
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of Country Courtyard Cottages Ltd (registered number:
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Elizabeth Sime
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Country Courtyard Cottages Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Bellsbank Farm, Ayr, Ayrshire, KA6 5JP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Revenue from property rental is recognised in the corresponding rental period.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
| Plant and machinery etc. |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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 receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The director does not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 September 2023 |
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| At 31 August 2024 |
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| Accumulated depreciation | |||
| At 01 September 2023 |
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| At 31 August 2024 |
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| Net book value | |||
| At 31 August 2024 |
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| At 31 August 2023 |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 September 2023 |
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| As at 31 August 2024 |
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Investment property comprises cottages held for holiday rentals. The original cost of the properties was deemed to be equivalent to its fair value on transition to FRS 102, and the director is satisfied that this remains the case, having reference to the market values of similar local properties.
| 2024 | 2023 | ||
| £ | £ | ||
| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 2024 | 2023 | ||
| £ | £ | ||
| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Owed to the director | 73,783 | 73,783 |
This loan does not bear interest and is repayable on demand.