Company registration number SC443639 (Scotland)
CRANTIT GATES DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
CRANTIT GATES DEVELOPMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
CRANTIT GATES DEVELOPMENT LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CRANTIT GATES DEVELOPMENT LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crantit Gates Development Limited for the year ended 31 August 2024 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the I CAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/FrameworkforthePreparationofAccounts.

This report is made solely to the b oard of d irectors of Crantit Gates Development Limited, as a body, in accordance with the terms of our engagement letter dated 26 February 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Crantit Gates Development Limited and state those matters that we have agreed to state to the b oard of d irectors of Crantit Gates Development Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crantit Gates Development Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Crantit Gates Development Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Crantit Gates Development Limited. You consider that Crantit Gates Development Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Crantit Gates Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

A J B Scholes Ltd
Chartered Accountants
8 Albert Street
Kirkwall
Orkney
KW15 1HP
15 May 2025
CRANTIT GATES DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
267,936
134,735
Investments
4
100
100
268,036
134,835
Current assets
Stocks
58,510
78,828
Debtors
5
4,505
1,331
Cash at bank and in hand
3,186
580
66,201
80,739
Creditors: amounts falling due within one year
6
(507,006)
(317,862)
Net current liabilities
(440,805)
(237,123)
Net liabilities
(172,769)
(102,288)
Capital and reserves
Called up share capital
7
210
210
Profit and loss reserves
(172,979)
(102,498)
Total equity
(172,769)
(102,288)

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
Mr C Gregg
Director
Company registration number SC443639 (Scotland)
CRANTIT GATES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Crantit Gates Development Limited is a private company limited by shares incorporated in Scotland. The registered office is 1 Wivenhoe, Glaitness Road, Kirkwall, Orkney, KW15 1UW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company reports a loss of £70,944 and had net liabilities of £173,232 at the end of the year. It is funded with loans from the directors. The directors have confirmed that they will continue to provide loan finance to the company for the foreseeable future, enabling it to continue trading and to meet liabilities as they fall due. Accordingly, these financial statements have been prepared on a going concern basis.

1.3
Turnover

Turnover represents amounts receivable for livestock and other produce sold in the period net of VAT (where applicable), and subsidy entitlements accruing in the period.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings
freehold land is not depreciated
Tenants improvements
over the lease term
Plant and machinery
20% reducing balance basis

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 or charged to profit or loss.

1.5
Fixed asset investments

In vestmen ts in unlisted entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 extent 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.

CRANTIT GATES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.7
Stocks

Livestock is stated at the lower of cost and estimated selling price less keep costs up to the expected date of sale. Cost comprises direct cost of purchase or rearing the animals and any overheads incurred in raising the animals to their present state and condition.

Feedstock is stated at cost.

1.8
Cash and cash equivalents

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

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 statements, 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 transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

CRANTIT GATES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 paymen ts 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. A m ounts 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
CRANTIT GATES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
88,275
185,010
273,285
Additions
157,344
-
0
157,344
At 31 August 2024
245,619
185,010
430,629
Depreciation and impairment
At 1 September 2023
25,458
113,092
138,550
Depreciation charged in the year
10,256
13,887
24,143
At 31 August 2024
35,714
126,979
162,693
Carrying amount
At 31 August 2024
209,905
58,031
267,936
At 31 August 2023
62,817
71,918
134,735
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
100
100
Fixed asset investments not carried at market value

Investments in unlisted entities are stated at historic cost less provision for any diminution in value.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,505
1,331
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,322
3,102
Other creditors
495,684
314,760
507,006
317,862

Creditors falling due within one year include loans from the directors totalling £494,014 (2023: £313,130).

CRANTIT GATES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
100
100
100
100
B Ordinary shares of £1 each
110
110
110
110
210
210
210
210
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
1
2

The company rents land at Crantit, Scapa, from the directors, under an informal tenancy.

The company rents land and buildings at Littlequoy, Burray, from the directors, under a ten year lease, for a peppercorn rent of £1 per annum.

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