REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Craigie Property Investments Ltd. |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Craigie Property Investments Ltd. |
Craigie Property Investments Ltd. (Registered number: SC415627) |
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 |
Craigie Property Investments Ltd. |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Westburn Business Centre |
McNee Road |
Prestwick |
KA9 2PB |
Craigie Property Investments Ltd. (Registered number: SC415627) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable fair value |
reserve | 10 |
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. |
Craigie Property Investments Ltd. (Registered number: SC415627) |
Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the director and authorised for issue on |
Craigie Property Investments Ltd. (Registered number: SC415627) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Craigie Property Investments Ltd. is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The current and future cash position of the company has been reviewed by the Director. This included a comprehensive review of current trading performance and of the forecasted cash requirements, covering a period beyond one year from the date of approval of the financial statements.The director has confirmed that this support will exist for the next year at least. |
On the basis of all of the above the director considers it appropriate to prepare the financial statements on a going concern basis. |
Turnover/revenue recognition |
The figure in the accounts represents rental income earned and services provided. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at cost less depreciation. |
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. |
Investment property |
Under FRS 102, investment properties are measured at their fair value at each reporting date, with changes in fair value recognised through the Profit & Loss Account. |
FRS 102, also requires the company to provide for deferred tax on the timing difference arising on the date of transition, which represents the full revaluation gain less indexed cost, to the appropriate date. |
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. |
Craigie Property Investments Ltd. (Registered number: SC415627) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
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 |
Craigie Property Investments Ltd. (Registered number: SC415627) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
Disposals | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2014 | 293,995 |
Valuation in 2019 | 2,150,114 |
Valuation in 2021 | 2,769,159 |
Cost | 6,004,969 |
11,218,237 |
Investment properties have been included at fair value based on a combination of factors to include the knowledge and expertise of the sector by the director and in conjunction with the company's professional advisers. The calculation of fair value takes account of formal valuations carried out by professionally qualified chartered surveyors and taking account of this the director believes the appropriate fair value is included in the accounts. |
Craigie Property Investments Ltd. (Registered number: SC415627) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts due from related parties |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by associates |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts due to related parties | 2,159,514 | 2,137,514 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Bank borrowings are secured by a bond and floating charge over the company's assets and by a standard security over certain investment properties. |
The bounce back loan is secured and repayable by 60 equal monthly instalments one year after draw down. |
Interest is charged on bank borrowings at a commercial rate of interest. |
Craigie Property Investments Ltd. (Registered number: SC415627) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | RESERVES |
Non-distributable |
fair |
value |
reserve |
£ |
At 1 July 2023 |
and 30 June 2024 |
11. | RELATED PARTY DISCLOSURES |
During the year the company undertook transactions with the following companies in which Mr & Mrs A Lusk have an interest: |
(a) The company undertook transactions with Lusk Construction Limited to the value of £50,000. Mr & Mrs Lusk have ultimate control of this company. As at 30 June 2024, £1,379,980 remained outstanding and due to Lusk Construction Limited (2023: £1,429,980). |
(b) The company undertook transactions with Lumax Homes Limited to the value of £10,000 (2023 - £nil). Mr & Mrs Lusk have ultimate control of this company. The amount outstanding and due to Lumax Homes Limited as at 30 June 2024 was £18,006 (2023: £28,006). |
(c) During the year the company had transactions with A L Plumbing & Heating Limited to the value of £127,636 (2023: £17,394). Mr & Mrs Lusk have ultimate control of this company. As at 30 June 2024, £492,987 was due and payable by A L Plumbing & Heating Limited (2023: £365,351). |
(d) During the year the company entered into net transactions to a value of £30,000 (2023: £18,870) with Lumax Homes (Holdings) Limited, a company in which Mr & Mrs A Lusk own 100% of the issued share capital. As at 30 June 2024, £325,662 remained outstanding and due to Lumax Homes (Holdings) Limited (2023: £295,662). |
(e) During previous years the company received income on behalf of Magnum Contracts Limited, a company in which the Director has a 50% interest. As at 30 June 2024, £20,259 remains due to that company (2023: £20,259) |
(f) During the year the company undertook transactions with A & D Properties, a business in which the Director is the principal, of £nil (2023: £95). As at 30 June 2024, £27,519 was due from A & D Properties (2023: £27,519). |
(g) During the year the company contracted the services of Lumac Construction Ltd to the value of £52,000 (2023: £78,675). Mr A Lusk owns the entire share capital of Lumac Construction Ltd. As at 30 June 2024 the amount outstanding and due by Craigie Property Investments Ltd was £415,607 (2023: £363,607). |
(h) During the year the company advanced £1,148,683 (2023: £213,732) to Craigie Property Investments International, S.L. This is a company registered in Spain and owned by Mr A Lusk. The debtor outstanding at the year end was £1,362,415 (2023: £213,732).The amount owed to the company is repayable with 1 year and 1 day's notice. |
12. | CONTROLLING PARTY |
The company is under the control of Mr and Mrs A Lusk by virtue of their combined 100% shareholding. |