Craigard Assets Limited SC784218 false 2023-09-28 2024-09-30 2024-09-30 The principal activity of the company is managing residential property rentals Digita Accounts Production Advanced 6.30.9574.0 true SC784218 2023-09-28 2024-09-30 SC784218 2024-09-30 SC784218 bus:Director1 2024-09-30 SC784218 bus:OrdinaryShareClass1 2024-09-30 SC784218 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC784218 core:ShareCapital 2024-09-30 SC784218 core:CurrentFinancialInstruments 2024-09-30 SC784218 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 SC784218 core:Non-currentFinancialInstruments 2024-09-30 SC784218 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 SC784218 core:LandBuildings 2024-09-30 SC784218 1 2024-09-30 SC784218 bus:SmallEntities 2023-09-28 2024-09-30 SC784218 bus:AuditExemptWithAccountantsReport 2023-09-28 2024-09-30 SC784218 bus:FullAccounts 2023-09-28 2024-09-30 SC784218 bus:SmallCompaniesRegimeForAccounts 2023-09-28 2024-09-30 SC784218 bus:RegisteredOffice 2023-09-28 2024-09-30 SC784218 bus:Director1 2023-09-28 2024-09-30 SC784218 bus:OrdinaryShareClass1 2023-09-28 2024-09-30 SC784218 bus:PrivateLimitedCompanyLtd 2023-09-28 2024-09-30 SC784218 bus:Agent1 2023-09-28 2024-09-30 SC784218 core:RetainedEarningsAccumulatedLosses 2023-09-28 2024-09-30 SC784218 core:ShareCapital 2023-09-28 2024-09-30 SC784218 core:LandBuildings 2023-09-28 2024-09-30 SC784218 1 2023-09-28 2024-09-30 SC784218 countries:AllCountries 2023-09-28 2024-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC784218

Craigard Assets Limited

Annual Report and Unaudited Financial Statements

for the Period from 28 September 2023 to 30 September 2024

 

Craigard Assets Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Craigard Assets Limited

Company Information

Director

Mr Allan Craig MacKellar

Registered office

15 Kiel Croft
Benderloch
Oban
Argyll
PA37 1QS

Accountants

Jack MacDonald & Co Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Craigard Assets Limited

Director's Report for the Period from 28 September 2023 to 30 September 2024

The director presents his report and the financial statements for the period from 28 September 2023 to 30 September 2024.

Incorporation

The company was incorporated and commenced trading on 28 September 2023.

Director of the company

The director who held office during the period was as follows:

Mr Allan Craig MacKellar (appointed 28 September 2023)

Principal activity

The principal activity of the company is managing residential property rentals

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 24 June 2025
 

.........................................
Mr Allan Craig MacKellar
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Craigard Assets Limited
for the Period Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Craigard Assets Limited for the period ended 30 September 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Craigard Assets Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Craigard Assets Limited and state those matters that we have agreed to state to the Board of Directors of Craigard Assets Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Craigard Assets Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Craigard Assets Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Craigard Assets Limited. You consider that Craigard Assets Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Craigard Assets 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 accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

24 June 2025

 

Craigard Assets Limited

Profit and Loss Account for the Period from 28 September 2023 to 30 September 2024

Note

2024
£

Turnover

 

18,860

Gross profit

 

18,860

Administrative expenses

 

(10,371)

Operating profit

 

8,489

Interest payable and similar expenses

 

(3,048)

Profit before tax

5,441

Tax on profit

 

(1,034)

Profit for the financial period

 

4,407

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Craigard Assets Limited

Statement of Comprehensive Income for the Period from 28 September 2023 to 30 September 2024

2024
£

Profit for the period

4,407

Total comprehensive income for the period

4,407

 

Craigard Assets Limited

(Registration number: SC784218)
Balance Sheet as at 30 September 2024

Note

2024
£

Fixed assets

 

Tangible assets

3

420,000

Current assets

 

Cash at bank and in hand

 

6,311

Creditors: Amounts falling due within one year

4

(353,675)

Net current liabilities

 

(347,364)

Total assets less current liabilities

 

72,636

Creditors: Amounts falling due after more than one year

4

(68,228)

Net assets

 

4,408

Capital and reserves

 

Called up share capital

5

1

Retained earnings

4,407

Shareholders' funds

 

4,408

For the financial period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 24 June 2025
 

.........................................
Mr Allan Craig MacKellar
Director

 

Craigard Assets Limited

Statement of Changes in Equity for the Period from 28 September 2023 to 30 September 2024

Share capital
£

Retained earnings
£

Total
£

Profit for the period

-

4,407

4,407

New share capital subscribed

1

-

1

At 30 September 2024

1

4,407

4,408

 

Craigard Assets Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 30 September 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Craigard Assets Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 30 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

Craigard Assets Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 30 September 2024

3

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Additions

420,000

420,000

At 30 September 2024

420,000

420,000

Depreciation

Carrying amount

At 30 September 2024

420,000

420,000

Included within the net book value of land and buildings above is £420,000 in respect of freehold land and buildings.
 

 

Craigard Assets Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 30 September 2024

4

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

6

351,641

Taxation and social security

 

1,034

Accruals and deferred income

 

1,000

 

353,675

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

6

68,228

5

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £1 each

1

1

   

6

Loans and borrowings

Non-current loans and borrowings

2024
£

Bank borrowings

68,228

Current loans and borrowings

2024
£

Other borrowings

351,641

Bank borrowings

 

Craigard Assets Limited

Notes to the Unaudited Financial Statements for the Period from 28 September 2023 to 30 September 2024

Bank loan is denominated in GBP with a nominal interest rate of 8.71%%, and the final instalment is due on 14 December 2034. The carrying amount at period end is £68,228.

Charges on freehold property and floating charge on company